About
Wealthsimple is a comprehensive Canadian fintech platform designed to replace traditional banking with smarter, lower-cost financial tools. It combines everyday spending with long-term wealth building through a suite of tightly integrated products. The Wealthsimple Chequing account offers real interest and 2% cash back via its credit card. The Trade product enables commission-free stock and ETF trading, $0 options contracts, margin trading, and crypto — complete with active trading tools for more experienced investors. For hands-off investors, Wealthsimple Portfolios offers algorithmically managed, diversified investment portfolios ranging from classic low-fee ETF bundles to Summit portfolios with access to private markets. Users can also file taxes through Wealthsimple Tax, which guarantees a maximum refund. Business owners are served with dedicated chequing, investing, and group savings plans. The platform supports registered accounts including RRSP, TFSA, FHSA, RESP, and LIRA. With human advisors available and a portfolio line of credit option, Wealthsimple bridges the gap between self-directed investing and full-service wealth management. Trusted by over 3 million Canadians, it is built for both new and seasoned investors looking to consolidate their financial lives in one modern app.
Key Features
- Commission-Free Trading: Trade stocks, ETFs, options ($0 contracts), margin, and crypto without paying commissions, with active trading tools for experienced investors.
- Managed Investment Portfolios: Choose from Classic, Income, or Summit portfolios — algorithmically managed and diversified, including access to private markets for long-term growth.
- High-Interest Chequing & Credit Card: Canada's most rewarding chequing account paired with a credit card that earns 2% cash back on every purchase.
- Wealthsimple Tax: Easy-to-use tax filing software with a guaranteed maximum refund, supporting RRSP, TFSA, FHSA, and other Canadian tax accounts.
- Business & Group Savings: Dedicated financial tools for businesses including chequing accounts, business investing, and group savings plans for employees.
Use Cases
- A first-time investor opens a TFSA with Wealthsimple and invests in a Classic managed portfolio to grow savings passively with minimal fees.
- An active trader uses Wealthsimple Trade to buy and sell commission-free stocks, ETFs, and options with advanced trading tools.
- A Canadian freelancer files their annual tax return using Wealthsimple Tax to maximize their refund before the April 30 deadline.
- A small business owner opens a Wealthsimple Business chequing account and sets up a group RRSP savings plan for their employees.
- A homeowner uses Wealthsimple's mortgage and chequing products together to consolidate their financial life and earn interest on everyday spending.
Pros
- All-in-One Financial Hub: Consolidates banking, investing, trading, and tax filing into a single platform, reducing the need for multiple financial service providers.
- Low Fees & Commission-Free Trading: No commissions on stocks and ETFs, with low management fees on portfolios — making it significantly cheaper than traditional banks and brokerages.
- Accessible for All Levels: Offers both fully managed portfolios for passive investors and advanced active trading tools for experienced traders.
- Registered Account Support: Supports all major Canadian registered accounts (RRSP, TFSA, FHSA, RESP, LIRA), making tax-advantaged investing straightforward.
Cons
- Canada-Only: Wealthsimple is exclusively available to Canadian residents, limiting its use to a single market.
- Premium Features Require Higher Balances: Access to advisors, lower FX fees, and premium portfolio options typically requires higher account balances or paid plan tiers.
- Limited International Investment Options: Compared to global brokerages, the selection of international markets and instruments is more limited.
Frequently Asked Questions
Is Wealthsimple free to use?
Wealthsimple offers a freemium model. Basic accounts, commission-free trading, and tax filing are free, but premium plans with added perks like advisor access and lower FX fees are available for higher-balance users.
Is Wealthsimple safe and regulated?
Yes. Wealthsimple is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and accounts are protected by the Canadian Investor Protection Fund (CIPF) up to $1 million.
Can I file my taxes with Wealthsimple?
Yes. Wealthsimple Tax is a built-in tax filing tool that supports Canadian residents, guarantees a maximum refund, and is available before the April 30 deadline each year.
What types of accounts does Wealthsimple support?
Wealthsimple supports RRSP, TFSA, FHSA, RESP, LIRA, non-registered accounts, and business accounts including group savings plans.
What is the Summit Portfolio?
The Summit Portfolio is Wealthsimple's premium managed investment portfolio that includes exposure to private markets for potentially higher long-term growth, requiring no active management from the investor.
