Are Questrade and Wealthsimple available outside of Canada?

Questrade primarily serves Canadian residents, though Canadian expats living in the US with active RRSP accounts may qualify for an exemption. International residents can open a margin account. Wealthsimple is only licensed to hold accounts for Canadian residents.

What are Questrade's eligibility requirements?

Questrade requires clients to be a Canadian resident and at least 18 years old with a valid social insurance number (SIN), government-issued photo ID, email and phone number.

What are Wealthsimple's eligibility requirements?

To open a Wealthsimple account, you must reside in Canada, be a Canadian citizen or have a valid visa, be at least 18 years old and have a SIN and valid phone number.

Can I use Questrade and Wealthsimple together?

Yes, it's possible to open accounts with both Questrade and Wealthsimple, which can be useful for investors who want to take advantage of each platform's unique features. For example, you can use Wealthsimple to invest in crypto or gold and Questrade Edge for advanced trading capabilities.

Will I have to pay taxes on any interest I collect?

Interest generated inside registered accounts, such as a TFSA, RRSP or RESP, is either tax-free or tax-deferred, meaning it won't be taxed while it remains in the account. Interest earned in non-registered accounts is considered taxable income and must be reported when filing an annual tax return. The exact amount of tax you owe will vary based on your total income and tax rate.

Can I change my portfolio once it's invested?

Yes, both Wealthsimple and Questrade allow you to adjust your portfolio after you've invested. If you've invested in a managed portfolio, you can retake the risk tolerance questionnaire or assessment to change your risk level or investment goals and your holdings will automatically be rebalanced. If you hold investments in a self-directed account with either broker, you have full control to buy, sell or rearrange your securities at any time.