Wealthsimple FAQ & Help
Find answers to what is wealthsimple, why wealthsimple, why is wealthsimple free, and all your questions about Wealthsimple services.
General Questions about Wealthsimple
What is Wealthsimple?
Wealthsimple is a Canadian fintech company that provides online investment management, commission-free stock trading, tax preparation, and banking services. Founded in 2014, it offers automated investing, self-directed trading through Wealthsimple Trade, tax filing with Wealthsimple Tax, and high-interest savings through Wealthsimple Cash.
Why Wealthsimple?
Wealthsimple stands out for its low fees, user-friendly interface, and comprehensive financial services. It offers commission-free Canadian stock trading, automated portfolio management, transparent pricing, and strong customer support. The platform is designed to make investing accessible to everyone, regardless of their experience level or account size.
How does Wealthsimple work?
Wealthsimple works by offering multiple financial services through a single platform: 1) Invest - automated portfolio management using ETFs, 2) Trade - commission-free stock trading, 3) Tax - free tax preparation and filing, 4) Cash - high-interest savings account. Users can access all services through the mobile app or website.
Fees and Pricing Questions
Why is Wealthsimple free?
Wealthsimple offers many free services to attract customers and build relationships. Free services include Canadian stock trading (no commissions), basic tax filing, account opening, and transfers. However, Wealthsimple generates revenue through management fees on invested assets (0.5-0.75%), currency conversion fees on US stocks (1.75%), and premium service subscriptions.
Why is Wealthsimple not free?
While many services are free, Wealthsimple charges fees for: management of investment portfolios (0.5-0.75% annually), currency conversion on US stock purchases (1.75% for basic, 1.25% for premium), premium features like advanced research tools and real-time quotes ($10-20/month), and complex tax returns ($20+ depending on complexity).
Security and Safety Questions
Why does Wealthsimple need my SIN?
Wealthsimple requires your Social Insurance Number (SIN) because: 1) Canadian law requires financial institutions to collect SIN for tax reporting, 2) It's needed to open investment and banking accounts, 3) Required for identity verification and fraud prevention, 4) Necessary for issuing tax slips (T5, T3, etc.), 5) Mandated by anti-money laundering regulations.
What happens if Wealthsimple goes bankrupt?
If Wealthsimple goes bankrupt, your investments are protected: 1) Securities are held in your name by a third-party custodian, not owned by Wealthsimple, 2) Cash deposits are CDIC insured up to $100,000, 3) Investment accounts are covered by CIPF (Canadian Investor Protection Fund) up to $1 million, 4) Your assets would be transferred to another qualified institution, 5) You retain ownership of all investments and cash.
What is Wealthsimple audit protection?
Wealthsimple audit protection is a service that provides professional support if you're audited by the Canada Revenue Agency (CRA). It includes: expert assistance during CRA audits, help preparing required documentation, professional representation during audit proceedings, and peace of mind knowing you have support. This service is typically available for an additional fee or included with premium tax filing services.
Accounts and Trading Questions
What is a Wealthsimple Cash account?
A Wealthsimple Cash account is a high-interest savings account that offers: competitive interest rates (typically higher than traditional banks), no monthly fees or minimum balance requirements, CDIC insurance protection up to $100,000, instant transfers to other Wealthsimple accounts, mobile check deposits, and bill payment features. It's designed as an alternative to traditional savings accounts.
What is Wealthsimple bank name?
Wealthsimple's banking services are provided through ShareOwner Investments Inc. and other partner institutions. For direct deposits and wire transfers, the specific banking details depend on the service: Wealthsimple Cash uses Peoples Trust Company, while investment accounts may use different custodians. Always use the exact banking information provided in your account settings for transactions.
Why can't I buy stocks on Wealthsimple?
Common reasons you can't buy stocks include: 1) Insufficient funds in your account, 2) Stock trading outside market hours (9:30 AM - 4:00 PM ET), 3) Account restrictions or pending verification, 4) The specific stock isn't available on the platform, 5) Network or app connectivity issues, 6) Maintenance periods, 7) Your account type doesn't support trading. Check your account status and available funds first.
Why does Wealthsimple take so long?
Processing times can vary for different services: 1) Account verification: 1-3 business days for identity confirmation, 2) Fund transfers: 1-2 business days for deposits/withdrawals, 3) Stock trades: Instant during market hours, settlement in 2 business days, 4) Tax refunds: Depends on CRA processing times, 5) Customer support: Response times vary based on volume. Some delays are due to regulatory requirements and banking partner processing times.
Need More Help?
Contact Methods
- 📞Phone: 1-855-795-8889 (Monday-Friday, 9 AM - 9 PM ET)
- 💬Live chat through the app or website
- 📧Email support through help center
- 📱In-app support and messaging
Response Times
- âš¡Live Chat: Typically within minutes during business hours
- 📞Phone: Average wait time 2-5 minutes
- 📧Email: Usually within 24-48 hours
- 🎫Support Tickets: 1-3 business days depending on complexity
Complete Wealthsimple FAQ Guide
This comprehensive FAQ addresses the most common questions about Wealthsimple services. Whether you're wondering what is wealthsimple, why wealthsimple is popular, or why is wealthsimple freefor certain services, you'll find detailed answers here.
Understanding Wealthsimple Services
Many users ask what is wealthsimple and how it differs from traditional financial institutions. Wealthsimple is a comprehensive fintech platform offering:
- Automated investment management with low fees
- Commission-free Canadian stock trading
- Free tax preparation and filing services
- High-interest savings accounts
- Credit card services with cash back rewards
- Financial planning tools and educational resources
Security and Regulatory Protection
Questions like why does wealthsimple need my sin and what happens if wealthsimple goes bankrupt are common security concerns. Wealthsimple operates under strict Canadian financial regulations and provides multiple layers of protection for your assets and personal information.
Troubleshooting Common Issues
If you're experiencing issues like why cant i buy stocks on wealthsimpleor why does wealthsimple take so long for certain processes, check your account status, available funds, and ensure you're trading during market hours. Most issues can be resolved quickly through the help center or customer support.
Explore Wealthsimple Services
Now that you know more about Wealthsimple, explore our detailed guides for each service