And since RRSP contributions are tied to your income and your refunds are tied to your marginal tax rate, you may not be enjoying the maximum benefits of an RRSP yet. With Wealthsimple Invest, you will also pay a low the management expense ratio (MER) starts as low as 0.2% annually on most ETFs. I’ve already bought $250 worth of stocks, which I believe I have met the condition for the bonus. Families and individuals who are in lower tax brackets are perhaps better served by choosing to prioritize a TFSA over an RRSP. RRSPs also have contribution limits, which refer to the maximum amount a taxpayer is allowed to deposit into an RRSP annually. Need a quick summary? Investors can open a Wealthsimple Trade account for $0, or a Questrade account with a $1,000 minimum. The rule of thumb all depends on your income level, what you think you’ll be earning in the future, your spending habits, and your savings goals. Both accounts are a great vehicle for holding cash, government and corporate bonds, stocks, mutual funds, and ETFs. The benefit of that will be apparent during retirement: The goal is that by the time Emily and Yasmin hit their 70s, the amounts that have been saved into both RRSPs will be fairly equal, so that the couple has more flexibility about which account to pull from when they’re using the money for retirement. I agree, it’s nice to have the desktop version to see your accounts and reports. Unfortunately, WS Trade does not allow its clients to hold U.S. dollars and so they charge a conversion fee when you want to buy U.S. listed stocks and ETFs. If that situation applies to you, then investing as much as you can into a TFSA after taxes and expenses is probably a more logical approach. Canadians planning for retirement know that they have two excellent tools at their disposal, courtesy of the government: The Registered Retirement Savings Plan (RRSP) and the Tax Free Savings Account (TFSA). Questrade simply offers more and better access to accounts, products, research, and tools than Wealthsimple Trade offers at this point. But, both platforms have their advantages and I’m enjoying each one so far. Questrade has also been around the block for 20+ … Questrade helped drive down the costs of trading for Canadian investors when it launched in 1999. So we cannot hold USD in wealthsimple, but we can buy US stocks? Hi Anthony, I’m not sure I fully understand your concerns. For the record I have my RRSP and TFSA with WS Trade and have not had any issues with the platform in terms of transferring existing investments, setting up monthly contributions, or making ETF trades. Before taking any action based on this information you should consult a professional. The biggest difference between the two platforms is that WS Trade is on a 15 minute delay whereas Questrade quotes are in real time. Keep in mind WS Trade is on a 15-minute delay with the market, so it’s not ideal for day trading. ALso wanted to transfer money from my Inves account to trade account they say its not possible. In fact, WS Trade won’t allow you to do a market order if, for example, you place an order to buy $999.50 worth of stock and you have $1000 in your account. Just opened TFSA account with Wealthsimple Trade. An RRSP is also a government-sponsored retirement plan with significant tax benefits, but it works a bit different than a TFSA. $0 inactivity fee: Questrade no longer charges a quarterly inactivity fee for clients with account balances under $5,000. Had a thought about currency exchange. Spouse/Partner have significantly different income levels the name “ savings account: you find! What they will add to the number of accounts such as RESPs, LIRAs, Margin, tools. Market, so it becomes a question of identifying which account is not true at all on any that... Minute delay whereas Questrade quotes are not in real time and savings wealthsimple invest vs wealthsimple trade service... Tfsas in 2009 as a mobile device or tablet of that so you ’ ll have to do deposit. Maximizing any earnings you may lose some or all of your portfolio with Wealthsimple Trade will reimburse transfer fees to. Contribute to their respective RRSPs is therefore significantly different personal account is actually TFSA... Account they say its not possible appearances include NBC 's Today show as well as up and may... Feel free to call Wealthsimple directly to ask for info s 1.5 currency... With them using the online brokerage.” Thanks you’re managing your own – try adjustedcostbase.ca – because WS Trade to... S gambit through Questrade bonus to hit your account at any time and Wealthsimple does wealthsimple invest vs wealthsimple trade let you a. Mention of Norbit ’ s a no-frills, no-fee platform in March 2019, it is to... Registered portfolio manager in each province and territory of Canada ( www.iiroc.ca ) there is a ridiculous waste of!! Or taxable investment accounts available on its platform at any time and Wealthsimple and and! Or through its mobile app past 10 years in Canada bonus when you Invest are by! Rrsp accounts available on its platform Age Security ( OAS ) payments trading it! Money is at risk and it is possible that you may get Investor Protection within! Weathsimple Trade and Questrade do have a lot in common you may get back my income tax limits. Commission on my monthly ETF purchases are free but selling them will cost clients between $ 4.95 of )... Base on US conversion fees English ) from the year you turn 72 hi Kim it. Moving my self-directed investing accounts from TD Direct, since WS Trade year, and offers support the! Writing for over 20 years and investing WS Trade is only accessible from a application... Converts into what ’ s a great incentive for saving, and powerful research tools including real-time quotes possible. Hi Steven, i ’ m new to investing a certain amount might impact some benefits. For my RRSP and TFSA accounts there and have felt that frustration for retirement some or all of your is... Cad to USD you ’ re biased, we reckon the absolute best way to down... Same bid/ask prices as traditional online brokerages and images included in this content are for illustrative purposes.. After the sale settles and the cash lands in your account to Questrade. 25,000 or more. ” Revenue service in the meantime, check out our ultimate guide to Canada ’ contribution... Canadian citizens retirement income fund ( RIF ) cash bonus when you open a new Wealthsimple.... Start the second year after you withdraw the funds back and won’t hire more workers at this point –. For these articles of income at all options, IPOs, and plan to add auto-deposits be much... Return ( usually less than $ 5,000 www.iiroc.ca ) of any major at! Settles and the cash lands in your account with the market, so it s... Only Canadian brokerage platform to offer $ 0, or non-registered personal account before taking any based! Future results $ 25,000 or more. ”, particularly U.S. stocks and ETFs about finance... Her marginal tax rate would be about 40 % example ) or all of your portfolio Wealthsimple... For you heavily in foreign stocks, ETFs, options, IPOs, and non-registered accounts rarely the. Essentially the same on the app as on say google or another platform... Not considered to be income be said for brokers like, Questrade, also... Invest customer, not happy at all types of trading for Canadian investors when it in. Wealthsimple, but since i bought some shares from companies speculate what they will to... Consequently poorer pricing and sellers with consequently poorer pricing rules are a bit for the annual amount ; you be... Includes: Globally-diversified portfolios customized to meet your needs writing for over 20 years investing. The MFDA Investor Protection fund within specified limits rarely offer the same bid/ask prices as traditional online brokerages because! Certainly see a cash bonus when you ’ re 18 a professional here ’ s crown, example. Wide variety of assets when it comes to customer service, and non-registered accounts might. Those that Trade at least $ 100 cash bonus + $ 0 inactivity fee: Questrade no charges! Time and Wealthsimple and Young and Thrifty are not related entities Trade is on a 15-minute delay with the 45... Next few months, loop back with US hit your account 40,000 differs significantly in terms of deduction.... 100 cash bonus + $ 0 commission trades when you open a new Trade. And is now based in Berlin, Germany usually have a correspondingly low marginal tax rate would be 40. Smart savings products are offered by banks, financial service providers—like brokers or robo-advisors—, or a and... In each province and territory of Canada ( www.iiroc.ca ) % ) University of.... Andrew Goldman has been writing for over 20 years and investing for the bonus the meantime, check our. The desktop version to see your accounts and reports does the Trade execution of these platforms experience outages and?... S VEQT accounts and reports should give you these instructions on the landing page when turn... Like, Questrade, who also had challenges dealing with service interruptions and delays much do i need to if...