Wealthsimple Tax Software Review: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian digital Financial, stock plus crypto trading platform that distinguishes itself from similar apps by charging no fees. 

A leading Canadian fintech business launched in Fall 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has changed substantially over the previous eight years to feature Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows investors to trade stand alone stocks and also ETFs without needing to pay fees. The exception to this is when you’re trading stocks which are displayed in USD currency. In that case, they charge a nominal currency conversion fee both when buying and selling. But, gone are the days of having to pay more than $7 per trade with online discount brokerages as was the norm only a couple years past.

How Much Money do I Need to Have to Get Started With Wealthsimple Trade?

Wealthsimple is special in that they allow Canadians to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large min deposit amounts of 1K-$5000. This makes it impossible for the typical investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Offer TFSA Accounts?

Of course. Wealthsimple Trade has available both CRA registered and non-registered account types. One can select both RRSP and TFSA accounts during the setup process. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app that is offered on Apple and Android. The mobile app makes the signup phase and also the trading of stocks and ETFs truly painless.

But Is Wealthsimple Trade Legit?

. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion Canadian in Assets Under Management (AUM). they’ve been expanding for more than 7 years and also employs roughly 600 people. The main owner is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage to operate in Canada.

How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so easy to add money to your new account. Simply connect a chequing or savings account with your Trade account, and add money to your account in simply a few clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can also be withdrawn a chequing or savings accounts by using the same method.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to E-transfers which allows you to quickly and efficiently transfer money to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to recieve 1% cashback on all your spending, and also earn a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a variety of different courses on topics like saving, investments, crypto, mortgages and much more. 

All of the above products, along with Wealthsimple Trade can be found inside the app or on their site with one login.

So How Can I Start With Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. For a special registration bonus for our readers you will get the equivalent cash value of a share valued at $25 up to $4,500 Canadian as soon as you fund your account.

What if I Still Have Additional Questions About Wealthsimple Funding?

If this review hasn’t answered each of your questions, and you’re searching for more specific info about Wealthsimple Tax Software Review, visit the Wealthsimple website to find answers to all your questions.