Wealthsimple Review 2022: What Is Wealthsimple Tax

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online investing, securities plus crypto trading app that sets itself apart from the competition by charging absolutely no fees. 

A Toronto, Ontario based fintech business founded in Fall of 2014 originally as a robo advisor algorithmic trading app called Wealthsimple Invest, it has changed substantially over the previous 8 years to include Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets Canadian consumers trade both individual stocks and ETFs without having to pay any commissions. The exception to this is when trading ETFs and stocks that are listed in US Dollars. In this case, they charge a nominal currency conversion fee both when buying and selling. But, past us are the times of paying Upwards of $7 per trade with online discount brokerages as was normal only a few years ago.

Exactly How Much in Funds do I Need to Get Started With Wealthsimple Trade?

Wealthsimple is cool in that they will allow new customers to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of $1000-$5,000. This makes it impossible for the common investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer Registered Accounts?

They do. Wealthsimple Trade has available registered and non-registered account types. You may select both RRSP and TFSA account types during the setup process. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on both IOS and also Google Play. The mobile app makes the registration phase and also trading of stocks and ETFs painless.

But Is Wealthsimple Trade Legit?

. Wealthsimple Trade is secure. Wealthsimple has over 15 billion Canadian of Assets Under Management . they’ve been expanding for more than 7 years and at this time employs over 600 people. The main shareholder is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.

How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite easy to add funds to your account. Simply connect a chequing or savings account to your Trade account, then add money to your account in simply a few clicks. Deposits from banks to Wealthsimple normally take just a few days. Funds can the same way can be moved to your chequing or savings account by using the same method.

What Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to E-Transfers which allows you to quickly and efficiently send money to friends and family in Canada.

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

Wealthsimple Spend – A combination pre paid debit card and savings product that allows one to earn 1% cashback on all your spending, as well as get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of different online courses on saving, investments, crypto, home buying and much more. 

All of the listed products, including Wealthsimple Trade may be accessed within the mobile app and at the website with your Wealthsimple login.

But How Should I Begin With Wealthsimple Trade?

Click here to signup for a new Wealthsimple Trade account. As an exclusive registration bonus offer for our audience you’ll receive the equivalent cash value of a share valued at up to $4,500 Canadian as soon as you make an initial deposit to your account.

So What if I Still Have Questions Related to What Is Wealthsimple Tax?

If this blog post still hasn’t answered each of your questions, and you’re looking for additional answers relating to What Is Wealthsimple Tax, go to the Wealthsimple website for answers to all your questions.