* The reason Wealthsimple can offer this free card with such attractive features is that they hope you'll be convinced to also use their other investment services. It's essentially a loss leader product for them. As a result the signup process can feel a little more invasive than ...
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Is This the Year to Try Wealthsimple Tax? (Um, Probably. Yes) It might seem like this is a crazy year to start doing your own taxes. But, for most people, it’s actually the perfect time. To illustrate how easy-breezy it is, we made this quick guide to using Wealthsimple Tax. ...
Is there income splitting in Ontario for provincial taxes? Can I use income splitting with my child? Is a spousal RRSP the same as income splitting? Is there income splitting for Canadian dividends? What are the benefits of income splitting? Are there cons or drawbacks to income splitting? Wh...
There will be a mandatory withholding tax applied to annuities purchased from within an RRSP. This isn’t an “extra tax”, it’s more like a prepayment on the taxes you will owe at the end of the year when you file your taxes with the CRA. ...
As an example, a parent ("subscriber") might set up an RESP with Wealthsimple (the "promoter") for their daughter (the "beneficiary") to draw from when applying to post-secondary education. Why open an RESP? The main reason to establish an RESP is tobuild up interest over time, take ...
For example, I always shy away from swimming-related activities because in my mind it seems like such a hassle — finding a place to change, putting my wallet and phone somewhere safe, doing something with my sopping trunks afterward — even though I like swimming itself, and those reservati...
interest). The bank is always going to have enough money on hand that it can give you back what’s yours upon request. And, your money is protected. For example, with Wealthsimple Save your money is CIPF protected up to $1 million in the unlikely event that Wealthsimple becomes insolvent...
M1 Borrowis the platform’smargin loanprogram. You can access this with either a regular M1 Finance or M1 account, but the difference is, with M1 Finance, you will pay a 3.5% interest rate. M1 shaves 1.5% off that for an interest rate of only 2%. That’s competitive for a service ...
Remember, RRSPs allow you to defer your taxes – while using an RRSP for a down payment can be tax-free when down through the Home Buyers’ Plan (HBP). Under HBP, you can take out up to $35k (as of 2023) to pay towards a downpayment. You need to pay this back every year,...