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How to Cancel Wealthsimple

Closing Wealthsimple requires selling all investments, withdrawing your balance to your bank account, and contacting support. The process takes 5-7 business days and RRSP closures trigger 20-30% tax withholding.

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Quick Facts

Cancel online?
No — phone/letter required
Pause option?
No
Refund policy
All account balances transfer to your linked bank account within 1-2 business days. No refunds for fees already charged.
After cancellation
Wealthsimple retains account records and tax documents for 7 years under Canadian securities regulations. Personal data is securely deleted after 7 years.

Cancellation Steps

Go directly to Wealthsimple cancellation page

  1. Sign in and review your holdings

    Log into wealthsimple.com and view all positions across your accounts to document your total balance.

  2. Sell all investments

    Click 'Sell' next to each position to liquidate all stocks, ETFs, and portfolios. Liquidation typically takes 1-3 business days.

  3. Withdraw funds to your bank account

    Go to account settings, select 'Withdraw Funds', enter your Canadian banking details, and confirm. Funds arrive within 1-2 business days.

  4. Request account closure via support

    Email support@wealthsimple.com or use in-app chat to request closure. Support will process it within 1-3 business days.

Tips & Things to Know

  • RRSP closures trigger 20-30% mandatory tax withholding, so consult a tax professional before closing registered accounts.
  • Download all tax documents and statements before requesting closure, as records are retained for only 7 years.
  • Use in-app chat rather than email for faster support responses, typically 2-3 days quicker.

Your Consumer Rights

  • IIROC regulates Wealthsimple and enforces dealer conduct and complaint resolution procedures.
  • CIPF protects deposits and investments up to CAD 1 million per account in case of insolvency.

Frequently Asked Questions

Can I close my Wealthsimple account without penalty?
Yes. There are no early exit fees or lock-in periods. You must liquidate all investments first.
What happens to my money when I close Wealthsimple?
All remaining cash is transferred to your linked Canadian bank account within 1-2 business days.
Do I pay tax when closing a TFSA or RRSP?
TFSA withdrawals are tax-free. RRSP closures trigger 20-30% mandatory withholding tax on the T4RSP slip.
How long does account closure take?
The full process takes 5-7 business days: liquidation (1-3 days), withdrawal (1-2 days), and closure processing (1-3 days).
Can I reopen my account after closure?
No. Once closed, you must apply fresh and re-verify your identity as a new customer.

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