Wealthsimple Review 2022: My Wealthsimple Tax

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, stocks and crypto trading app that distinguishes itself from the competition by charging no fees. 

A fintech company founded in the Fall twenty fourteen exclusively as a robo-advisor trading app called Wealthsimple Invest, it has improved significantly over the previous 8 years to also feature Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets investors trade single stocks and ETFs without paying fees. The exception to this is when trading stocks which are displayed in USD currency. In which case, they will charge a small currency conversion fee when buying and selling. However, behind us are the times of having to pay Upwards of $7 for each trade with digital discount brokerages as was the case a few years past.

Exactly How Much Cash Will I Need to Have in Order to Start on Wealthsimple Trade?

Wealthsimple is awesome such that they allow investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have quite large min deposit amounts of $1000-$5000. This makes it hard for the everyday investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One may choose between both RRSP and TFSA account types during the setup phase. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a modern mobile app offered on both IOS and also Google Play. The mobile app makes the enrollment process and the trading of stocks and ETFs simple.

So Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . This company has been in business for more than 7 years and also right now employs more than 600 folks. The main shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.

How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so straight forward to deposit to a new account. Simply connect the app to a chequing or savings account to your Trade account, and then fund your account in just a few steps. Deposits from banks to Wealthsimple usually take a couple of days. Funds can just as easily be withdrawn your chequing or savings accounts by using the same steps.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to E-Transfers that allows anyone to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for tax season and file your tax return online free. It’s advertised as simple, accurate and always totally free tax return filing.

Wealthsimple Spend – A combination prepaid debit card and savings account that allows one to earn 1% cashback on your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a bunch of different courses on topics like saving, investing, crypto, mortgages and more. 

Each of the mentioned features, including Wealthsimple Trade may be accessed within the mobile app or at the site with one login.

But How Can I Get Started Using Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. As a special signup bonus offer for our readers you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian when you add funds to your account.

But What if I Still Have Additional Questions Related to My Wealthsimple Tax?

If this review still hasn’t answered each of your questions, and you’re looking for more specific facts relating to My Wealthsimple Tax, visit the Wealthsimple site for answers to all your questions.