So how you two planning to retire? Like what kind of strategy you guys going to use? Live off dividends? withdraw 4% every year ? 50/50 growth + dividends or etc please
WS is awesome! They have evolved over the years. They need to do more fancy looking charts tho! A nice big fat pie chart on asset allocation etc would be nice.
Agreed, it’s been fun to see the evolution over time! That would be great - I feel like there’s definitely room to have additional charts that still look more simple, and are more easy to read, than the other platform’s charts.
Amazing video!! Really appreciate the quality of video and the way it’s layed out! Been watching videos for over a year now and have learned so much through your videos! Keep up the great work
Here is what I don’t like. You can’t manually order your cash accounts, and you can’t e-transfer. Those are my two things I don’t like. We did completely switch away from RBC saving us $360/year in fees. Plus we make hundreds in interest in our cash accounts. Plus we get 1% of the cash card purchases. We started depositing our family income into it. I paired this with a simplii financial account and we have e-transfer. Anything I need large amounts of money, I use credit cards that I pay off from the cash account. If I have to get a lot of money out, you can have cheques and that would let you take large amounts of cash out without limit worries. Banks are designed to make money off of you and pretend to help you build wealth. Wealth simple makes money off of you by actually helping you build wealth. Next, I’d love a way to help my kids get an account with a cash card that we can help manage.
Hi Steph and Den, I am currently out of a job and using my emergency fund to get by right now. Outside of my emergency fund I have a some money sitting on a HISA. I am a little scared to start investing since I'm out of a job but I'm 25 and everyday that passes feels like a waste but again I don't know how long will this dry period end and not sure if it's the right move to start investing now. I'm a little lost right now. Any insight you can offer would be appreciate it! Thank you for all your work you're the reason why I gather the courage to look at other options other than big banks!
How do you deposit money into your Wellsimple Cash account? I am thinking of getting this account, but I need to understand how to deposit cash if I get it. I love your video and your progress with investing.
You can link your bank account (chequing or savings), Interac e-Transfer, use a debit card, or set up a direct deposit with your employer and have your pay check go into the Cash account 👍 hope this helps!
Good question! Like the other comments said, you can deposit money into your Wealthsimple Cash account via a linked bank account, e-Transfer, direct deposit or pre-authorized debit. 😊
Great video!! Steph - wondering if you still use TD bank? Where does your monthly income get deposited into? Do you every so often move your money from TD/EQ into the Wealthsimple cash?
Thank you! I switched to Simplii Financial’s chequing account earlier this year, and right now I use EQ Bank or Wealthsimple Cash for my HISA. I also typically only move money from my chequing account to my investment account right now (aka I’m investing every month, not saving, from my monthly income 😊)
Great video! I am new to investing and would like to know your comments about being enrolled in the wealthsimple's stock lending program? Are your accounts enrolled? Thanks!
We personally aren't enrolled, and don't ever plan on it. When you invest with a registered Canadian brokerage, your investments are protected by the Canadian Investor Protection Fund (CIPF) up to $1 million - but, when you participate in stock lending, you lose that protection. In our opinion, it's not necessary, and the risk isn't worth it.
This video came at the perfect timing as I'm close to saving and wanting to invest with this app (or the bmo investor line haven't made up my mind yet). I live and work in Canada so I'm a resident but my citizenship is Dutch. Can I still use the platform?
That’s great timing! 😊 Good question - in order to use Wealthsimple, you need to live in Canada and be either a Canadian citizen or have a valid Canadian visa. Besides that, you need to meet your province’s age requirement, and have a valid SIN and phone number.
@@stephandden well I'm not a citizen or have a visa but I'm a permanent resident holding a permanent resident card so I'm assuming it falls under the same umbrella 😊
Great video! Thank you. My TFSA is invested in GICs with different maturity dates. I guess it would be difficult to transfer the account from my current bank to my WS TFSA account. What I am thinking is that I will have to first cash out all my GICs (different maturity dates) and then transfer out the cash proceeds over to WS. Any suggestions? Thanks for your insight into the matter.
WS doesn't accept GICs or Mutual funds so you're correct, you'd need to liquidate those to cash and then transfer the cash in your TFSA to WS via an account transfer. If your TFSA that you transfer has over $15,000 CAD in it WS will even reimburse you the other institutions transfer fees!
Thank you for this video Steph & Den! I have a question - so if I were to move some savings into the self-directed TFSA cash account, would there be any management fees on it? Because a high interest cash TFSA in Wealthsimple has a management fee right?
So cash held in your self directed TFSA does not earn interest, but there’s also no management fees either. Wealthsimple doesn’t charge any management fees for self directed accounts which is awesome! They do charge fees when you convert currency between CAD to USD though (not recommended due to high fees, 1.5% of the total amount every time). If you open up a cash account, you’ll earn interest with no management fees from Wealthsimple but the interest will be taxable by CRA. Hope this helps!
I’m fairly certain that both Steph and Dennis are investing in XEQT almost exclusively, she talks about XEQT in the video Investment Results after 3 years + Why I’m Switching etc. And in the most recent RRSP video she talks about how she’s doing VXC because it’s similar to XEQT but it has no exposure to Canada which balances out XEQT. I believe their investing philosophy is one stop ETFs that have all equity global exposure. But if you’re only choosing one ETF I think they’re both heavy in XEQT 👍
If you're going to be purchasing US-listed stocks or ETFs, and you'll be completing the Norbert's Gambit process yourself, then no, it's not the best option because you can't do Norbert's Gambit with Wealthsimple. If you'll be purchasing US-listed stocks or ETFs, but you won't be completing the Norbert's Gambit process, then Wealthsimple still might be the best option for you, because Wealthsimple and Questrade both charge the same currency conversion fee (1.5%).
Awesome video for us Canadians to start investing question and if we wanted to invest in Europe can we?say I’d like to invest in Portugal because once retirement that’s were we will be moving to
Unfortunately, that’s one of the cons for Wealthsimple. In order for you to continue investing on their platform, they require you to remain a resident of Canada for tax purposes. In theory you could use it up until that point and then move your money to a different brokerage prior to your move, if you choose to. Make sure you look into this further. By the way, we talked more about this at 12:50. 😊
Great video! Im new to investing and wondering why and the benefits of using the TSFA to invest in stocks on Wealthsimple? Coming from a super beginner.
A TFSA is great because it allows you to invest and grow your money tax free. That means that when you go to withdraw your funds, you won’t have to pay any taxes at all. We have a playlist of videos that go through all of the investment accounts in Canada. Check out the TFSA Explained video first. 😊
Ideally you're investing all of the money inside of your investment accounts, so that it's growing 😊 Keep in mind that you'll want to have a emergency fund, too, that's in cash (aka not invested!). You can keep this in a high interest savings account, and ideally you'll have enough money in there to cover at least 3-6 months of your necessary expenses (aka if you spend $2,000/month on rent, food, etc. then you'd want between $6,000-12,000 in your emergency fund).
We both use Simplii Financial for our chequing accounts, and then use EQ Bank and/or Wealthsimple Cash for our high interest savings accounts depending on the current interest rate available. We personally like having separation between our chequing account and saving accounts. There are also still some limitations to using Wealthsimple Cash as a chequing account (for example, you can't deposit cheques, or cash).
@@stephandden ohh wow. I didnt expect you guys will reply. I really appreciate that. i’m trying to organize our finances and it excites me to find your channel for canadians. 😇😇 i will do my reseach on the banks that you mention. Keep posting videos like this. Its very helpful for new comers.
Do you use Wealthsimple to invest? Or do you use another platform? Let us know in the comments! 👀
So how you two planning to retire? Like what kind of strategy you guys going to use? Live off dividends? withdraw 4% every year ? 50/50 growth + dividends or etc please
Quastrade
WS is awesome! They have evolved over the years. They need to do more fancy looking charts tho! A nice big fat pie chart on asset allocation etc would be nice.
Agreed, it’s been fun to see the evolution over time!
That would be great - I feel like there’s definitely room to have additional charts that still look more simple, and are more easy to read, than the other platform’s charts.
Love WT! Can't wait for them to have the DRIP per stock instead of per account, it will be a game changer !
Agreed - we're definitely keeping an eye out for that update!
Amazing video!! Really appreciate the quality of video and the way it’s layed out! Been watching videos for over a year now and have learned so much through your videos! Keep up the great work
Thank you so much - we’re happy to hear that! 🙏🏿🙌🏻
This is one big wealth simple commercial
It’s a platform review video, that’s completely about Wealthsimple - so, that’s all we’re covering in this video 😊
Commercials wont include cons.
Here is what I don’t like. You can’t manually order your cash accounts, and you can’t e-transfer. Those are my two things I don’t like.
We did completely switch away from RBC saving us $360/year in fees. Plus we make hundreds in interest in our cash accounts. Plus we get 1% of the cash card purchases.
We started depositing our family income into it. I paired this with a simplii financial account and we have e-transfer.
Anything I need large amounts of money, I use credit cards that I pay off from the cash account. If I have to get a lot of money out, you can have cheques and that would let you take large amounts of cash out without limit worries.
Banks are designed to make money off of you and pretend to help you build wealth.
Wealth simple makes money off of you by actually helping you build wealth.
Next, I’d love a way to help my kids get an account with a cash card that we can help manage.
Wealthsimple the goat
This must be ur first time in this club don’t worry, it’s a safe space here
Hi Steph and Den, I am currently out of a job and using my emergency fund to get by right now. Outside of my emergency fund I have a some money sitting on a HISA. I am a little scared to start investing since I'm out of a job but I'm 25 and everyday that passes feels like a waste but again I don't know how long will this dry period end and not sure if it's the right move to start investing now. I'm a little lost right now. Any insight you can offer would be appreciate it! Thank you for all your work you're the reason why I gather the courage to look at other options other than big banks!
I hope everyone watching this reaches their financial goals! Keep going 🍊
Yes to this! 🙏🏿🙌🏻
Since you reached the premieur account have you tried the customer service if yes has it been helpfull?
I moved from Tangerine to Wealthsimple for most of my stuff
I've been moving over my accounts over too, it's so much better then Tangerine.
Nice! How are you finding it so far? 😊
Wow great video! Now I can just send this to other without having to explain myself 😂
Ha, we love that! 🙌🏿🙌🏻
How do you deposit money into your Wellsimple Cash account? I am thinking of getting this account, but I need to understand how to deposit cash if I get it. I love your video and your progress with investing.
I deposited part of my paycheck to the cash account and then auto invested my pay. You can also link another checking account.
You can link your bank account (chequing or savings), Interac e-Transfer, use a debit card, or set up a direct deposit with your employer and have your pay check go into the Cash account 👍 hope this helps!
Good question! Like the other comments said, you can deposit money into your Wealthsimple Cash account via a linked bank account, e-Transfer, direct deposit or pre-authorized debit. 😊
Would you be able to teach us how to transfer TFSA from one platform to another? Thank you for all of your great videos! I’m a huge fan!
Yes! We’ll be doing a video that covers this sometime soon. And thank you!! 😊
Great video!! Steph - wondering if you still use TD bank? Where does your monthly income get deposited into? Do you every so often move your money from TD/EQ into the Wealthsimple cash?
Thank you!
I switched to Simplii Financial’s chequing account earlier this year, and right now I use EQ Bank or Wealthsimple Cash for my HISA. I also typically only move money from my chequing account to my investment account right now (aka I’m investing every month, not saving, from my monthly income 😊)
Great video! I am new to investing and would like to know your comments about being enrolled in the wealthsimple's stock lending program? Are your accounts enrolled? Thanks!
We personally aren't enrolled, and don't ever plan on it.
When you invest with a registered Canadian brokerage, your investments are protected by the Canadian Investor Protection Fund (CIPF) up to $1 million - but, when you participate in stock lending, you lose that protection. In our opinion, it's not necessary, and the risk isn't worth it.
This video came at the perfect timing as I'm close to saving and wanting to invest with this app (or the bmo investor line haven't made up my mind yet). I live and work in Canada so I'm a resident but my citizenship is Dutch. Can I still use the platform?
Yep, I think you only need a SIN
That’s great timing! 😊
Good question - in order to use Wealthsimple, you need to live in Canada and be either a Canadian citizen or have a valid Canadian visa.
Besides that, you need to meet your province’s age requirement, and have a valid SIN and phone number.
@@sachininakandala1662 ahh ok thanks 😊
@@stephandden well I'm not a citizen or have a visa but I'm a permanent resident holding a permanent resident card so I'm assuming it falls under the same umbrella 😊
Thanks for the video! 😊
Thanks for watching! 🙌🏿🙌🏻
Great video! Thank you. My TFSA is invested in GICs with different maturity dates. I guess it would be difficult to transfer the account from my current bank to my WS TFSA account. What I am thinking is that I will have to first cash out all my GICs (different maturity dates) and then transfer out the cash proceeds over to WS. Any suggestions? Thanks for your insight into the matter.
WS doesn't accept GICs or Mutual funds so you're correct, you'd need to liquidate those to cash and then transfer the cash in your TFSA to WS via an account transfer.
If your TFSA that you transfer has over $15,000 CAD in it WS will even reimburse you the other institutions transfer fees!
Thank you for this video Steph & Den! I have a question - so if I were to move some savings into the self-directed TFSA cash account, would there be any management fees on it? Because a high interest cash TFSA in Wealthsimple has a management fee right?
So cash held in your self directed TFSA does not earn interest, but there’s also no management fees either. Wealthsimple doesn’t charge any management fees for self directed accounts which is awesome! They do charge fees when you convert currency between CAD to USD though (not recommended due to high fees, 1.5% of the total amount every time). If you open up a cash account, you’ll earn interest with no management fees from Wealthsimple but the interest will be taxable by CRA. Hope this helps!
@@Logan_Gordon thank you so much Logan! That makes sense, appreciate it!
Can you show step by step how to change from a manager to self directed TFSA?
I talk about it more in this video 😊 - ua-cam.com/video/R1kU6Q12IUU/v-deo.html
Thank you for always Steph and Dan….do you have a video for recommended EFTs for CAD
I’m fairly certain that both Steph and Dennis are investing in XEQT almost exclusively, she talks about XEQT in the video Investment Results after 3 years + Why I’m Switching etc. And in the most recent RRSP video she talks about how she’s doing VXC because it’s similar to XEQT but it has no exposure to Canada which balances out XEQT. I believe their investing philosophy is one stop ETFs that have all equity global exposure. But if you’re only choosing one ETF I think they’re both heavy in XEQT 👍
It's a great institution 🎉😊
🙌🏿🙌🏻
So if I want to trade on the US stock market, Wealthsimple is no the best option, right?
If you're going to be purchasing US-listed stocks or ETFs, and you'll be completing the Norbert's Gambit process yourself, then no, it's not the best option because you can't do Norbert's Gambit with Wealthsimple.
If you'll be purchasing US-listed stocks or ETFs, but you won't be completing the Norbert's Gambit process, then Wealthsimple still might be the best option for you, because Wealthsimple and Questrade both charge the same currency conversion fee (1.5%).
Great video! When will you start using non registered account?
Thank you! Once all of my registered accounts are maxed out 😊
Awesome video for us Canadians to start investing question and if we wanted to invest in Europe can we?say I’d like to invest in Portugal because once retirement that’s were we will be moving to
Unfortunately, that’s one of the cons for Wealthsimple. In order for you to continue investing on their platform, they require you to remain a resident of Canada for tax purposes. In theory you could use it up until that point and then move your money to a different brokerage prior to your move, if you choose to. Make sure you look into this further.
By the way, we talked more about this at 12:50. 😊
Great video! Im new to investing and wondering why and the benefits of using the TSFA to invest in stocks on Wealthsimple? Coming from a super beginner.
A TFSA is great because it allows you to invest and grow your money tax free. That means that when you go to withdraw your funds, you won’t have to pay any taxes at all.
We have a playlist of videos that go through all of the investment accounts in Canada. Check out the TFSA Explained video first. 😊
Also, congrats on getting started with investing! 👏🏿👏🏻
@@stephandden Thanks!
Is it best for all of the money to be invested, or are there any advantages to keeing some in an investment account but not invested?
Ideally you're investing all of the money inside of your investment accounts, so that it's growing 😊
Keep in mind that you'll want to have a emergency fund, too, that's in cash (aka not invested!). You can keep this in a high interest savings account, and ideally you'll have enough money in there to cover at least 3-6 months of your necessary expenses (aka if you spend $2,000/month on rent, food, etc. then you'd want between $6,000-12,000 in your emergency fund).
honest and curious question here. since weathsimple is similar to a bank now, DO YOU STILL USE ANY CANADIAN BANKS? if you do, why?
Great question
We both use Simplii Financial for our chequing accounts, and then use EQ Bank and/or Wealthsimple Cash for our high interest savings accounts depending on the current interest rate available.
We personally like having separation between our chequing account and saving accounts. There are also still some limitations to using Wealthsimple Cash as a chequing account (for example, you can't deposit cheques, or cash).
@@stephandden ohh wow. I didnt expect you guys will reply. I really appreciate that. i’m trying to organize our finances and it excites me to find your channel for canadians. 😇😇 i will do my reseach on the banks that you mention. Keep posting videos like this. Its very helpful for new comers.
I wonder what Steph's $1000 mystery cash account is for 👀
It’s just a temporary account - I’ll be moving that money elsewhere, so it’s separated from my other buckets 😊
having a limit of 16,000 in my fhsa. when i transfer my fhsa from td to wealthsimple will all my 17,500 (past growth) be able to be transferred?
Yes