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Back in 2016 I opened up my first investment account with Wealthsimple. I had just graduated business school but I really didn’t know much about investing.
Despite not really knowing what an RRSP was, I had heard the term before and knew I should atleast have one. Luckily for me I stumbled across a Wealthsimple ad on Google and decided to give them a try.
After an easy sign-up process and 30 minutes of my time, I had officially opened my first RRSP. And you know what, all these years later and I still use Wealthsimple as my RRSP issuer.
From my own personal experience, here are 10 ways you would benefit from opening up an RRSP with Wealthsimple.
Important Note: Wealthsimple Invest is Wealthsimple’s automated investment product which is a much more hands off style of investing, which some people love. However, if you’re someone who wants to manage your entire portfolio yourself, by buying and selling individual stocks and ETFs, then you’ll want to setup an account with Wealthsimple’s online brokerage product, Wealthsimple Trade.
10 Reasons Why You Should Open Up an RRSP with Wealthsimple Invest
|Benefits||Why It’s Good For You|
|1. RRSP contributions are tax deductible||You reduce your taxable income and pay less in taxes|
|2. Very simple sign-up process||Sign-up process is very easy and takes about 30 minutes in total|
|3. No account minimum||You can start investing with as little as $1|
|4. Tax-free investment income||You don’t have to pay taxes on your investment income so your investments can grow and compound at a tax-free rate|
|5. Account creation is 100% free||It costs you zero dollars to create an account with Wealthsimple so you can keep and invest more of your money|
|6. Modern user interface||The interface is so easy to navigate and find exactly what you’re looking for|
|7. Low management fees (.5%)||You’ll keep more of your investment income|
|8. RRSP funds can be used for a down payment on your first home||The Canadian government allows tax-free RRSP withdraws up to $35,000 for people wanting to fund their first down-payment on a home|
|9. Great mobile app||With Wealthsimple’s modernly designed smartphone app, you’ll be able to manage your entire portfolio easily from your phone|
|10. Passive investing strategy||You just set your risk level on a scale of 1-10 and let Wealthsimple do the rest|
“Investing is a bit overwhelming for me, but they helped me figure out an awesome plan. I’m very satisfied with Wealthsimple….and yes this is a real review 😉” – Kat Dinning
How To Open Up an RRSP With Wealthsimple | 4 Step Guide
[Total Estimated Time of Completion – 30 Minutes]
Okay, let’s get started. Follow along and will setup your first RRSP together.
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- RRSP contributions are tax deductible
- Very simple sign-up process
- No account minimum
- Account creation is 100% free
- Modern user interface
Once you go to the sign-up page, you should be seeing two fields to put in an email and password.
So fill in an email address that you want to be connected to your investment account and then enter a password that you’ll remember.
After you’ve done that, click “Get started.” From there you’ll be brought to the page here shown below.
All you have to do here is click “Invest” and then you’ll move into step one. Great job so far!
Step 1 – Add Your Personal Details
[Estimated Time of Completion for Step #1 – 10 Minutes]
Okay first things fist, you know you’ve officially made it to step one when you see this page shown below.
Step one is all about filling in your personal details. You will be asked a list of 16 questions. So click “Get started” and begin answering each question.
|List of Personal Detail’s You’ll Be Asked|
|1. First Name|
|2. Last Name|
|3. Date of Birth|
|4. Phone Number|
|6. Gender (Can select “Rather Not Say”)|
|7. Residential Address|
|8. Mailing Address|
|9. Employment Status|
|10. Current Workplace|
|11. What Type of Company Is it|
|12. Role at Your Company|
|13. Social Insurance Number|
|14. Do These Statements Apply To You Section|
|15. How Did You Hear About us?|
|16. Confirm Details|
Once you fill out this information, which should take you anywhere from 5-10 minutes to complete, you’ll move onto step two.
Step 2 – Create Your Personalized Your Portfolio
[Estimated Time of Completion for Step #2 – 10 Minutes]
Step two is where you’ll give information to Wealthsimple about your desired risk levels and your current and desired financial situation.
You’ll know you’ve made it to step two when you see the screen below.
So once you get here, click “Continue.”
From there you’ll be asked a series of ten questions in order for Wealthsimple to get to know you better as an investor. You’ll be happy to know these questions all come in either a multiple choice or fill in a number format. So you won’t be required to fill out any long form answers.
This section shouldn’t take you more than ten minutes to complete.
|Question’s You’ll Be Asked to Personalize Your Portfolio|
|1. Are you thinking about retirement?|
|2. What’s the main reason for investing?|
|3. When would you like to retire?|
|4. What will your household income be this year?|
|5. How much money do you have saved?|
|6. What’s the value of property and other assets you own?|
|7. What’s the value of your debts?|
|8. How much do you know about investing?|
|9. Do you have an idea of much risk you’re willing to take?|
|10. Choose a theme for your first account|
As you can see, these are pretty straight forward questions and for the most part you can ball park these answers. You don’t need exact figures.
Lastly, for question ten “Choose a theme for your first account”, you’ll be asked to choose between three themes – Socially Responsible, Classic and Halal.
I personally chose Classic, but what you decide to go with is of course up to yourself. If you want to learn more about each theme, click the learn about link below each option.
Once you’ve successfully completed answering these ten questions you’ll be recommended a portfolio based on your responses.
As you can see here below I was recommended a Balanced Classic Portfolio.
Wealthsimple has three portfolio types – Conservative, Balanced and Growth. So based on your answers you’ll be recommended one of those three.
If you are satisfied with what Wealthsimple recommends for you, click “Start with this portfolio”.
It’s important to note that you can quickly and easily change your Wealthsimple portfolio type after your account is setup. Nothing you setup today can’t be adjusted in the future.
So once you click start with this portfolio you’ll move onto step three.
Wahoo! Over half way there, don’t stop now.
Step 3 – Open Your Wealthsimple Account
[Estimated Time of Completion for Step #3 – 5 Minutes]
Okay, you know you’ve made it to step three once you get to this screen here.
So click “Continue” and let’s open up your RRSP.
After clicking continue you’ll be asked if you are transferring over an existing account from a different financial institution into Wealthsimple or if you are just starting a new account with Wealthsimple.
So if you don’t have an RRSP open anywhere yet, select “No, I’ll start a new Wealthsimple account”.
After that you’ll finally be asked what type of account you’d like to open. So of course here you’ll select “RRSP”.
After that you’ll be ask what is your purpose for saving in your RRSP. Again, this question will come in the form of multiple choice and should only take a few seconds to answer. So pick an option that makes sense for you and move on.
The final phase of step three is to accept some terms and conditions, which is totally safe to do so, and then you’re done.
So after you accept Wealthsimple’s terms and conditions you’ll be prompted with this screen:
Click “Fund this account” and then you’ll be moving on to the fourth and final step which is where you’ll fund your RRSP.
Step 4 – Fund Your Wealthsimple Account
[Estimated Time of Completion for Step #4 – 5 Minutes]
Okay moving onto step number four. You are almost done, all you need to do now is connect your bank account to your new Wealthsimple account and then fund your RRSP.
So first things first, when you see this screen here below, click “Continue”.
Once you click continue you’ll be brought to your homepage dashboard. As you can see it’s pretty sleek and clean. So once you’re here, click “Make your first deposit”.
Once you click make your first deposit you’ll need to connect your bank account to your Wealthsimple account. This only takes a minute or two, but you’ll want to make sure you have your online banking sign-in credentials on hand. (Wealthsimple can connect to chequing accounts from all major financial institutions in Canada.)
Once your bank account has been successfully connected to your new Wealthsimple account you’ll be prompted with this screen below.
Once you click “Got it” you’ll be brought to the very last step. The bank account you just added will be showing in the “From” section and your new RRSP account will be showing in the “To” section.
From here what you’ll want to do is:
- Put in the amount you want to deposit in the “Amount” section.
- Schedule the deposit for (A)Just this once (B)Every week (C)Every two weeks (D)Every month.
- Select the date you want to make your deposit.
Finally click “Submit deposit” and you are done! It usually take 3-5 business days for deposits to go through.
Congratulations, if you’ve followed these steps, you have successfully setup and funded an RRSP with Wealthsimple.
$50 Cash Bonus with Sign-Up
Now you know everything about how to sign-up for a RRSP with Wealthsimple Invest. If you haven’t already done so, get started with your RRSP today and get a $50 cash bonus for doing so.
I hope you’ve found this resource helpful! If you have any questions about the process of setting up your RRSP with Wealthsimple, feel free to email me at email@example.com