PAC stands for "Pre-Authorized Contribution" plan. Under this plan, a certain amount of money is automatically withdrawn from your chequing account and contributed to your Wealthsimple account on a regular basis. The timeframe is up to you and we can help you set up weekly, bi-weekly, or monthly contributions. And it's free!
Why should I set up a PAC?
Simply put, it's a great way to build wealth by setting aside a portion of your paycheck. A PAC plan will automatically invest your money at regular intervals and this will provide tremendous long-term benefits as your returns compound. We believe in a time-tested piece of financial advice: "Invest early, invest often." Visit our Plan Page to see how much you can save over time when you set up recurring automatic contributions!
How do I set one up?
- Login to your Wealthsimple account
- Click the 'Add funds' button
- Select the account you'd like to fund
- Select the bank account you'd like to fund from
- Enter the amount
- Schedule the frequency of the PAC
- Choose a date for the PAC to begin - this is customizable!
- Click 'Set new contribution' and you're done!
You can change your plan at any time by simply canceling your existing PAC from the “Add funds” page and setting up a new PAC.
If you have any questions about setting up or changing your plan, please get in touch by submitting a request or 1-855-782-3559.