Banking · Online broker
Wealthsimple: a Canadian investment platform with a chequing account
Canadian broker and asset manager whose chequing account is offered by non-bank entities, with the funds held in trust at CDIC member institutions. Protection relies on the CDIC for cash and on the CIPF for investment accounts.
Please note
Characteristics
- Family
- Online broker
- Regulator
- OCRI / CIRO
- Regulator country
- Canada
- Deposit guarantee
- Partly
- Remote opening
- Yes
- Currencies
- CAD · USD
- Services
- Current account · Payment card · Securities and trading · Savings
- Accepted residencies
- Not provided
- Refused residencies
- Not provided
- Home country
- Canada
Residency and age requirements were not found on the pages reviewed; what happens to accounts after a departure from Canada is not documented.
Entities and regulatory status
| Entity | Jurisdiction | Status | Regulator | Protection of funds |
|---|---|---|---|---|
| Wealthsimple Investments Inc.holds the accountBroker that is a member of the Canadian Investment Regulatory Organization; the accounts it holds are protected by the Canadian Investor Protection Fund. It offers the chequing account together with Wealthsimple Payments Inc.; it is not a CDIC member. CIRO record not consulted. | Canada | Brokers and investment services | OCRI / CIRO | FCPI / CIPF |
| Wealthsimple Payments Inc.holds the accountEntity involved in the chequing account offering, not a CDIC member; its exact role and its registration with the authorities (FINTRAC, Bank of Canada) are not specified on the pages reviewed. | Canada | Platforms and other set-ups | ||
| Membres de la SADC (non nommés)holds the accountThe cash in the chequing account is held in trust, in the name of the primary account holder, at one or more CDIC members, which are not named on the pages reviewed. | Canada | Brands backed by a partner bank | BSIF / OSFI | SADC / CDIC |
Who can open or keep an account
| Country of residence | Case | Status | Conditions |
|---|---|---|---|
| Canada | Opening and keeping | Unknown | Conditions for opening and keeping an account not found. |
A country missing from this table is neither accepted nor refused: the information is not published.
Published figures
- Account feeNot provided
- Brokerage feeNot provided
- Deposit guarantee ceilingup to CA$1,000,000wealthsimple.com · Verified on Nov 2, 2026
- Entry ticketNot provided
Which entity, which status
Wealthsimple is not a bank. According to its legal notices, the chequing account is offered by Wealthsimple Investments Inc. and Wealthsimple Payments Inc., neither of which is a CDIC member; the funds are held in trust at one or more CDIC members (Wealthsimple legal notices). Wealthsimple Investments Inc. is a member of the Canadian Investment Regulatory Organization, and the accounts it holds are protected by the Canadian Investor Protection Fund.
The status retained is that of an investment firm: the cash account relies on a trust arrangement with third-party institutions, not on a banking licence of its own.
The CDIC member institutions that hold the funds are not named; the CIRO record of Wealthsimple Investments Inc. and the registration of Wealthsimple Payments Inc. were not consulted.
Who can open an account
Residency requirement, minimum age and what happens to the accounts (chequing account and investment accounts) after a move outside Canada: not found on an official page.
Account, card and currencies
Chequing account with a card, in Canadian and US dollars, alongside the investment accounts.
Rates, fees and limits: not found in a dated document.
Protection of funds
The CDIC insures eligible balances up to figure being updated per depositor and per member institution. By spreading the funds across at least figure being updated member institutions, Wealthsimple states that coverage can reach up to CA$1,000,0001, subject to disclosure rules (note on the chequing account).
Securities and cash in investment accounts fall under a different scheme, that of the Canadian Investor Protection Fund, which protects against the insolvency of the broker and not against market declines.
Points to check
- The list of CDIC member institutions that hold the funds, to avoid overlapping with deposits already held with them.
- The difference between the chequing account (CDIC, held in trust) and the investment account (CIPF).
- Wealthsimple's position in the event of a departure from Canada, to be asked before leaving.
Sources and verification dates
- 1.
Deposit guarantee ceiling : CA$1,000,000
« up to $1 million in deposits to benefit from applicable CDIC coverage »
Wealthsimple, « Chequing disclaimer »Verified on Nov 2, 2026Verified source