Personal Finance Bank accounts

Closing a Wealthsimple account? Here's your guide

Piyush Singh
Piyush Singh
01.09.23 (updated more than 1 year ago)
Read time 2 minutes

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If you’re looking to learn how to close a Wealthsimple account, this is the right article for you. We’ll guide you through what to do before closing an account and how to close it. Let’s go over how to close a variety of Wealthsimple accounts, step by step.

Table of Contents

How to close a Wealthsimple investment account

Closing a Wealthsimple investment account requires you to take a few necessary steps beforehand.¹ Before you close your account, you’ll also need to:

  • Cancel any pending deposits
  • Withdraw your funds to a linked bank account or move them to another Wealthsimple account (your account balance needs to be 0 CAD)
  • Cancel any auto-deposits
  • Cancel any outstanding orders
  • Turn off Roundups or Overflow

To close a self-directed account on the Wealthsimple app:

  1. Tap the Profile icon at the bottom of the screen
  2. Click on Accounts in the menu
  3. Select the account you want to close
  4. Scroll down and tap Close this account

To close a managed account on a web browser:

  1. Sign in to your Managed Investment & Save profile through my.wealthsimple.com
  2. Scroll down on the main portfolio page and select the account you want to close
  3. Click the three dots next to Fund this account
  4. Click Close Account
Note: As noted in Wealthsimple’s help centre, accounts that were never funded or fully opened need to be closed by a support team member.

How to close a Wealthsimple Cash account

Unlike Wealthsimple investment accounts, you aren’t able to close a Wealthsimple Cash account on your own. To close Cash accounts, reach out to Wealthsimple by phone (1-855-255-9038), help desk request, live chat, or alternatively, priority support if you’re a Premium or Generation client.

Note: Ensure you withdraw your funds before you put in a request for your account to be closed. Otherwise, Wealthsimple won’t be able to close your account.

How to close a Wealthsimple Tax profile

To close a Wealthsimple Tax profile, you can do so through the mobile app or a web browser.

For those using a web browser:

  1. Sign in to your Tax profile through my.wealthsimple.com
  2. Click Account at the top right-hand corner
  3. Click My tax returns on the menu
  4. Find the profile you want to delete and click the three dots next to it
  5. Click Delete profile

For those using the mobile app:

  1. Sign in to the Tax mobile app
  2. Tap the three lines in the top left-hand corner
  3. Choose Account and then My tax returns
  4. Find the profile you want to delete and click the three dots next to it
  5. Click Delete profile
Note:There is no undo option once you delete your Tax profile. Please ensure you delete the right profile.²

If you need assistance with closing your tax profile, you can email Wealthsimple at tax@wealthsimple.com.

How to delete a Wealthsimple profile

If you have made the decision to move on from Wealthsimple, and want to delete your profile, note that you will only be able to deactivate your account. This is because Wealthsimple is required to maintain certain records for a minimum of five years and your personal information for up to seven years.³ Other than this, there aren’t any other catches nor fees.

Before you deactivate your profile, you’ll need to:

  • Cancel any pending deposits
  • Withdraw your funds to a linked bank account
  • Cancel any auto-deposits
  • Cancel any outstanding orders
  • Turn off Roundups or Overflow

To deactivate your profile through the Wealthsimple app:

  1. Tap the Profile icon at the bottom of the screen
  2. Choose Personal information
  3. Scroll down and tap Delete profile
  4. Tap I’m ready to delete

To deactivate your profile on a web browser:

  1. Sign in to your profile on my.wealthsimple.com
  2. Click on your name on the top right side
  3. Select Settings
  4. Scroll down to the bottom and click Deactivate profile
**Sources**
  1. Wealthsimple - Before Closing
  2. Wealthsimple - Close an account
  3. Wealthsimple - Close your profile

Sources verified on: 01 September 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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