What is Wealthsimple? Wealthsimple is a Canadian financial company that puts investing, trading, chequing, savings, credit cards and tax filing in one app, and it is controlled by Power Corporation of Canada. This guide answers the questions the Wealthsimple homepage doesn’t: who owns the company, how it earns money when stock trades cost $0 in commission, which of its companies holds your money and why it isn’t a bank, and whether a Wealthsimple IPO is coming. YieldMaple checked Wealthsimple’s legal disclosures and press releases, Power Corporation’s results and CDIC’s member list on September 30, 2026. This page is general education about the company, not financial advice.
Wealthsimple at a glance
| Feature | Answer | Source |
|---|---|---|
| Founded and headquarters | 2014, Toronto | Wealthsimple Q2 2026 release |
| Controlled by | Power Corporation of Canada: 52.3% undiluted, 40.7% fully diluted (better on this row) | Power Corporation Q2 2026 results |
| Latest valuation | $10 billion post-money (October 27, 2025) | Wealthsimple funding release |
| Clients | 3.6 million clients (excluding tax filers) at June 30, 2026 | Wealthsimple Q2 2026 release |
| Assets under administration | $155.6 billion | Wealthsimple Q2 2026 release |
| Is it a bank? | No, and not a CDIC member (better on this row) | Wealthsimple legal disclaimers; CDIC member list |
| Chequing deposit insurance | up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member) | Wealthsimple pricing page |
| Investment account protection | securities eligible for CIPF coverage up to $1M per defined account | Wealthsimple accounts page |
| Its own IPO | None announced as of September 30, 2026 | Wealthsimple and Power Corporation releases |
Sources: Wealthsimple press releases (October 27, 2025 and July 29, 2026), Power Corporation of Canada's July 30, 2026 results release, wealthsimple.com legal disclaimers and pricing page, and cdic.ca list of member institutions.
In one line: Wealthsimple is a privately held, Toronto-based fintech that Power Corporation of Canada controls, valued at $10 billion in its most recent funding round, with investment accounts protected by CIPF and chequing cash protected by CDIC through partner institutions rather than through a banking licence.
What does Wealthsimple actually do?
Wealthsimple is a single app and website for most everyday money tasks, and its product list now reaches well beyond investing into chequing, credit and tax. Its site menu, checked on September 30, 2026, groups the products this way:
- Chequing and spending: a chequing account paying 1.25% on Core, a prepaid card, and Wealthsimple credit cards.
- Saving: a Savings account paying 2.5% (available to every client, no tiers) and a USD account.
- Managed investing: ready-made portfolios with a management fee of 0.50% a year on Core (lower on higher plans), plus advisor services.
- Self-directed trading: stocks and ETFs for $0 commission, options, margin, futures, crypto, gold, prediction markets, and IPO Access.
- Accounts: TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts.
- Borrowing, tax and business: a portfolio line of credit, mortgages, Wealthsimple Tax, and business chequing and investing.
Wealthsimple’s own July 29, 2026 update describes the shift: for the first time, new chequing account openings outpaced new investment accounts in the second quarter of 2026. For a product-by-product breakdown, our complete Wealthsimple guide covers each account, and the Wealthsimple account types explainer lists what each one can hold.
Who owns Wealthsimple?
Power Corporation of Canada controls Wealthsimple: at June 30, 2026, Power’s group held a 52.3% undiluted equity interest. Power’s July 30, 2026 results release says the stake is held by Portage Ventures I, Power Financial and IGM Financial, and that Power controls and consolidates Wealthsimple in its financial statements. IGM Financial is a subsidiary of Power Corporation, and Power counts all three holders as its group.
Two ownership numbers circulate, and both come from the same footnote. The 52.3% figure is “undiluted”: it counts shares already issued. The 40.7% figure is “fully diluted”: it also counts shares that could be created from outstanding stock options and other securities that convert into shares, which spreads ownership more thinly. Either way, Power reports that it controls Wealthsimple, and it consolidates Wealthsimple’s results into its own.
Power valued its group’s interest at $4.7 billion in the second quarter of 2026. Wealthsimple’s board, as listed on its About page, includes Power Corporation of Canada's President and CEO and its Chief Financial Officer, along with Paul Desmarais III of Sagard Holdings and Wealthsimple co-founders Michael Katchen (CEO) and Brett Huneycutt (Chief Product Officer).
Outside the Power group, other investors hold the remaining shares. Wealthsimple’s October 27, 2025 equity round raised up to $750 million ($550 million primary, up to $200 million secondary), co-led by Dragoneer Investment Group and GIC; the other investors named were CPP Investments (new), plus existing investors Power Corporation of Canada, IGM Financial, ICONIQ, Greylock and Meritech. Power’s release on that round says its new shares are in the capital of Wealthsimple Financial Corp., the Wealthsimple company that investors own.
Is Wealthsimple Canadian?
Yes. Wealthsimple was founded in 2014, is headquartered in Toronto, and its dealer, Wealthsimple Investments Inc., is an investment dealer registered in each province and territory of Canada. Its controlling shareholder is Power Corporation of Canada, listed on the Toronto Stock Exchange as POW, and the Canada Pension Plan Investment Board (CPP Investments) was named as a new investor in the October 27, 2025 round. The shareholder list also includes investors outside the Power group, such as Dragoneer Investment Group and GIC, but control sits with Power.
How does Wealthsimple make money?
Wealthsimple makes money from the fees on its pricing and legal pages, including currency conversion and managed-investing fees, from a margin on crypto orders, and from interest on money it holds for clients. It doesn’t publish revenue by product, so the table below lists only what Wealthsimple itself discloses about where money flows to it, with each fee as published.
| Feature | What Wealthsimple charges or earns | Who pays |
|---|---|---|
| Currency conversion | 1.5% on US trades from a CAD account; USD-account conversions 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000 (better on this row) | Anyone who converts CAD and USD |
| Managed investing | 0.50% a year Core, 0.40% a year Premium, from 0.4% down to 0.2% a year Generation | Managed portfolio clients |
| Chequing interest | The chequing rate is derived from interest Wealthsimple earns on the funds | Built into the rate paid to Chequing clients |
| Crypto | a margin Wealthsimple adds to the exchange rate its liquidity provider quotes, on each order | Crypto traders |
| Margin and borrowing | Margin interest from 3.95% to 4.95% (CAD), depending on plan | Margin account borrowers |
| USD account | $10 a month for Core clients; free for Premium and Generation | Core clients who want USD |
| Instant withdrawals | 2.5% | Clients who withdraw from investments instantly |
| Credit card | $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit | Visa Infinite+ cardholders |
| Wealthsimple Tax | Basic: pay what you want; Plus: $40 + tax (free for Premium); Pro: $80 + tax (free for Generation) | Tax filers on paid tiers |
| Stock and ETF commissions | $0 | Nobody, on listed Canadian and US stocks and ETFs |
Sources: Wealthsimple pricing page and legal disclaimers (September 2026). Wealthsimple does not publish revenue by product; this table shows what it charges, not how much each line earns.
Currency conversion is the main fee for self-directed investors who buy US stocks. Wealthsimple charges 1.5% when you buy or sell a US stock from a Canadian-dollar account, and conversions between your CAD and USD accounts are priced by the amount converted each time: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000. The USD account itself is $10 a month for Core clients; free for Premium and Generation.
Managed investing fees are charged on the balance: 0.50% a year on Core, 0.40% a year on Premium and from 0.4% down to 0.2% a year on Generation. Automated Investing, which Wealthsimple describes as built for self-directed investors, has its own service fee of 0.25%, capped at $250 per account per year.
Interest on client cash is the least visible source. Wealthsimple’s legal disclaimers say the Chequing rate is derived from interest Wealthsimple earns on the funds: the cash sits in trust at CDIC member institutions, those institutions pay interest, and Wealthsimple passes a rate to clients (1.25% on Core). Wealthsimple doesn’t publish how much of the interest it keeps.
Crypto is priced with a markup: Wealthsimple’s disclaimers describe a margin Wealthsimple adds to the exchange rate its liquidity provider quotes, on each order. Margin interest runs from 3.95% to 4.95% in Canadian dollars, depending on your plan. Other charges include 2.5% for instant withdrawals from investment accounts, the Visa Infinite+ card at $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit, and paid Wealthsimple Tax tiers (Basic: pay what you want; Plus: $40 + tax (free for Premium); Pro: $80 + tax (free for Generation)).
Plans are not subscriptions. Wealthsimple’s pricing page sets Core from $1 in assets, Premium from $100,000 and Generation from $500,000 in assets; bigger balances get lower fees and extra features rather than a bill.
What the business model costs a typical client
Two worked examples show where the money actually comes from for most people. The inputs are examples; use your own numbers.
- A Core client with $20,000 in a managed portfolio pays about $100 a year in Wealthsimple management fees, before the funds’ own costs.
- A self-directed investor who buys $5,000 of a US stock from a CAD account pays about $75 in conversion fees, and roughly the same again on the sale if the shares are still worth about that much.
- The same investor pays $0 in commission on both trades, so on US stocks the currency conversion fee, not commission, is the main cost. The full list of Wealthsimple trading fees covers every other charge.
Is Wealthsimple a bank?
No. Wealthsimple is not a bank, and no Wealthsimple company appears on CDIC’s list of member institutions, which covers banks, federally regulated credit unions, and loan and trust companies. Instead, Wealthsimple runs its products through separate companies, each regulated for what it does, and uses CDIC member institutions to hold chequing cash.
| Feature | Company and regulation | Protection |
|---|---|---|
| Managed and self-directed investing | Wealthsimple Investments Inc. (WSII), a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF) | securities eligible for CIPF coverage up to $1M per defined account |
| Chequing | Wealthsimple Investments Inc. (a CIRO member) and Wealthsimple Payments Inc., a FINTRAC-registered money services business | up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member) (better on this row) |
| Savings account | Wealthsimple (individual non-registered accounts only for now (Wealthsimple says more account types are coming)); the Savings page doesn't name the offering company | Comparison chart lists $1M CIPF (data as of August 19, 2026) |
| Registered Savings Accounts (as the legal disclaimers call them) | Wealthsimple Investments Inc. | not protected by CIPF — the cash is held in trust with CDIC member institutions instead |
| Crypto | Wealthsimple Investments Inc. | not protected by CIPF, CDIC or any other investor protection insurance scheme |
| Credit cards | Wealthsimple Payments Inc., under licence (a FINTRAC-registered money services business) | Credit, not deposits: no deposit insurance applies |
| Wealthsimple Tax | SimpleTax Software Inc. | Software, not an account |
Sources: Wealthsimple legal disclaimers, relationship disclosure, Savings page and pricing page, and CDIC's list of member institutions (all checked September 30, 2026).
The chequing account is the one that looks most like a bank account, and it’s the one where the structure matters. It is offered by Wealthsimple Investments Inc. (a CIRO member) and Wealthsimple Payments Inc., a FINTRAC-registered money services business; Wealthsimple Payments Inc. has appointed Wealthsimple Investments Inc. as its agent for certain chequing payment activities. Wealthsimple Payments Inc. is also registered with the Bank of Canada as a payment service provider under the Retail Payments Activities Act (Wealthsimple notes that registration isn't an endorsement). The cash you add is held in trust at one or more CDIC member institutions, and CDIC coverage applies up to $100,000 per beneficiary, per CDIC member institution, so Wealthsimple can offer coverage up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). CDIC protects eligible deposits at CDIC member institutions if one of those member institutions fails; Wealthsimple itself is not one of those member institutions.
Investment accounts follow a different rule. Wealthsimple Investments Inc. is a CIRO member, and if that dealer becomes insolvent, CIPF protection applies: securities eligible for CIPF coverage up to $1M per defined account. CIPF doesn't protect you from a drop in the value of your investments, for any reason. The Savings account, available in individual non-registered accounts only for now (Wealthsimple says more account types are coming), lists $1M CIPF (data as of August 19, 2026) on its comparison chart, while accounts the legal disclaimers call Registered Savings Accounts are not protected by CIPF — the cash is held in trust with CDIC member institutions instead. For the full picture, including Wealthsimple’s account guarantee against unauthorized transactions, see YieldMaple’s guide to whether Wealthsimple is safe.
Is there a Wealthsimple IPO? Is Wealthsimple going public?
Not as of September 30, 2026: Wealthsimple has not announced an IPO, and its shares do not trade on any stock exchange. YieldMaple checked Wealthsimple’s newsroom on September 30, 2026, including its July 29, 2026 business update, and Power Corporation’s July 30, 2026 results release. Power lists Wealthsimple among its alternative asset investment platforms at a fair value, not among its publicly traded operating companies.
The company’s most recent pricing event was private: the October 27, 2025 equity round at a post-money valuation of $10 billion. YieldMaple doesn’t forecast IPO timing. An actual Wealthsimple IPO would show up as a company announcement and a preliminary prospectus filed with securities regulators, and this page will be updated if either appears.
Wealthsimple IPO Access is a different thing
A search for “Wealthsimple IPO” can also mean a product, not the company. Wealthsimple announced IPO Access on May 28, 2026: clients can request shares of select companies going public on Canadian and US exchanges at the offering price, with no minimum (you can request a single share) and no fee to participate. Wealthsimple is an invitee of the investment banks, not an underwriter; it does not work directly with the issuing company; banks allocate shares to Wealthsimple, and when client requests exceed them, clients may get all, some or none of the shares they request.
How big is Wealthsimple, and is it profitable?
Wealthsimple reported 3.6 million clients (excluding tax filers) at June 30, 2026 and $155.6 billion in assets under administration, up 84.1% in a year. Net inflows were approximately $17 billion in the second quarter of 2026. The same release’s company description says Wealthsimple serves more than 4 million Canadians, a broader figure than the client count, which excludes tax filers.
On profit, Wealthsimple’s October 27, 2025 funding release says it was profitable in 2024 and, as of October 2025, still profitable in 2025. As a private company it doesn’t publish full financial statements, and Power Corporation’s quarterly results release reports the value of its group’s stake rather than Wealthsimple’s revenue or profit.
Who Wealthsimple suits (and who it doesn’t)
Wealthsimple’s model rewards some habits and charges for others. Based on the fees and protections above:
- It fits investors who buy Canadian-listed ETFs and stocks, since trades cost $0 in commission, and people who want investing, chequing and tax filing in one app.
- It fits hands-off investors comfortable with a managed fee of 0.50% a year on Core; the managed vs self-directed comparison shows when each costs less.
- It costs more for frequent US-stock traders on Core, who pay 1.5% on each US trade from a CAD account; a USD account avoids that per-trade conversion, but the USD account itself is $10 a month for Core clients; free for Premium and Generation, and converting CAD into it is charged on the tiered conversion scale shown above.
- It’s a weaker fit for anyone who wants a bank, a branch, or CDIC coverage on every account, since the Savings account and investment accounts are covered by CIPF instead, and for anyone who wants personal advice on self-directed trades, which are order-execution only — Wealthsimple makes no recommendations and doesn't check whether your trades suit you.
If the model fits, you can open a Wealthsimple account through YieldMaple's referral link ; opening costs $0. For a scored assessment of the platform, read the full Wealthsimple review.