Wealthsimple Tax Filing Review: Complete Guide

What is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, securities plus crypto trading web app that sets itself apart from the competition by charging absolutely no fees. 

A Toronto, Ontario based fintech business founded in Autumn twenty fourteen exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has changed considerably over the last 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows investors to trade individual stocks and ETFs without paying any commissions. The exception to this is when you’re trading ETFs and stocks that are displayed in USD currency. In which case, they will charge a nominal currency conversion fee both when buying and selling. However, past us are the days of having to pay $7-12 per each trade with online discount brokerages as was common a couple years ago.

Exactly How Much in Funds Will I Need to Start Investing on Wealthsimple Trade?

Wealthsimple is unique such that they will allow new customers to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable minimum deposit amounts of 1K-5K. This makes it impossible for the normal new investor to get started. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer Registered Accounts?

It does. Wealthsimple Trade has registered and non-CRA-registered accounts. One are able to choose between both RRSP and TFSA accounts in the setup phase. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app that is available on both iOS and also Android. The mobile app makes the registration steps and also trading of stocks and ETFs very a breeze.

But Is Wealthsimple Trade Legit?

Definitely. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management (AUM). They have been expanding for more than 7 years and currently employs over 600 folks. The majority owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage to operate in Canada.

So How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so straight forward to deposit to an account. Simply connect a chequing or savings account to your Trade account, and add money to your account in just a couple of steps. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can the same way can be moved back to a chequing or savings accounts using the same steps.

Which Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to E-transfers that allow you to quickly and simply send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid visa and savings account which allows you to recieve 1% cashback on your purchases, as well as get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a variety of online courses on topics like saving, investing, crypto, real estate and more. 

All of the mentioned products, including Wealthsimple Trade may be found in the app and at the site with a single login.

But How do I Get Started With Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. As a special registration bonus for our readers you will get the cash value of a Canadian stock worth up to $4,500 CAD when you make an initial deposit to your account.

So What if I Still Have Questions Concerning Wealthsimple Customer Service?

If this article didn’t given you the answers to all of your questions, and you’re looking for more specific information about Wealthsimple Tax Filing Review, go to the Wealthsimple site to find answers to every one of your questions.