Wealthsimple Tax Canada Review: Complete Guide

What is Wealthsimple?

Wealthsimple is a simple to use Canadian digital investing, stocks plus crypto trading app that sets itself apart from its competitors by charging no fees. 

A leading Canadian fintech business founded in the Autumn of 2014 originally as a robo-advisor trading app named Wealthsimple Invest, it has changed considerably over the past 8 years to also include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows consumers to trade stand alone stocks and ETFs without paying commissions. The exception is when trading stocks and ETFs which are displayed in USD. In that case, they charge a small currency conversion fee both when buying and selling. However, past us are the days of paying $7-12 for each trade with digital discount brokerages as was the norm only a few years past.

How Much Cash Will I Need to Have in Order to Get Started With Wealthsimple Trade?

Wealthsimple is cool such that they allow Canadian investors to make a minimum deposit of just $1. Many alternative banks and brokerages have large initial deposit amounts of $1000-$5,000. This makes it tough for the common investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have TFSA Accounts?

Of course. Wealthsimple Trade has both registered and non-registered account types. One can choose both RRSP and TFSA accounts during the setup wizard. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app that is available on both Apple and also Google Play. The smartphone app makes the signup phase and the trading of stocks and ETFs easy.

Is Wealthsimple Trade Trustworthy?

Most definitely. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). These folks have been operating for more than 7 years and also currently employs about 600 Canadians. The main owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage operating in Canada.

How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so straight forward to deposit to a new account. Simply connect to a chequing or savings account to your Trade account, and then add funds to your account in just a few clicks. Deposits from your bank to Wealthsimple usually take only a couple of days. Funds can the same way can be withdrawn your chequing or savings account using the same process.

Which Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to Interac e-transfers that allows one to quickly and easily transfer cash to friends and family in Canada.

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

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

Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a ton of courses on different topics such as saving, investing, crypto, mortgages and much more. 

Every one of the listed products, including Wealthsimple Trade may be found inside the mobile app or from their site with your Wealthsimple login.

So How do I Get Started With Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus offer to our audience you will receive the cash value of a random share worth up to $4,500 Canadian as soon as you make an initial deposit to your account.

What if I Still Have Additional Questions Concerning Wealthsimple Bank Account?

If this blog post still hasn’t answered each of your questions, and you’re looking for additional specific info about Wealthsimple Tax Canada Review, visit the Wealthsimple site to find answers to all your questions.