r/Wealthsimple

My account got temporarily suspended a few days ago, and after sending them account statements verifying my id and stuff, i get this email:

Based on your account activity on our platform, we regret to inform you that Wealthsimple can no longer maintain a business relationship with you. As such, your account has been restricted, effective immediately and will be permanently closed. This also means you will not be able to open or access any accounts across our platform.

 

Please note this decision is final and based on Wealthsimple’s terms and conditions as outlined in one or more of the following sections:

Wealthsimple Investments Inc. - Client Account Agreement Section 5 Subsection X

Wealthsimple Investments Inc.- Crypto Account Agreement Section 12

Wealthsimple Cash - User Agreement Section 17

Wealthsimple Tax - User Agreement Section 14

Wealthsimple Inc. - Discretionary Management Agreement Section 25

We will not be providing further information on this decision or responding to disputes.

wtf

Fun story: I bought a flight through eSky back in December 2025 by accident. Thought eSky website was the actual airline’s website because I was dumb and not paying attention, then found out about eSky’s horrible reputation. I asked for a refund ONE hour after purchasing the ticket. ESky denied me, which goes against EU law and their own terms and conditions (you have 24 hours to get a full refund) so I opened a dispute with Wealthsimple.

Five months and hours of back and forth later, I’m not getting the refund. The extra fun part was that WS’s cc dispute partner company, i2C, sent me the documents eSky used to defend their refund denial. Just inconsistencies and contradictions everywhere, which I highlighted and sent back to WS/i2C after they denied the claim the first time. No luck. Extremely disappointing. Generation status is useless lol.

I would probably never use this card for bigger purchases again.

My father died on December 18, 2024, and his RIF was disbursed to my brother and I in January, so I need to file his final tax return (2025), pay the tax burden created by the RIF disbursement, and send off for a clearance certificate from the CRA. Does anyone know why the only years you can select are 2025 and 2026 for date of death?

I’ve been trying to figure out whether to invest with wealthsimple for ETF’S as a Canadian or with TD bank which is my bank I’m with?

I’ve been with Wealthsimple for 4 years now and everything was good. Recently changed my auto deposit to them and making them my primary bank.

I had an issue with setting up auto deposit which has been pending for a while now even though I’ve done the steps to approve it.

I called support and worst experience. Keep getting transferred to the next team that will be able to assist me supposedly… each team I get transferred to I need to explain my issue, get put on hold to investigate my issue, get transferred, repeat. Some agents sounded like they don’t want to be there. Last support agent the line disconnected and they didn’t bother to call back. If I could give zero stars for their support I would.

You’d think for a fully digital company they’d have their customer support.

My guess Wealthsimple eventually realizes $500k is too low to be the ceiling tier. A $1M tier seems like the obvious next move

The current Generation perks are...okay, but I think Wealthsimple will eventually need something above it to keep higher balance clients from drifting back to the banks once their portfolios get large enough...

Possible perks I could see if they decide to go down this path:

-larger cash account boost

-expanded tax planning

-estate planning access

-streaming subs

-better mortgage perks and most importantly

WE WILL NO LONGER NEED TO BE NOTIFIED

What y'all think.

I have a pretty big piggy bank, and the coin star fees are pretty high these days…

Wealthsimple’s AI chat says it’s perfectly fine, has anyone tried showing up with a lot of coins yet?

I am a big WealthSimple and Questrade fan but these firms charge an eye gauging $250 and $300 respectively for the DRS Advice statement, compared to $50 or $100 from the major banks, and under $10 from IBKR.

What is a DRS Advice statement? It allows you to move shares/units of stocks and some ETFs (e.g. XIC) to direct registration. The shares will be registered in your name, you will be a shareholder of record. You can then buy for free, true DRIP fractional shares, usually get onto an automatic share purchase plan, sometimes purchase more shares at discount to market prices (e.g. 2% discount).

Obviously, a direct threat to cost-saving value that Questrade and WealthSimple offer.