What is Wealthsimple Family?

Wealthsimple Family is a suite of features launched in May 2026 that allows Canadian households to manage their finances together. It includes Wealthsimple Households, accounts for children and teens, and a power of attorney function.

Are Wealthsimple Households available now?

Yes, Wealthsimple Households are available now. This feature allows you to view all household accounts, including those held at other institutions.

When will children's accounts be available?

Children's and teen accounts will be launched in fall 2026. In Quebec, they will arrive later, with no specific date communicated yet.

How does the boosted interest rate for children work?

Wealthsimple offers a base rate on children's savings, and parents can add a supplement themselves. This allows them to raise the rate to their chosen level to make saving more motivating and tangible for their child.

What is the power of attorney function for?

The power of attorney function, available in summer 2026, allows you to manage the accounts of a spouse, an aging parent, or another family member directly from your own Wealthsimple application.

Are there fees for Wealthsimple Family?

The official press release does not detail all fees. Wealthsimple highlights the absence of fees on US dollar chequing accounts and business accounts, but we recommend checking the exact terms when opening an account.

Is Wealthsimple Business included in Wealthsimple Family?

No, these are two distinct offerings announced at the same time. Wealthsimple Family is for households, while Wealthsimple Business targets small business owners. However, they can coexist within the same application.

Is Wealthsimple a secure institution?

Wealthsimple manages $125 billion in assets for over 4 million Canadians. The company is regulated by Canadian financial authorities. We have analyzed its reliability in detail in a dedicated article.