Affiliate disclosure: the Wealthsimple link in this article is a referral link. I earn a small bonus if you sign up through it — at no cost to you. I have used Wealthsimple personally. That is why I'm writing this review.
The Short Version
Wealthsimple is where I do most of my investing. I use it for my TFSA, my RRSP, and I used it to max out our FHSA before our home purchase. It is not perfect. But for most Canadians who want to invest simply and affordably, it is the right call.
What Wealthsimple Actually Is
Two products share the name, and they are different tools:
Wealthsimple Invest — a robo-advisor. You set a risk level, it builds a diversified ETF portfolio automatically and rebalances it for you. You do nothing else. This is where most beginners should start.
Wealthsimple Trade — a self-directed brokerage. You pick your own ETFs or stocks. Commission-free on Canadian equities. This is where I do the bulk of my active investing.
Fees
For Wealthsimple Invest:
- 0.5%/year on balances under $100,000
- 0.4%/year on $100,000+
- Plus underlying ETF MERs of roughly 0.20%
All-in: approximately 0.70% per year. That's meaningfully lower than a typical Canadian mutual fund (1.5-2.5%), but higher than building your own portfolio of index ETFs through Wealthsimple Trade (where the only cost is the ETF MER, typically 0.20% or less).
Account Types
Wealthsimple supports every registered account you'll need:
- ✅ TFSA
- ✅ RRSP / Spousal RRSP
- ✅ FHSA (First Home Savings Account)
- ✅ RESP
- ✅ RRIF
- ✅ Non-registered (personal / joint)
This is why it works as a primary platform. You don't need to manage accounts across multiple institutions.
The Socially Responsible Portfolio Option
Wealthsimple offers an SRI (Socially Responsible Investing) portfolio that excludes fossil fuels, weapons manufacturers, and tobacco. It does not screen out gambling or alcohol at the ETF level.
If you want a fully faith-aligned portfolio, you'll need to build it yourself through Wealthsimple Trade using specific ETFs or individual equities. The SRI portfolio is better than the standard portfolio from a values standpoint — but it is not a complete solution for everyone.
What I Like
- No minimums. Start with $1.
- Automatic rebalancing. I set it and ignore it.
- The Cash account earns a competitive rate and functions like a high-interest savings account.
- FHSA support from the day it launched.
- The interface is genuinely good. Clear, not cluttered.
What I Don't Love
- Customer support is email and chat only. When something urgent comes up, this is frustrating.
- The 0.5% Invest fee adds up over time compared to doing it yourself on Trade.
- No phone support for non-premium accounts.
Should You Use It?
If you are just starting out and want to invest without learning to pick ETFs yourself: yes, start here. Open the Invest account, choose the SRI option if values alignment matters to you, set up an automatic contribution, and leave it alone.
If you're further along and willing to spend a few hours learning index fund investing: the Trade platform gives you more control and lower fees.
Either way, Wealthsimple is my first recommendation for most Canadians.
This review reflects my personal experience. Your situation may differ. This is not financial advice — see the full disclaimer below.