Wealthsimple Review (2022 Update)

Wealthsimple Review
  • Investment Strategy
  • Website and Mobile Usability
  • Fees & Costs vs Mutual Funds
  • Halal & Socially Responsible Investing Options
  • Advice and Personal Finance Help
  • Safety

Wealthsimple Review Summary:

Wealthsimple is the largest robo advisor in Canada. Thanks to a simple onboarding process, easy to use platform, and $0 account minimum, it’s a favourite among Canadians. Plus, for new customers, Wealthsimple will pay any transfer fees for those who want to switch over.

However, while these factors all contribute to making Wealthsimple one of the top robo advisors in the Canadian market, there’s a whole lot more to this company that has allowed it to earn my stamp of approval.

Its user friendly platform and app, the excellent sign up promo*, and the overall sense of safety and security made me believe Wealthsimple is truly the best robo advisor in Canada.


  • No account minimum and very low fees overall
  • Easy and quick to set up
  • Generous signup promo
  • User friendly platform and mobile app
  • The best Robo Advisor in Canada
  • $50 cash bonus Promo Code available*


  • Better for small, simple portfolios
  • Qtrade discount broker is better for DIY traders

* A Wealthsimple Promo Offer Coupon for You

Wealthsimple has provided me with a promotion code for our readers – providing a $50 cash bonus on a $500 min. deposit. This means you don’t pay any management fees for 12  full months as you test the platform out! Try this top Canadian robo advisor. 

To take advantage of our Wealthsimple Review Coupon Code simply click below:

Introduction to This Wealthsimple Review

I’ve been putting off writing a Wealthsimple review for a while now due to the fact I personally do not personally use robo advisor, instead preferring to cut costs to the bone with my Qtrade, my top rated discount brokerage in terms of costs, DIY strategy. 

Now that Wealthsimple Trade has launched, and the robo advisor service has expanded its capabilities to a robo advisor + DIY trading platform, I figured that it was time to take a serious look at the service. 

Let’s start off by covering the basics.

Is Wealthsimple Safe? Are Robo-Advisors Safe in General?


There’s a reason why Wealthsimple is Canada’s biggest and most popular robo advisor. However, before I dig into what makes Wealthsimple such a standout in its field, let’s first take a second to explain what a robo advisor is and Wealthsimple’s approach as a robo-advisor.

Intro: What is a Robo Advisor?

The first thing you need to know is that a robo advisor, despite the name, is not a robot. The investment process is automated (after you set it up the first time) however, that automated process is created, run, and monitored by a team of very knowledgeable financial professionals who are also available for customer service and financial advice. 

Robo advisors have come to light over the last few years as a middle-ground for Canadians who are looking for an alternative to the big brick-and-mortar banks but are not comfortable using DIY methods. The goal is to create an easy-to-use investing process that will allow clients to make the most of their money without the hidden fees and costs often associated with traditional banking methods. 

Perhaps the best part about robo advisors in my opinion is that they allow Canadians to set up a quick and easy way to automate their investing using an index-based philosophy..

The Wealthsimple Approach

The Toronto-based team behind Wealthsimple (wealthsimple.com) describes its mission as the following: 

We provide world-class, long-term investment management without the high fees and account minimums associated with traditional investment managers. We invest your money in a globally diversified portfolio of low-cost index funds modeled after the same Nobel Prize-winning research used by the world’s savviest investors. Our cutting-edge technology helps you earn the best possible return on your money, while also lowering your tax bill.

This means we do things like automatic rebalancing, dividend reinvesting, and tax loss harvesting services that most people couldn’t afford until now or found too time-consuming and tedious to do on their own. Our financial advisers are always available when you need them. They can help plan your financial milestones and answer questions you might have about potential risks or what sort of investment accounts you should have.

The Nobel Prize-winning research they are referring to is the Modern Portfolio Theory done by Harry Markowitz.  Wealthsimple is quick to tell users that their approach is based on this tried and tested work. If you are familiar with ‘couch potato investing’, then you’ll have an idea as to how Wealthsimple manages your money. We’ll dig more into how it works later on in this Wealthsimple review. 

The Team Behind Wealthsimple

As mentioned above, robo advisors are backed by financial experts who create and monitor the algorithms. Additionally, there are financial experts to reach out to with any customer service inquiries or, even for financial advice. 

While robo advisors have been around for a couple of years now (Wealthsimple started in Toronto in 2014, and was founded by Michael Katchen), many Canadians are still hesitant to switch to one because they are still categorized as new.

Is Wealthsimple Safe as Any Banking and Investment Option in Canada?

Because Wealthsimple is still a somewhat new name to people, the most common question I get asked is, Is Wealthsimple Safe?

The answer?


Wealthsimple is as safe as any banking and investment option in Canada.  They now have more than 100,000 clients from all over the world!

First of all, Wealthsimple is an online business. If they didn’t protect their customers, it would be an instant death for the company. As for how exactly they protect their clients? Wealthsimple uses bank-level security including a 128-bit SSL certificate. For those who are unsure of what this means, essentially it’s a program that will ensure that your personal information and passwords don’t get seen by prying eyes. 

Secondly, Wealthsimple indicates that they also use industry-standard backup programs and firewalls. These will prevent any large-scale problems from occurring as well as work towards backing up information automatically multiple times a day, every day of the week. 

Thirdly, your money invested with Wealthsimple is also protected by outside sources. When you invest with Wealthsimple, your money is insured by the Canadian Investor Protection Fund (CIPF) up to $1 million per account. On top of that, if you have a HISA with Wealthsimple, your money is insured by the Canadian Deposit Insurance Corporation (CDIC) for up to $100,000 (there is optional coverage for up to $800,000 per account, however, in my opinion, if you are keeping that much money in a HISA you may want to rethink your financial strategies). 

Finally, we need to remember the team behind Wealthsimple. These are career professionals who have years in the industry with reputations to uphold. The fact that these individuals have lent their names to the company also instills a strong feeling of trust. Additionally, Wealthsimple is made up of registered portfolio managers that have a legal fiduciary duty to clients. This means that, by law, they have to give recommendations based on the client’s best interest.

With Power Financial running the Wealthsimple show, there is no doubt that this company is in it for the long haul and is incredibly safe! 

It should be noted that no investment company can guarantee the safety of investment returns. So within that narrow definition of “guaranteed investment performance” than Wealthsimple – as well as every other investment entity out there – is not 100% safe.  Your portfolio will always be subject to the general performance of the market, and anyone that promises you different is probably trying to illegally sell you something.

It makes sense, ‘new’ isn’t always a word you want to associate your hard-earned money with, however, you can breathe easy with Wealthsimple knowing that this particular Canadian robo advisor is “powered” by Power Financial – one of Canada’s largest and wealthiest companies.  As of 2019 Power owned 89% of Wealthsimple and had invested over $200 Million in the company! Plus, Canada’s largest robo advisor has grown up before our eyes and really isn’t that young anymore.

Wealthsimple Review: How it Works

To get started with Wealthsimple you can have an online, email, or phone discussion with an advisor to discuss what they think is the best option for you taking into consideration your goals and risk tolerance.

Don’t be afraid to ask questions, remember that the Wealthsimple representative you are speaking to is an advisor and while they may not be able to answer everything off their head (mainly when it comes down to the more detailed, complex questions), they will answer your questions with your best interests at hand. 

One of the reasons I’m such an advocate for Wealthsimple is because as a Portfolio Manager, they have a fiduciary duty, meaning that the company and their employees legally HAVE to give you advice and recommend investments with your needs and best interests in mind. Strangely enough, this is not mandatory of all financial advisors in Canada, and many people at big banks that recommend mutual funds have no fiduciary duty to you at all!

Once you have chosen your account (for example, RRSP or TFSA), your funds will be split into several different asset categories including both Canadian and international equities, real estate, and bonds.

What Makes Wealthsimple Stand Out Among the Crowd? 

We are definitely spoilt for choice when it comes to selecting online brokerages, or even robo-advisor services, so it’s really important that we understand what makes each one unique. Here are some of Wealthsimple’s distinct selling points that are definitely worth considering when making the choice that is best for you and your situation.

  • Wealsimple’s sign up process is comprehensive yet quick, with you being able to set your risk tolerance right off the bat, ensuring the asset mix is just right for you.
  • Wealthsimple offers a range of socially responsible portfolios. More details of what this means, and how it can benefit both you and others, can be found later in the article.
  • Wealthsimple’s advanced technology combined with its financial experts makes it one of the most reputable robo advisor services in the game. 
  • Wealthsimple makes investing super easy, so you can basically set it and forget it.
  • Automatic rebalancing is a big plus. You won’t have to worry about buying and selling to make sure your portfolio has a healthy balance of holdings. It’s all done for you.

Considering Wealthsimple also offers a low-cost brokerage, it certainly has some excellent perks that rival the more expensive options out there.

Wealthsimple Investing Approach and Returns

As I mentioned earlier in our Wealthsimple.com review, the robo advisor approach is basically an automated form of couch potato investing. For those who aren’t familiar with this term, couch potato investing is a passive investing strategy that relies on building a diversified, low-maintenance portfolio.

The goal is to deliver high returns at a low cost and has been shown to reduce typical investor costs by up to 90%. Not only does this strategy save you money, but it has also been proven to beat the vast majority of mutual funds and “money experts” that traditionally handle your investments in Canada.

The couch potato strategy (which has also been called index-investing or passive investing) is not new. It’s been around for ages, but is becoming more and more popular in part thanks to robo advisors like Wealthsimple, who allow everyday folks, rather than just finance experts, to build and maintain these types of portfolios. 

Expected returns are impossible to predict and are out of your (and our) control. We prefer to focus on things we can control: fees, diversification and emotions. The stock market will take care of returns over the long term. The key is to stay disciplined and stick to your strategy in order to build wealth. You can read more about our investment strategy here.

Personally, I’m a strong believer in taking this type of approach to investing, and I’m a fan of how transparent Wealthsimple is when it comes to their investment strategies. When asked what kind of returns to expect, Wealthsimple responded with the following:

While Wealthsimple makes it clear that expected returns are impossible to predict (this is the truth for any investor, don’t let someone try to convince you otherwise), they go an extra step in their transparency to show you how your investments are performing and what your returns actually are in their monthly statements and in your online account.

Wealthsimple’s ETF Asset Classes

Wealthsimple’s ETF asset allocation follows the sound principle of diversification, and each ETF includes 8-10 of the holdings below. The result is a well-balanced portfolio with a wide-range of holdings to mitigate risk while giving you a great shot at growing your investment.

The makeup of how many of each ETF you’ll have in your portfolio depends on your investment goals, strategy, and timeline.

ETFTickerAsset Class
Mackenzie Canadian Equity Index ETFQCNCanadian Stocks
Vanguard Total Stock Market ETFVTIUS Stocks
Mackenzie US Large Cap Index ETFQUUUS Stocks
Vanguard US Total Market Index ETFVUS US Stocks
iShares Edge MSCI Min Vol Global ETFACWVGlobal Min-Vol Stocks
iShares Core MSCI IEFA ETFIEFAForeign Stocks  
iShares Core MSCI Emerging Markets ETFEEMVEmerging Market Min-Vol Stocks
BMO Long Federal Bond Index ETFZFLCanadian Long-Term Government Bonds
SPDR Gold MiniShares Trust GLDMGold
Goldman Sachs ActiveBeta World Low Vol Plus Equity ETFGLOVGlobal Low-Vol Stocks
BMO Aggregate Bond Index ETFZAGCanadian Bond Aggregate
BMO Short Corporate Bond Index ETFZCSShort-term Canadian Credit

Wealthsimple Review: Costs and Fees

Wealthsimple Invest currently has three different levels: Basic, Black, and Generation. I’ll dig more into these in a minute, but when it comes to fees, the Wealthsimple management fees are generally low, and the pricing structure easy to understand.

Here is how the fees break down for each account type:

  • Basic, holding up to $100,000: 0.5%
  • Black, holding more than $100,000: 0.4%
  • Generation, holding above $500,000: 0.4%

If you decide to go the robo advisor route, which is definitely a wise choice, there will be additional fees for each of the ETFs within your basket. The fees come in the form of MERs, which are management fees.

  • Regular ETF MERs: Approximately 0.1-0.2% annually 
  • Socially Responsible Investing (SRI) MERs: 0.25% to 0.4% annually

ETFs are known for having significantly lower MERs than mutual funds. To compare, consider Wealthsimple’s overall fees (0.5%-0.7% for non SRI accounts) versus actively managed mutual funds which are more like 2%-2.5%. That means the average Canadian is paying 3-4 times as much for their mutual fund investments, than they could be paying for an objectively superior investment product! 

Now that you have an idea of the Wealthsimple costs and fees, let’s take a look at the different Wealthsimple levels. 

Wealthsimple Basic

The Wealthsimple Basic Account is for clients who have up to $100,000. This account has a 0.5% fee which includes trading, account fees, rebalancing costs, and transfer fees. It’s a simple account, nothing too fancy. That being said, the fees are competitive compared to other robo advisors on the market, plus you also get financial advice included as part of the package.

Wealthsimple Black

The Wealthsimple Black account is a premium service for clients who have more than $100,000. If you have this account, your management fee drops from 0.5% to 0.4%. It may not seem like a lot, but trust me, that adds up quickly over time!

Black account holders receive all the benefits included in the basic account: trading, account fees, rebalancing costs and transfer fees, and free expert advice. 

However, Wealthsimple Black members also get a few additional perks including: 

  • Tax loss harvesting: this can be tricky to figure out on your own, but if it makes sense for you, the Wealthsimple team will use tax harvesting strategies to create tax savings in your portfolio. For those who are unsure of how this works, essentially they will sell any investments that have lost their value, put in a tax deduction, and then buy a similar asset. It’s not for everyone, but if it applies to your financial situation, this can also save you quite a bit of money. 
  • Financial planning sessions: book a 1 on 1 call to talk to an expert advisor about your financial strategy or plans for retirement. 

Wealthsimple Generation

The Wealthsimple Generation account is the top tier, and is for those who have deposits of $500,000 or more. This plan has the same features as Wealthsimple Black: trading, account fees, rebalancing costs and transfer fees, free expert advice, 0.4% management fee, tax harvesting, financial planning sessions, and VIP airport lounge access. 

On top of the above perks, a Wealthsimple Generation account also comes with two additional benefits.

  • 50% off the Medcan Comprehensive Health Plan: This includes an annual check up, up to 15 diagnostic tests, same day (or next day) appointments, travel health support both in Canada and abroad, and genetic tests. This 50% discount will save you over $2000. 
  • Personalized financial report: the Wealthsimple team will help you strategize your financial goals and draw up plans for retirement, ways to preserve your wealth, and can analyze your cash flows and make financial projections to better help you manage your money. 

Both the Wealthsimple Black and Wealthsimple Generations platforms are excellent values.  The 0.4% MER means that costs are quite reasonable, and if you think about it, the tax harvesting feature alone can save you enough to cover that 0.4% fee. Plus, as a traveller, I can really appreciate the airport lounge pass. After all, who doesn’t want to feel like a VIP? 

Another thing to note, if you are thinking of switching over to Wealthsimple from your current bank, Wealthsimple will cover all of your transfer fees.

Wealthsimple Trade – The No Fee Discount Brokerage Option

Everything we have discussed so far in our Wealthsimple review has been looking at an automated portfolio of basic index ETFs, and would be comparable to other Canadian robo advisors. However, if you are interested in trying to manage your own portfolio you might be interested in Wealthsimple Trade. With this option, you make the decisions of how to invest; what to buy and sell on the stock market.

wstrade 2

With Wealthsimple Trade, you can buy and sell thousands of stocks. It’s a relatively new platform, and still has a few bumps that they are sorting out and adding to, but one of the major draws of Wealthsimple Trade is that it is $0 commission, which means that they do not add any fees to buying and selling stocks.

On top of the 0$ commission structure, Wealthsimple Trade also has a no account minimum, which makes it extra enticing to those who think they want to dabble with their own portfolios. However, it’s important to remember that this option is for those who know what they are doing.

I encourage you to read about other brokers first and see how they stack up against Wealthsimple Trade. See our list of best online brokers in Canada for an overview, or our Questrade vs Wealthsimple and Qtrade vs Wealthsimple articles for a more direct comparison.

You can also read more about the services offered in our new Wealthsimple Trade review and see how it compares to other Canadian brokers.

Wealthsimple Trade Crypto

The last couple of years have obviously proven that there is an enduring market for trading bitcoin and other cryptocurrencies. While I’m personally not a huge fan of the cryptoworld, the fastest growing segment of the company is likely Wealthsimple Trade Crypto.

The way it works is that you open a non-registered account – as owning tokens directly in your TFSA, RRSP, RESP, or corporate accounts is not yet legal in Canada. If you want to get some exposure to Bitcoin and Ethereum specifically, you can use an ETF traded on the TSX. Then simply use the Wealthsimple Trade app to buy and sell.  

If crypto is in fact your thing, or you want it to be, MDJ has you covered. All the details can be found in our Wealthsimple Crypto Review.

Wealthsimple High Interest Savings Account

Interestingly, Wealthsimple was the first Canadian robo advisor to offer a High Interest Savings Account (HISA). Personally, I’m not the biggest advocate for using HISA’s for long-term savings (such as retirement), however, for short-term goals like a vacation or buying a car, a HISA is a great option.

Right now, Wealthsimple offers a 2% interest rate for their high interest savings account. That’s a flat fee; it’s not a promotional rate, it doesn’t go away after a certain period of time, 2% is what you get. Additionally, there’s no minimum balance requirement (great for those just starting saving), and you’ll get unlimited transaction fees.  That 2% is about 1.95% higher than what you’re likely getting in your big bank chequing account, and 1.5% higher than what many big bank “savings accounts” offer.

While there’s no doubt that the Wealthsimple HISA is a good choice, one of the best advantages to Wealthsimple offering so many account options is that they make it easy to keep all of your savings and investments in one place, which in turn for you makes it easier to manage and keep track of.

Wealthsimple Socially Responsible and Halal Investing

Investors may also be interested to know that Wealthsimple offers Socially Responsible Investing (SRI) as well. Socially responsible investing is becoming more and more popular these days, especially among millennials. 

To clarify, socially responsible investing is a type of investing that allows you to put your money towards companies and businesses that align with your environmental and social values. A Wealthsimple SRI portfolio will include the following ETFs:

  • Low Carbon (CRBN): Global stocks with a lower carbon exposure than the broader markets.
  • Environment (XEN): Canadian stock that prioritizes environmental and social concerns.
  • Cleantech (PZD): Cleantech innovators in the developed world
  • Government Securities (ZFM): Canadian federal bonds with AAA rating
  • Human Rights (VIDI): Global stocks with a positive record on human rights and corruption. 

Wealthsimple’s original SRI ETFs, shown above, are managed by a third party. In 2020, seeing the potential of SRIs, Wealthsimple went public with their own SRIs. The two responsible investing funds are:

Wealthsimple North America Socially Responsible Index ETF: Which invests mainly in Canadian and American equity securities. The management fee is 0.2% and it has been designed to replicate the Solactive Wealthsimple North America Socially Responsible Factor Index.

The Wealthsimple Developed Markets ex North America Social Responsible Index ETF: This focuses on European, Asian, and Australian equity securities. The management fee is 0.25% and it has been designed to replicate the Solactive Wealthsimple DM ex NA Socially Responsible Factor Index.

As well as socially responsible investing, Wealthsimple also offers Halal Investing. This portfolio is optimized for performance by using companies that align with Islamic law. This means no businesses that profit from gambling, weapons, tobacco, or other restricted industries.

Additionally, this type of investing will not include any businesses that obtain a significant percentage of their income from interest on loans. All investments are screened by a group of Shariah scholars to ensure that they are up to the expected standards. 

Click here for free sign up to Halal account

Wealthsimple RRSP Accounts and TFSA Accounts 

Wealthsimple offers a range of account types including:  

  • RRSP
  • TFSA
  • RESP
  • Joint
  • Business
  • LIRA
  • Personal
  • RRIF

Most Canadians are just looking for the easiest way to invest money within a registered account.  It is incredibly simple to open a Wealthsimple RRSP, TFSA, or RESP account. It can be done completely online, is almost instant, and after hooking up your chequing or savings account, you can conveniently set up an automatic contribution that puts your savings on autopilot.

No more worrying about RRSP season and last minute investment decisions.  Just a safe, simple, proven investment strategy that you can set and forget about until you’re ready to make a large-scale change.  While Wealthsimple obviously offers a wide variety of accounts, these three registered accounts represent the total investing activity for many Canadians, and are a main focus for Wealthsimple.  

If you have any questions about how the Wealthsimple RRSP or TFSA work, their online chat feature (or their old school phone assistance) will be able to efficiently answer any questions you might have about where to contribute or how to use the platform.  About the only questions their first line of assistance might struggle with is in-depth niche topic help for something like investment trusts. (If you don’t know what an investment trust is, don’t be alarmed – it’s very unlikely that you’ll ever need to.)

Wealthsimple Mobile App

Speaking of the Wealthsimple App, it’s actually pretty amazing. Launched in December of 2014, it was the first app of its kind; an app designed with the specific goal of making investing easier.

Wealthsimple describes their app as having a ‘financial advisor in your pocket’. The app allows you to get in touch with your wealth concierge at the tap of a finger, plus you can easily add funds, keep an eye on your asset allocation, and view your performance. 

On top of creating an easy and streamlined app, Wealthsimple also prioritizes privacy in their app. They go above the simple ‘create a password’ and allow users to use either TouchID or set a unique 4 digit passcode (for iPhone) or lock pattern (for Android). This is true for both the Wealthsimple App and the Wealthsimple Trade app. 

How To Sign Up With Wealthsimple?

Just like the name indicates, signing up for an account on Wealthsimple is…simple. In just a few minutes, you’ll be set up, logged in, and ready to start building your investment fund.

First, make sure you qualify for a Wealthsimple Invest account (must be a Canadian citizen, Canadian resident, or have a Canadian visa, meet the age requirements of your province, etc.). If you meet the requirements, head over to the sign up page and fill on the required information.

wealthsimple signup

Once you are logged in, you will fill out a few more personal details as well as complete a questionnaire so your robo advisors can understand what portfolio allocation would be best for you. 

Once your plan of action has been chosen, you’ll need to choose the account type, registered, non-registered, or transfer from another account.

Finally, you will choose whether or not to set up automatic contributions. 

That’s it! You can make your first purchase and start seeing your wealth grow.

Is Wealthsimple the Best Robo Advisor? Our Expert Comparison

By now you are well aware of the many benefits of using Wealthsimple as your robo advisor, but no great review would be complete without a comparison chart. Let’s see how Wealthsimple stands up to its Canadian robo advisor peers.

Robo AdvisorFeesMinimum Account BalanceSpecial Features
Wealthsimple0.2% + 0.4-0.5% MERNoneOnline and mobile app, SRIs, automatic rebalancing, access to financial experts 
Questwealth0.2%-0.25% + 0.11%-0.35% MER$1,000Online and mobile app, SRIs, automatic rebalancing, low MER
CI Direct Investing0.38%-0.60% + 0.18%-0.25% MER$1,000Online and mobile app, automatic rebalancing, dedicated financial advisor
Justwealth$2.99 for RESPs, $4.99 for all others, 0.40%-0.50% MER, $0 for RESPs, $5,000 for all othersOnline platform, managed by a dedicated team, automatic rebalancing, 
Nest Wealth$20-$75 tiered, monthly flat rate fees, no MER$100Online platform, one of the only robo advisors offering flat-rate monthly fees instead of MERs, automatic rebalancing
Modern Advisor0%-0.5%, 0.50%-0.75% MER$1,000Online platform, SRIs, access to customer service on-demand, automatic rebalancing

You can click on the links in the chart above to read our detailed reviews of Wealthsimple’s main competitors, or visit our best canadian robo advisors page for a more in-depth comparison and see why we rank Wealthsimple at the top.

Wealthsimple Review: Summary

There is definitely a lot to like about Wealthsimple’s offerings, and we can expect to see more in the future, considering it is already the largest robo advisor service in the country.

With its $0 minimum, free account transfer, low ETF and MER fees and easy to use platform, it’s an extremely accessible way to manage your investments. Plus, you’ll be able to have your registered and non-registered accounts in one place, adding even more convenience.

Wealthsimple is the quickest and simplest way to take a piece of your paycheque every month, and automatically invest it into a diversified portfolio of ETF options from around the world. 

I love the investment strategy, I love the simplicity of it. The fact that you have access to financial experts to guide you, and perks like automatic rebalancing makes it even more attractive, especially if you are a new investor. 

Ready to start with Wealthsimple? Don’t forget to use our Wealthsimple review link to sign up today and receive a $50 cash bonus on a $500 min. deposit! 


FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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3 years ago

Would love to switch to this but wondering how hard / easy it is to execute the Smith Manoeuvre with Wealthsimple. I’m thinking specifically of the tax preparation required to drive the refunds out of the leveraged HELOC. I hate being in mutual funds but those MERs pay for the service that makes the SM doable for me. I don’t have the time to manage the accounts and returns myself.

Kyle Prevost
3 years ago
Reply to  Michael

As far as I am aware Michael, Wealthsimple does not to the adjusted cost basis for you like a lot of mutual funds do. This would make running the the SM quite difficult I believe. This is a good question for them though. Would you be so kind as to ask them on their online chat and let us all know what they say? I’ll try to get a hold of them for an answer as well. I wonder if you moved your entire portfolio over to them, if that would warrant the type of attention needed to make the SM run smoothly.

3 years ago

WealthSimple parks (your) HISA money in an EQ Bank Savings account which offers 2.3%.

3 years ago

Thanks for the review. However, you wrote the money invested in the Wealthsimple’s Savings Account is protected by CDIC, and yet on their website they specifically say they are NOT a member of CDIC. Can you clarify on this point please?


Kyle Prevost
3 years ago
Reply to  Cindy

Hi Cindy – just the HISA are CDIC regulation. Investment accounts are a different type of insurance all together (as noted in the article).