Wealthsimple Review 2022: Wealthsimple Tax

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, securities and crypto trading platform that differentiates itself from its competitors by charging absolutely no fees. 

A Toronto, Ontario based fintech company founded in Fall of twenty fourteen exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has grown considerably over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian investors to trade both single stocks and also ETFs without needing to pay fees. The exception to this is when you’re trading ETFs and stocks that are denominated in USD. In that case, they will charge a currency conversion fee when buying and selling. But, gone are the days of paying Upwards of $7 per trade with online discount brokerages as was normal a couple years ago.

Exactly How Much in Funds Will I Need in Order to Start With Wealthsimple Trade?

Wealthsimple is awesome such that they allow investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have large minimum deposit amounts of 1k-$5000. This makes it difficult for the typical investor to start. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Offer Registered Accounts?

It does. Wealthsimple Trade has registered and non-CRA-registered accounts. You are free to choose between both RRSP and TFSA accounts in the setup process. 

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on both iOS and also Android. The smartphone app makes the signup phase and trading of stocks and ETFs very painless.

But Is Wealthsimple Trade Legit?

For sure. Wealthsimple Trade is legit. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management . they’ve been in business for more than 7 years and also employs about 600 folks. The primary shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage operating in Canada.

But How Can I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite straight forward to deposit to a new account. Simply connect to a chequing or savings account to your Trade account, and add funds to your account in simply a few steps. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can just as easily be withdrawn your chequing or savings account using the same method.

What Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to E-Transfers which allows you to quickly and easily transfer cash to friends and family in Canada.

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

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

Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a ton of courses on topics like saving, investing, crypto, home buying and more. 

All of the above products, along with Wealthsimple Trade can be accessed inside the mobile app or at their website with one login.

So How Should I Begin With Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. For a special signup bonus for our readers you’ll receive the cash value of a Canadian stock valued at up to $4,500 Canadian when you deposit to your account.

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

If this article still hasn’t answered all of your questions, and you’re still searching for more info relating to Wealthsimple Tax, check out the Wealthsimple site to get answers to each your questions.