Wealthsimple Review 2022: Wealthsimple 2020 Tax

What is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, stock and crypto trading platform that sets itself apart from similar apps by charging no fees. 

A Toronto, Ontario based online financial services business launched in the Autumn twenty fourteen exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has changed considerably over the last eight years to also feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian consumers trade both single stocks and also ETFs without paying fees. The exception to this is when trading securities which are denominated in USD currency. In that case, they do charge a small currency conversion fee when buying and selling. However, past us are the days of having to pay more than $7 per each trade with digital discount brokerages as was the case only a few years past.

How Much Money Will I Need to Have in Order to Get Started on Wealthsimple Trade?

Wealthsimple is unique in that they will allow Canadians to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large initial deposit amounts of 1K-$5000. This makes it impossible for the every day investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer RRSP Accounts?

Of course. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. You may choose between both RRSP and TFSA account types during the setup process. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a well designed mobile app offered on both IOS and also Android. The mobile app makes the registration process and the trading of stocks and ETFs very a breeze.

Is Wealthsimple Trade Legit?

Of course. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion Canadian in Assets Under Management . they’ve been doing business for more than 7 years and right now employs roughly 600 folks. The majority owner is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage to operate in Canada.

But How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so straight forward to add funds to your new account. Simply connect to a chequing or savings account with your Trade account, then add money to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can the same way can be withdrawn a chequing or savings accounts with the same method.

What Other Benefits and Products Does Wealthsimple Offer?

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

Wealthsimple Tax – Everything you need to get ready for tax year and submit your tax return online for free. It’s advertised to be easy, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings product which lets one to earn 1% cashback on all your everyday spending, and also earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a ton of different online courses on saving, investments, crypto, real estate and more. 

Every one of the listed products, including Wealthsimple Trade may be accessed within the mobile app and from the site with one login.

So How Can I Begin Using Wealthsimple Trade?

Click here to create your Wealthsimple Trade account. As an exclusive signup bonus for our audience you’ll receive the equivalent cash value of a random Canadian stock worth up to $4,500 CAD once you deposit to your account.

But What if I Still Have Additional Questions Concerning Wealthsimple 2020 Tax?

If this blog post hasn’t given you the answers to all of your questions, and you’re searching for more specific facts relating to Wealthsimple 2020 Tax, check out the Wealthsimple website for answers to every one of your questions.