You didn't mention the tax tool as well. Very useful and free at Wealthsimple. We used it for the past 3 years now and like it. Also, the cash account has a much bigger CDIC insurance of $500.000.
Norbert’s gambit is super easy, Brandon. I’m waiting for WS to add that feature in. There’s nothing to it. Just a bit of patience while it journals over. Other con - WS still doesn’t allow trading of a lot of OTC market stocks. I’m still having to carry some in Questrade
Be careful with WS if you have Covered Call ETFs, they don't pay attention to ROC distributions and treat them as foreign income.... it's totally wrong, there is no withholding taxes on ROC (should be reimbursed at the end of the fiscal year) and it's impacting the price of the stock only, at no point they should tax this type of distributions.... i told them multiple times and they just don't care, so be careful....
Interested in your post as I’m about to transfer some covered call ETFS there. Are you referring to USD holdings or CAD? Or are you talking about with holding taxes from RRSP or other registered account? Thanks!
Hey, thanks for the helpful vid! I’ve made a WealthSimple account, and I’m just wondering since I made this account on my phone and not through your affiliate link (by accident, I didn’t see it before) will I still be able to get the 2 signup promo’s that you linked? Or do I have to make a new account using your links instead of my phone account? Thanks!!
WS now has an option for a US acct which is 10 bucks a month unless your asset worth is $100k or more. 1.5% fee charged on top of monthly fee every time you exchange CAD to USD. You can then use your USD to purchase US assets QT charges a 1.5% exchange fee every time you buy US assets in CAD I hope that helps if you still have not made a decision, I personally use IDTLW. Good luck!
Hey Brandon Thanks for sharing I have both QT and WS Both have their advantages and disadvantages as you pointed out. I work Monday to Friday 6am to 6 pm One thing you didn’t mention was W/S hours. Talk about inconvenience I can’t call them through the day because I’m working and on the weekends they’re closed. That’s the biggest downfall to W/S for me. Just my opinion.
Questions I would like to invest into usa stocks . Buy fractional share or dollar cost average. Which one is good for that when it comes to commission? Is it worth paying 10 dollars a month if your actively buy and selling with wealthsimple or quest trade since they 4 to 5 dollar every time you buy or sell ?????
Did the exact same. I don't mind paying a slight fee for the functionality that IBKR offers - you can basically do almost anything with IBKR while maintaining very reasonable fees (most are $1.00 a trade for the types of trades I do).
I have an “F Series” mutual fund with a large capital gain I wouldn’t want to sell. Do you know if WS or other brokers would allow an in-kind transfer of it onto their platforms? My understanding is that most don’t because they want trailing commissions on funds.
WealthSimple still doesn't have RDSP despite saying that it is looking closely at this possibility for 5+ years! WealthSimple could house up to 70k in grants (dependent on contribution, similar to RESP but maximum $7200) and up to 20k in bonds (dependent on income amount) alone, no brainer if they were all in a managed account with fees they can receive🙄
Maybe i missed this information but the #1 thing im trying to find out is there a way where say you owned 1000 shares of XEI which pays a monthly dividend and you "dont" want to have it reinvested, but rather have the dividends go into your actual bank account instead to live off of , could you connect that through the app and say td bank account or .....would it be better to go with td investing instead because im thinking of reinvesting ally dividends until im 50 years old im 33 now but when i hit 50 i want to have what ever i have in dividends just going into my bank account instead of purchasing new shares Hopefully that wasnt too confusing 😂😂😂
I also heard that Wealthsimple is adding a margin account. Do you think that adding one will be helpful to investors growing their wealth or is it just too complicated and hard?
hey gang! i'm 22 and just started investing at the start of this month. I currently just have a TFSA, but am still curious about starting an RRSP or an FHSA, should I do all 3? or just limit it to 2 max? it's a confusing game to play😅 also any general investing advice would be helpful, im trying to really get as much info as possible from people who have/are doing this for a while
At your age, just focus on maxing out your TFSA and then once that's done, do a little into RRSP for your retirement which is like 50 years away, so you dont need to hit that hard just yet, and maybe dabble in a non-registered account where your investments will be subject to income tax.
Tried both, prefer TD. I have to pay $10 a trade, oh well. The interface is way better and I can move money around between investments and bank account instantly, not in best part of a week as I found with the others.
The $10 becomes more or less irrelevant for high net worth individuals. However, if you're starting out and investing $100 every week, that $10 per trade will absolutely kill your returns.
Is wealthsimple safe? I see that they are CIPF insured, but if it comes to that it's gonna be annoying and will take a long time to get the money back. With regards to CDIC, they say they put your money in CDIC-insured accounts. Isn't that like saying if I give you money and you put it into TD bank, that I'm also covered under CDIC? How's the government regulation of WS compared to big 6 banks? Any hesitation with giving your money to a private company as opposed to a public one?
4:43. except that it isn't really free. You are just not getting quite the best price possible and the broker gets the difference. Or, that's what I understand. Also, when you think something is free, you will use it more often...in the mistaken belief that it is not costing you anything. A fee makes me think twice on the trade, which is not a bad thing. " if I don't want to pay the commission, how much do I REALLY believe in the trade at all? I use QTrade but IBKR looks good, especially since it opens up a lot more markets, all of which are RRSP-TFSA eligible, not just Canada and the USA listed stocks.
That can be negated with limit orders no? and the only fee applicable is the conversion fee when dealing with US listed stocks for both buy/sell transactions. Therefore in theory it is only possible to get completely free trades on TSE listed stocks
Search "Does Wealthsimple accept payment for order flow" and "Dividend withholding tax". In Canada there are laws that regulate these activities. This comment has mixed pieces of factual and inaccurate information.
IBKr is best for any investors, long term hold, short term tradomg. No other brokers can even close to IBKR in Canada. Other brokers in Canada are rubbery.
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You didn't mention the tax tool as well. Very useful and free at Wealthsimple. We used it for the past 3 years now and like it. Also, the cash account has a much bigger CDIC insurance of $500.000.
CDIC covers up to $1 million
CDIC covers up to $1 million
Sadly they are discontinuing the tax services. Which sucks
@@nasty5-oh893 really? I was going to use it this year for the first time.
WS is the best. Congrats on the full conversion.
Wealthsimple is more user friendly for new investors and you pay way less fees.
ibkr can be difficult at times but it's my favourite for US trades. I'm with NBDB for Canadian trades but Wealthsimple will be about the same.
How are you finding NBDB so far?
@@jaym2356 It's fine. Same as WS for Canadian. If you already have USD it's good too, but currency conversions aren't great.
They also have 1% rebate event going on right now. So if you transfer $10,000 you can get $100 in 12 month installment. Never saw any banks doing this
1% back in installments? HAHAHAHAHAHAHA!
Babe wake up a new Beavo video dropped!!
Does Wealthsimple track the ACB of the investments based on the historical data from the old brokerage ?
That’s my biggest concern here.
Is WS covered on crypto incase anything happens?
Norbert’s gambit is super easy, Brandon. I’m waiting for WS to add that feature in. There’s nothing to it. Just a bit of patience while it journals over.
Other con - WS still doesn’t allow trading of a lot of OTC market stocks. I’m still having to carry some in Questrade
WS adds Norbert’s gambit I think I am in
Did you ever mention the ACTUAL dollar cost of a Questrade transaction? Maybe I missed it... But I don't think so.
I have both. Each has its strenghts
Platform not reliable. App freezes, doesn't execute order on time lost opportunity and incur losses. considering switching over to Quest trade ..
Thanks for the breakdown down. Fee breakdown would be nice. Percentage adds up on big trades rather than standard fee.
WS has spousal managed and self directed spousal rrsp now. I just got the spousal self directed one.
Or National Bank Direct Brokerage
Be careful with WS if you have Covered Call ETFs, they don't pay attention to ROC distributions and treat them as foreign income.... it's totally wrong, there is no withholding taxes on ROC (should be reimbursed at the end of the fiscal year) and it's impacting the price of the stock only, at no point they should tax this type of distributions.... i told them multiple times and they just don't care, so be careful....
Interested in your post as I’m about to transfer some covered call ETFS there. Are you referring to USD holdings or CAD? Or are you talking about with holding taxes from RRSP or other registered account? Thanks!
How long does it take to settle a trade
Very balanced review. Tnx
Did you move all of your money out of Questrade and into Wealthsimple? Thanks for the vid!
yeah i made my full switch to wealthsimple in 2021.
Hey, thanks for the helpful vid! I’ve made a WealthSimple account, and I’m just wondering since I made this account on my phone and not through your affiliate link (by accident, I didn’t see it before) will I still be able to get the 2 signup promo’s that you linked? Or do I have to make a new account using your links instead of my phone account? Thanks!!
I think you would need a new account created through the links..! I appreciate your support
The signup promos are for his benefit. He makes money from it, not you.
How about buy and sell stocks in USA or other countries, what are the fees for both ?
WS now has an option for a US acct which is 10 bucks a month unless your asset worth is $100k or more. 1.5% fee charged on top of monthly fee every time you exchange CAD to USD. You can then use your USD to purchase US assets
QT charges a 1.5% exchange fee every time you buy US assets in CAD
I hope that helps if you still have not made a decision, I personally use IDTLW. Good luck!
Wealthsimple option to download statements/transactions in excel
What do you think of Interactive brokers?
If you don't like seeking alpha what do you use? thanks.
Hey Brandon
Thanks for sharing
I have both QT and WS
Both have their advantages and disadvantages as you pointed out.
I work Monday to Friday 6am to 6 pm
One thing you didn’t mention was W/S hours.
Talk about inconvenience
I can’t call them through the day because I’m working and on the weekends they’re closed.
That’s the biggest downfall to W/S for me.
Just my opinion.
What about IBKR?
I have no complaints ❤Wealthsimple is functioning fine
IBKR not even in the conversation?
Questions I would like to invest into usa stocks . Buy fractional share or dollar cost average. Which one is good for that when it comes to commission? Is it worth paying 10 dollars a month if your actively buy and selling with wealthsimple or quest trade since they 4 to 5 dollar every time you buy or sell ?????
Wealthsimple is 0 commission on every trade. Questrade doesn’t have fractional shares option either so definitely go with WS
Dropped Questrade for IBKR
Did the exact same. I don't mind paying a slight fee for the functionality that IBKR offers - you can basically do almost anything with IBKR while maintaining very reasonable fees (most are $1.00 a trade for the types of trades I do).
@@jamesbainton Just heard Tasty Trade got approved in Canada. That could be interesting
how about the fees for international stocks, as US ?
39 accounts on which broker??
What about Just Wealth?
Thanks much Brandon for the latest comparison video. Very helpful to make the choice for new bees.
Is there a cutloss function on WS?
Do i understand right?, WS account give acces to Seeking Alpha?
I have an “F Series” mutual fund with a large capital gain I wouldn’t want to sell. Do you know if WS or other brokers would allow an in-kind transfer of it onto their platforms? My understanding is that most don’t because they want trailing commissions on funds.
No, they don't allow mutual funds
Mutual funds are a scam
Yes I have done it with Questrade
WealthSimple still doesn't have RDSP despite saying that it is looking closely at this possibility for 5+ years! WealthSimple could house up to 70k in grants (dependent on contribution, similar to RESP but maximum $7200) and up to 20k in bonds (dependent on income amount) alone, no brainer if they were all in a managed account with fees they can receive🙄
Agree. It's a deal breaker.
I'd think about switching if they had RDSPs, don't know why they are so slow to adopt it.
Who cares..
@@felixhernandez9937 people with RDSPs that want all their investments on one platform?
I'd like the RDSP as well. And the self managed RESP. I also want to see money-weighted returns. I don't like only seeing simple return.
It’s unfortunate that you cannot self-invest your Spousal RRSP, you only have the option to use to advisor. That’s the only reason I’m with Questrade.
Maybe i missed this information but the #1 thing im trying to find out is there a way where say you owned 1000 shares of XEI which pays a monthly dividend and you "dont" want to have it reinvested, but rather have the dividends go into your actual bank account instead to live off of , could you connect that through the app and say td bank account or .....would it be better to go with td investing instead because im thinking of reinvesting ally dividends until im 50 years old im 33 now but when i hit 50 i want to have what ever i have in dividends just going into my bank account instead of purchasing new shares
Hopefully that wasnt too confusing 😂😂😂
Obviously he doesn't know. He's getting people to click the links so he gets paid for referring people.
can you please also compare between national bank of canada and wealthsiple
Now we are getting Margin Accounts!
I am thinking of Wealth Simple in your opinion is it good for beginners. What do you recommend to start with? Thank you
Definitely! There’s a link in description you can use for a sign up bonus if you decide :) thanks for supporting the channel
I also heard that Wealthsimple is adding a margin account. Do you think that adding one will be helpful to investors growing their wealth or is it just too complicated and hard?
Great review
I just did today after looking at some videos! Can’t wait til my TFSA gets moved over (:
hey gang! i'm 22 and just started investing at the start of this month. I currently just have a TFSA, but am still curious about starting an RRSP or an FHSA, should I do all 3? or just limit it to 2 max?
it's a confusing game to play😅
also any general investing advice would be helpful, im trying to really get as much info as possible from people who have/are doing this for a while
At your age, just focus on maxing out your TFSA and then once that's done, do a little into RRSP for your retirement which is like 50 years away, so you dont need to hit that hard just yet, and maybe dabble in a non-registered account where your investments will be subject to income tax.
Max out Tfsa and Rrsp first
you can transfer into cold wallets now !
When will Blossom get a web portal?
Great video, thank you.
not good for us market too much fees we have to pay
well at least he realized he cannot beat the market. which is what every investors should admit
Waiting for Wealthsimple to come out with a better trading platform.
so its just user interface and fractional shares really
Tried both, prefer TD. I have to pay $10 a trade, oh well. The interface is way better and I can move money around between investments and bank account instantly, not in best part of a week as I found with the others.
The $10 becomes more or less irrelevant for high net worth individuals. However, if you're starting out and investing $100 every week, that $10 per trade will absolutely kill your returns.
i get 250k instant deposit with wealthsimple.. it literally takes 1 second to deposit.
You do not pay that if you deal with td e series funds.
Wealthsimple best for Canadian stocks. Robinhood best for American stocks.
Robinhood isn't available to Canadians
@leebodkin8358 ya. That's the shitty part. And when they create the app for Canada, they will probably put fees on trading American stocks :(
Is wealthsimple safe? I see that they are CIPF insured, but if it comes to that it's gonna be annoying and will take a long time to get the money back. With regards to CDIC, they say they put your money in CDIC-insured accounts. Isn't that like saying if I give you money and you put it into TD bank, that I'm also covered under CDIC? How's the government regulation of WS compared to big 6 banks? Any hesitation with giving your money to a private company as opposed to a public one?
Wealthsimple is owned by power corporation Of Canada, a giant public company that owns some of the big Canadian insurance companies. You’ll be fine
WS is a member of CIPF . Visit their website and see its coverage. I believe it covers up to $1 Million
certified financial institutions in Canada are pretty safe.
@@danielpersaud538 Would you think twice if you were transferring a 7 figure portfolio into wealthsimple?
They are pretty much as safe as the banks at this point, as well as covered under CDIC
4:43. except that it isn't really free. You are just not getting quite the best price possible and the broker gets the difference. Or, that's what I understand. Also, when you think something is free, you will use it more often...in the mistaken belief that it is not costing you anything. A fee makes me think twice on the trade, which is not a bad thing. " if I don't want to pay the commission, how much do I REALLY believe in the trade at all?
I use QTrade but IBKR looks good, especially since it opens up a lot more markets, all of which are RRSP-TFSA eligible, not just Canada and the USA listed stocks.
That can be negated with limit orders no? and the only fee applicable is the conversion fee when dealing with US listed stocks for both buy/sell transactions. Therefore in theory it is only possible to get completely free trades on TSE listed stocks
Search "Does Wealthsimple accept payment for order flow" and "Dividend withholding tax". In Canada there are laws that regulate these activities. This comment has mixed pieces of factual and inaccurate information.
If you worry about this, then just set Limit Buys/Limit Sells and it only goes through at those amounts you pre-determine
Wealthsimple is a scam! This guy is BS. Wealthsimple is holding my shares and not letting me sell them.
So which is best?
Do you have a managed account or self directed...and do you have stocks/share under a registered account or cash..
as a single person in my 20s, ws has more than enough features.
Wealthsimple is king of PUSH marketing strategy.
it not about which platform is better at this point.
If only WS offered margin accounts......
It's coming. Patience grasshoppa
@@chadpenton2071 Fingers crossed. I'll be moving my money back to WS if and when they actually start offering it
IBKr is best for any investors, long term hold, short term tradomg. No other brokers can even close to IBKR in Canada. Other brokers in Canada are rubbery.
Unfortunately iBKR doesn't offer a few of Canadian account types - for e.g. RRIF.
WealthSimple is NOT better than Questrade’s. What he mentions is only for new and as it says simple users who don’t invest in US stocks
have you seen BMO offers zero commission on US stocks?? I may switch from Questrade to BMO if its true! need to look more into it first tho
False, I invest in US stocks and use WS
@MonsieurLabbe hes saying it's just better to do that on qt because of conversion fees
Robonhood is best for us stocks. Wealthsimple best for Canadian
@@curbantula how is it better than quest trade?
Just one default: No real-time quotes. This is already a loser as a financial broker. period
Both suck. Ibkr