Wealthsimple Account Types Explained (2026): Every Account You Can Open

If you’re opening a Wealthsimple account, the first real decision isn’t “which app” — it’s “which account.” Wealthsimple bundles several account types under one login, and picking the wrong one first can waste tax room or force a transfer later. Here’s every account you can actually open in 2026, who each one is for, and the two account types Wealthsimple still doesn’t offer.

The registered accounts (where most people start)

TFSA

The TFSA is the default first account for most Canadians. Growth and withdrawals are tax-free, and you can pull money out anytime — the contribution room comes back the following calendar year. On Wealthsimple you can run a self-directed TFSA (pick your own stocks and ETFs) or a managed one. The $0 commission on Canadian and US stocks and ETFs applies here.

RRSP (and spousal RRSP)

The RRSP defers tax: contributions lower this year’s taxable income, and you pay tax on withdrawal in retirement, ideally at a lower rate. Wealthsimple supports both individual and spousal RRSPs. It’s a good fit once your income is high enough that the deduction actually matters, or if you’re using the Home Buyers’ Plan.

FHSA

The First Home Savings Account is the newest registered account and arguably the strongest deal for first-time buyers: contributions are deductible like an RRSP, and qualifying withdrawals are tax-free like a TFSA. Wealthsimple supports it. If a first home is the goal, this usually beats spending your TFSA room.

The non-registered and cash accounts

Personal and joint (non-registered)

Once your registered room runs out, a taxable non-registered account holds the overflow. There are no contribution limits, but you’ll owe tax on gains, dividends, and interest. Wealthsimple offers both personal and joint non-registered accounts, which is handy for couples investing together.

Wealthsimple Cash

Cash is the spending-and-saving hybrid: a chequing-style account with a card, interest on your balance, and CDIC eligibility up to $1 million held in trust across partner banks. It isn’t an investing account — think of it as where your emergency fund and day-to-day money sit. See our full Wealthsimple Cash breakdown for the details.

Crypto

Wealthsimple Crypto lets you buy and hold coins in a regulated Canadian account. Know the cost model, though: crypto trades on a spread of roughly 1-2% baked into the price — very different from the $0 stock commission. Fine for a small allocation, expensive if you trade often.

Account types at a glance

Account type	What it’s for	On Wealthsimple?
TFSA	Tax-free investing and withdrawals	Yes
RRSP / Spousal RRSP	Retirement, tax-deferred	Yes
FHSA	Saving for a first home	Yes
Non-registered (personal)	Taxable investing, no limits	Yes
Joint non-registered	Shared taxable investing	Yes
Cash	Spending/saving, CDIC-eligible	Yes
Crypto	Buying and holding crypto	Yes
RESP	Child’s education savings + grants	No
LIRA	Locked-in pension transfers	No

The gap: RESP and LIRA

Two accounts Wealthsimple doesn’t offer, and both regularly send people to a second broker:

• RESP — if you’re saving for a child’s education, the real prize is the Canada Education Savings Grant (the government match). Wealthsimple doesn’t offer RESPs, so you’ll need somewhere else for that. Questrade supports both RESPs and LIRAs.
• LIRA — when you leave a job with a pension, the locked-in money often has to move into a LIRA. Wealthsimple doesn’t support these either.

This is the one genuine structural limitation for a lot of households. If an RESP or LIRA is your main need, Wealthsimple can’t be your only broker — you’ll run two accounts, which is normal and perfectly fine.

Which account should you open first?

A rough order that works for most people:

1. Cash — park the emergency fund somewhere CDIC-eligible.
2. FHSA — if a first home is on the horizon, fund this early.
3. TFSA — flexible, tax-free long-term investing.
4. RRSP — once the tax deduction is worth more than the flexibility.
5. Non-registered — only after your registered room is full.

You can open several of these and split money across them. Opening an account is free with no minimum, so there’s no penalty for starting with one and adding more later.

Read next

• Is Wealthsimple worth it in 2026?
• How to transfer a TFSA to Wealthsimple
• Is Wealthsimple legit?
• Wealthsimple vs Questrade