Is Wealthsimple Trade Tax Free: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading web app that differentiates itself from the competition by charging no fees. 

A Toronto, Ontario based fintech business launched in the Autumn of 2014 originally as a robo advisor automated trading app named Wealthsimple Invest, it has improved considerably over the past eight years to also include Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows investors to trade single stocks and ETFs without having to pay any commissions. The exception is when trading stocks that are listed in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. But, past us are the days of paying more than $7 per each trade with digital discount brokerages as was common a few years ago.

Exactly How Much Money do I Need to Have in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and brokerages have sizeable min deposit amounts of $1000-5K. This makes it impossible for the common new investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Offer Registered Accounts?

They do. Wealthsimple Trade has both CRA registered and non-registered account types. One are free to select between both RRSP and TFSA accounts during the setup phase. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a well designed mobile app available on both IOS and Android. The app makes the signup process and also the trading of stocks and ETFs truly painless.

Is Wealthsimple Trade Legit?

Yes. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). These folks have been doing business for more than 7 years and right now employs about 600 people. The majority shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.

But How Do I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite easy to deposit to a new account. Simply connect to a chequing or savings account with your Trade account, and add money to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can also be withdrawn your chequing or savings accounts using the exact same process.

Which Additional Benefits and Products Are Available?

Wealthsimple Cash – This is equivalent to Interac e-transfers that allows you to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax season and file your tax return online free. It’s described as easy, accurate and always totally free tax return filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows you to earn 1% cashback on all your spending, as well as get a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a bunch of different courses on topics like saving, investing, crypto, real estate and much more. 

All of the above products, including Wealthsimple Trade may be found inside the app or at their website with your Wealthsimple login.

How do I Start With Wealthsimple Trade?

Click here to create your Wealthsimple Trade account. As a special signup bonus to our audience you will get the cash value of a stock worth up to $4,500 Canadian when you make an initial deposit to your account.

So What if I Still Have Additional Questions Concerning Wealthsimple Vs Robinhood?

If this review hasn’t answered each of your questions, and you’re browsing for more info relating to Is Wealthsimple Trade Tax Free, check out the Wealthsimple website for answers to every one of your questions.