How to Cancel Wealthsimple & Close Your Account (2026 Guide)

Updated February 2026 · Transfer or withdraw before closing

Cancel Wealthsimple Premium

Wealthsimple Premium costs $10/month (or included with $100K+ invested). To cancel just the Premium subscription:

1. Open the Wealthsimple app
2. Tap your profile → Settings
3. Tap Wealthsimple Premium
4. Tap Cancel Premium
5. Confirm — you revert to the free tier

You keep your accounts and investments — you just lose Premium perks (lower FX fees, priority support, tax-loss harvesting for managed accounts).

Close Your Wealthsimple Account Entirely

Step 1: Decide — Sell or Transfer?

• Sell and withdraw: Liquidate holdings, withdraw cash to your bank. Simple but triggers capital gains tax on taxable accounts.
• Transfer to another broker: Move your TFSA/RRSP/taxable account "in-kind" to Questrade, Interactive Brokers, etc. No selling, no tax event. Wealthsimple may charge a $150 transfer-out fee (often reimbursed by the new broker).

Step 2: Withdraw or Transfer Everything

• Cash withdrawal: App → Account → Withdraw → select bank account
• TFSA/RRSP transfer: Initiate from the receiving broker — they pull from Wealthsimple
• Crypto: Sell crypto holdings and withdraw as cash (Wealthsimple Crypto doesn't support external wallet transfers for most coins)

Step 3: Close the Account

1. Once your balance is $0 across all accounts
2. Contact Wealthsimple support via in-app chat or email
3. Request full account closure
4. They'll confirm closure within a few business days

Canadian Alternatives

• Questrade: Lower fees for ETF purchases (free to buy), more advanced trading tools
• Interactive Brokers: Lowest overall fees, best for active traders, global market access
• National Bank Direct Brokerage: Free stock and ETF trades for Canadians
• Wealthsimple (free tier): Just cancel Premium — free trading is still available