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Thanks for the video Mark I am going to use your link to sign up. One question do you know if I can transfer my TFSA from the big banks to Wealthsimple? Or would I have to sell the stocks first then transfer the cash?
Mark, thanks for the review. The link in the top right for your review of the WS tax-filing software disappears waaaay to fast. Even set at 75% speed it has proved impossible for me after eight tries to start and pause in order to catch it. I also tried manually looking up the tax filing video among your videos. Fail!
Dang! Thanks for letting me know! I can't actually extend out that link any longer 😕 but here's the tax video ua-cam.com/video/si8__86mBec/v-deo.htmlsi=aw-oeQWHreZE147Y
Hi mark, would you recommend wealthsimple or neo to invest my cash in HISA/TFSA? What about the cards? I have cobalt for food purchases and pc for gas and groceries at no frills/loblaws. Wealthsimple I feel like has a nicer card 😅
This is my 1st time wanting to invest and I’m on the fence because I am having a hard time understanding the concept of share investments and worried that I’ll end up owing money rather than saving it
What do you mean share investments? ... With Wealthsimple as long as you don't open a margin account you will never "ow" money to them. So stick with a tfsa and regular account and your risk is simply whatever funds you buy.
If you are investing in their managed portfolios then yes Wealthsimple makes money that way. 3rd part ETFs also have MERs but Wealthsimple doesn't get a cut of that
If I recall correctly, you can make a savings account of 1.5% interest, but you can open it in the website. It does suck that you cannot make it 4% interest like the cash account. You also do get round up to the dollar, but it’s in the card settings and in the beta stages. I’d also like to add on some cons, like some stocks have delayed distribution payouts, as well as some unavailable stocks which can be annoying.
@@MoneyWithMark69 Oh yes, as well as the 0.5% extra interest on payroll. There is a certain limit, but that does come in handy. I don’t know if that’s a limited time offer
Non-registered account is a "regular" investing account. The opposite would be accounts like TFSA, RSP, and RESP which have favorable taxation. If you're just starting - open a TFSA! it's the BEST account available for Canadians
Investments, even at big banks are not "insured" in the traditional sense. Wealthsimple customer accounts are Protected by CIPF (Canadian Investor Protection Fund). And they are a member of the Canadian Investment Regulatory Organization
Wealthsimple doesn't seem like a good solution for US stock investing. Questrade I know of is better if u do Norbert's Gambit. But I recently heard about IBKR. Can u compare these 3 options please?
@MoneyWithMark69 Used Scotiabank for so long its routine. Also when I need something fixed or have any problem I can go get it fixed or call someone, WS I don't think it's that easy..LOVE WS for investing but anything else I don't have the confidence yet. Maybe one day
How is your money protected like if they go bankrupt or whatever. I have been looking for this information and it seems like you are only covered for the first 100k invested
So each of Wealthsimple's products have different protection. So any cash is CDIC insured up to $300k your stock investments are CIRO regulated. And crypto is essentially not protected.
The guy making this video is me - and unfortunately I was not paid to create this video 😔 Canada's banking regulations are very tight so Wealthsimple uses a tier 1 bank for their services which are CDIC insured. All of this is easily verifiable but if you would like to check call the CDIC
@user-po2jf8xl4sit literally says it’s CDIC on its website lol…Although Wealthsimple is not a bank, we are partnering with a number of tier 1, CDIC-member, regulated Canadian regulated financial institutions to take advantage of a combined CDIC-eligible coverage amount (up to $500,000) which can be enjoyed by Wealthsimple Cash clients.
For Wealthsimple investing clients, our affiliated custodial broker, Wealthsimple Investments Inc., is a member of the Canadian Investment Regulatory Organization (CIRO) and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.
💰Get $25 FREE when you signup with my code KBYLNW www.moneywithmark.ca/go/wealthsimpletrade/
🚀 Boost Your Credit Score by 100 points here 👇
www.moneywithmark.ca/credit-score-course/
I'm very happy to see they have addressed all of your 'Cons' :)
I know right!
Thanks for the video Mark I am going to use your link to sign up. One question do you know if I can transfer my TFSA from the big banks to Wealthsimple? Or would I have to sell the stocks first then transfer the cash?
Yes you can! You have to initiate a "transfer in kind" Wealthsimple has instructions for you to do this when you open your account 👊🏼 enjoy!
Mark, thanks for the review. The link in the top right for your review of the WS tax-filing software disappears waaaay to fast. Even set at 75% speed it has proved impossible for me after eight tries to start and pause in order to catch it. I also tried manually looking up the tax filing video among your videos. Fail!
Dang! Thanks for letting me know! I can't actually extend out that link any longer 😕 but here's the tax video ua-cam.com/video/si8__86mBec/v-deo.htmlsi=aw-oeQWHreZE147Y
Can you transfer cash from this app to my regular canadian banking account? Thanks
Yes you can! You can connect your bank and withdraw immediately 👊🏼
Mutiple accounts now Mark ! They keep improving the system and software which is great.
I saw that! Such a huge upgrade. I selfishly think that they watched this video and realized it 😂
Happy always with Wealthsimple I hate banks too greedy 🙄
Hi mark, would you recommend wealthsimple or neo to invest my cash in HISA/TFSA? What about the cards? I have cobalt for food purchases and pc for gas and groceries at no frills/loblaws. Wealthsimple I feel like has a nicer card 😅
My friend set up his account and it didn’t ask for his I.D is it normal?
He might be prompted to before he can move money... Because that is not normal
Thank you, have a good day
Is it safe to buy and sell crypto currency in wealthsimplex ?
It all changed now. WS offers now multiple cash accounts
Yes they do!!! So exciting
This is my 1st time wanting to invest and I’m on the fence because I am having a hard time understanding the concept of share investments and worried that I’ll end up owing money rather than saving it
What do you mean share investments? ... With Wealthsimple as long as you don't open a margin account you will never "ow" money to them. So stick with a tfsa and regular account and your risk is simply whatever funds you buy.
So im now saving tfsa for retirement. Can u also invest in stocks with this? So much to learn
@MoneyWithMark69
On their website they say they pay 3.25% interest. But is this value per year or per month?
It's the annualized return rate - paid out monthly.
How much are fees for buying and selling canadian ETFs from WS?
No fees on those transactions!
@MoneyWithMark69 just the expense ratio right?
If you are investing in their managed portfolios then yes Wealthsimple makes money that way. 3rd part ETFs also have MERs but Wealthsimple doesn't get a cut of that
@@MoneyWithMark69I'm in ZIU
If I recall correctly, you can make a savings account of 1.5% interest, but you can open it in the website. It does suck that you cannot make it 4% interest like the cash account.
You also do get round up to the dollar, but it’s in the card settings and in the beta stages.
I’d also like to add on some cons, like some stocks have delayed distribution payouts, as well as some unavailable stocks which can be annoying.
Those are some great added cons!
I would also add to the pros:
You can stake some crypto & stocks to earn even extra income!
@@MoneyWithMark69 Oh yes, as well as the 0.5% extra interest on payroll. There is a certain limit, but that does come in handy. I don’t know if that’s a limited time offer
It's actually not a promotional offer! But they say if they do change it they'll give you 60 days notice... SOOO kinda like a promotional offer 🤣
great video! super concise.
Thanks for the feedback! 👊🏼
What is a Non-registered account in WealthSimple.. im just starting my journey into this and i am very confused.
Non-registered account is a "regular" investing account. The opposite would be accounts like TFSA, RSP, and RESP which have favorable taxation. If you're just starting - open a TFSA! it's the BEST account available for Canadians
@@MoneyWithMark69 thank you 🙏 I am beginning my financial journey with seeking help. Here is where I began 😊. You reaching out means the world to me.
@Gemiiniimusic amazing! 🤩 Good for you. I'm always here to help. DM me on Instagram @moneywithmark if you ever have more questions
Conversion fee waiver is only for physical card ?
Currency conversions in your investment accounts are not included
@MoneyWithMark69, thanks for replying. Is there a risk of hacking if we invest in bitcoin in wealth simple ?
@aquamarine2239 there is always a risk of hacking. Usually humans are the weakest link though.
Are these investments in WealthSimple covered (insured) the same way they are in bank?
Investments, even at big banks are not "insured" in the traditional sense. Wealthsimple customer accounts are Protected by CIPF (Canadian Investor Protection Fund). And they are a member of the Canadian Investment Regulatory Organization
Is anyone having an issue with wealthsimple tax? It doesnt save the return
Would you say Cash Account card is better than Wise for traveling? In termes of conversion/overall fees
Yes for traveling it's the best card in Canada in my opinion
Wealthsimple doesn't seem like a good solution for US stock investing. Questrade I know of is better if u do Norbert's Gambit. But I recently heard about IBKR. Can u compare these 3 options please?
Will do in an upcoming video!
Is it the right place to hold crypto?
They also take $ from your bank account without being authorized
... I haven't had that issue. Unless you setup automatic payments. In which case it is authorized
@MoneyWithMark69 yea nothing like that set up , happened twice to me . $ didn't even goto my ws account , it just left my bank lol 🙃
Can you built credit score with Wealthsimple?
No. But you can learn how to improve your credit score here www.moneywithmark.ca/credit-score-course/
Do I need a social security number to make an account
They are asking for it, I'm not sure is secure
It is secure yes. All Canadian banks require this type of information as the report activity to the credit bureauz
Check your timestamps. "Pros of Neo" ??
Thanks for the heads up! Stupid chat gpt 😂
i'd be very afraid of moving everything from my current back to WS. i have a WS account for my investing but thats it...
What are you scared of?
@MoneyWithMark69 Used Scotiabank for so long its routine. Also when I need something fixed or have any problem I can go get it fixed or call someone, WS I don't think it's that easy..LOVE WS for investing but anything else I don't have the confidence yet. Maybe one day
@@MoneyWithMark69 how is wealthsimple for withdrawing your money? i heard they can be sketchy
Thx for this
How is your money protected like if they go bankrupt or whatever. I have been looking for this information and it seems like you are only covered for the first 100k invested
So each of Wealthsimple's products have different protection.
So any cash is CDIC insured up to $300k your stock investments are CIRO regulated. And crypto is essentially not protected.
The guy making this video is me - and unfortunately I was not paid to create this video 😔 Canada's banking regulations are very tight so Wealthsimple uses a tier 1 bank for their services which are CDIC insured. All of this is easily verifiable but if you would like to check call the CDIC
@user-po2jf8xl4sit literally says it’s CDIC on its website lol…Although Wealthsimple is not a bank, we are partnering with a number of tier 1, CDIC-member, regulated Canadian regulated financial institutions to take advantage of a combined CDIC-eligible coverage amount (up to $500,000) which can be enjoyed by Wealthsimple Cash clients.
For Wealthsimple investing clients, our affiliated custodial broker, Wealthsimple Investments Inc., is a member of the Canadian Investment Regulatory Organization (CIRO) and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.
@@MoneyWithMark69 It's actually 500k now!
There is a joint account now!!! 🎉🎉
Their prices are not same as others they make sure that they make money from you such a scam company...
What prices? I don't really understand your point