Canadian account guide
Wealthsimple Non-Registered Account Guide 2026
A non-registered account has no government contribution ceiling and no withdrawal-room rules. The trade-off is simple: interest, dividends, fund distributions and realized gains can create taxable income.
- Contribution limit
- None
- Withdrawal limit
- None
- Investment income
- Taxable
- Ownership
- Individual or joint
- Investing style
- Self-directed or managed
- Best use
- Flexible taxable investing
Quick answer: Wealthsimple calls this a Non-registered account. You may also see the terms personal account or taxable investing account. It can be useful when registered room is unavailable, already used, or not suitable for the goal. It does not create TFSA, RRSP or FHSA room, and it does not shelter investment income from tax.
What is a Wealthsimple non-registered account?
A non-registered account is an investment account that is not registered with the federal government as a TFSA, RRSP, FHSA or another tax-advantaged plan. Wealthsimple offers individual and joint versions, with self-directed investing or a managed portfolio.
There is no annual contribution limit, lifetime contribution limit or withdrawal penalty built into the account type. You can add or remove money based on your own plan. Selling an investment or moving an asset can still create a taxable event, even when the withdrawal itself has no separate account penalty.
Non-registered vs TFSA, RRSP and FHSA
| Account | Main tax feature | Contribution room | Withdrawal effect |
|---|---|---|---|
| Non-registered | Investment income and realized gains can be taxable | No government limit | No room to restore because no room system exists |
| TFSA | Eligible growth and withdrawals are generally tax-free | Limited by available TFSA room | Withdrawal amount is generally restored the next calendar year |
| RRSP | Eligible contributions may be deductible; withdrawals are generally taxable | Limited by RRSP deduction room | Ordinary withdrawals generally do not restore room |
| FHSA | Eligible contributions may be deductible and qualifying home withdrawals can be tax-free | Annual and lifetime limits apply | Qualifying withdrawals do not restore room |
The best order depends on your goal, available room, tax bracket, time horizon and need for flexibility. A non-registered account is not automatically the last choice. It may be appropriate for near-term goals, joint investing or money that exceeds registered room. This is general information, not personal tax or investment advice.
How is a non-registered investment account taxed?
Different returns receive different tax treatment. Interest is generally included in income. Canadian dividends may qualify for the dividend tax credit. Foreign dividends do not receive the Canadian dividend tax credit. A capital gain or loss is normally realized when you sell or are considered to have disposed of an investment.
The capital-gains inclusion rate and related thresholds can change. Check the current CRA rules for the year of sale instead of relying on an old percentage from a blog post. Capital losses are generally applied against taxable capital gains, not employment income. The CRA allows unused net capital losses to be carried back or forward subject to its rules.
Track adjusted cost base
Your adjusted cost base, often shortened to ACB, is central to calculating a capital gain or loss. Reinvested distributions, return of capital, purchases at different prices, commissions and holdings at another brokerage can affect it. A T5008 can help, but the investor remains responsible for accurate records.
Expect more than one tax slip
Depending on the investments and activity, a non-registered account can produce T3, T5, T5008 or partnership slips. Quebec residents may also receive Relevé slips. Income may still need to be reported when no slip is issued, so keep statements and trade confirmations.
Watch the superficial-loss rule
A capital loss may be denied and added to the replacement property's cost when you or an affiliated person buys an identical property during the CRA's specified period and still owns it afterward. This can apply across accounts and to a spouse or common-law partner, not only inside one brokerage account.
Foreign property may add reporting
Canadian residents whose specified foreign property has a total cost amount above the CRA threshold may need Form T1135. A foreign stock can count even when held through a Canadian broker. A Canadian-listed mutual fund or ETF is treated differently from directly owning its foreign holdings. Confirm the current rules with the CRA or a tax professional.
Individual or joint non-registered account?
An individual account has one owner. A joint account lets both owners view activity, deposit and withdraw. Wealthsimple says joint-account income should be allocated between the owners based on their respective contributions, rather than automatically split 50-50. Keep a clear record of who contributed what.
Estate treatment also varies by province. Wealthsimple describes joint accounts as joint with right of survivorship outside Quebec and tenants in common in Quebec. Beneficiaries are not added directly to a non-registered account, so estate planning belongs in a will and professional advice may be useful.
Managed or self-directed?
Self-directed investing lets you choose and trade the available investments yourself. It suits someone comfortable selecting holdings, rebalancing and maintaining tax records.
Managed investing uses a portfolio chosen for your goals and risk profile, with Wealthsimple handling portfolio construction and rebalancing. Management and fund costs apply, so compare the current fee schedule before opening either version.
If you are still deciding, start with the broader investing guide library or read the full Wealthsimple review.
How to open the account
- Sign in to the official Wealthsimple app or web profile.
- Choose Open or move account in the app, or Add an account on the web.
- Select Non-registered.
- Choose individual or joint ownership.
- Choose self-directed investing or a managed portfolio and complete the prompts.
Wealthsimple may request identity and tax information to meet account-opening and anti-money-laundering requirements. Use only the official app or a page on wealthsimple.com. This independent site never needs your password, bank login, identity document or two-factor code.
Does a non-registered account qualify for the referral bonus?
A non-registered account opened as Self-directed Investing or Managed Investing can fall within the current referral promotion's listed account categories. The current terms also require the referred person to be the primary account holder and to complete at least $100 of qualifying external funding within the funding period.
Use the referral link or enter code before funding when possible. If first funding already happened, self-serve code entry is generally available for seven days. Later requests go to official support for review, and approval after 30 days is not guaranteed.
The current $25 base bonus is paid to an active Wealthsimple Chequing account, not into the non-registered investment account. The referral bonus is subject to its own 180-day hold. Read the referral terms guide and verify the official promotion terms before acting.
Planning to use the referral?
Check timing, funding source and eligibility before moving money.
Common questions
Does a non-registered account affect my TFSA contribution room?
No. Deposits and withdrawals in a non-registered account do not use or restore TFSA room. Moving an asset from non-registered into a TFSA is a TFSA contribution at its current value and can also create a taxable capital gain.
Is a withdrawal from a non-registered account taxable?
The withdrawal itself does not have the withholding-tax treatment of an RRSP withdrawal. Selling an investment to create the cash may realize a capital gain or loss, and income earned before withdrawal remains reportable.
Can I add a joint owner later?
Wealthsimple says a co-owner cannot be added to an existing individual non-registered account. You can open a new joint account and review transfer options, but ownership changes can have tax and estate consequences.
Should I use a TFSA first?
Often, but not always. A TFSA offers valuable tax-free growth when you have room. A non-registered account can still fit when room is unavailable, the ownership goal is joint, or another constraint makes a registered account unsuitable.
Primary sources
- Wealthsimple Help Centre: Open an individual or joint non-registered account, updated April 1, 2026.
- Wealthsimple Help Centre: Tax considerations for different account types, updated April 13, 2026.
- Canada Revenue Agency: Adjusted cost base.
- Canada Revenue Agency: Capital losses and the superficial-loss rule.
- Canada Revenue Agency: Form T1135 questions and answers.
- Wealthsimple: Referral Bonus Promotion 2026 terms, checked July 14, 2026.
Tax treatment depends on your facts and the law for the applicable tax year. This guide is educational and is not tax, legal or investment advice.
Canadian personal investor and owner of this independent guide. Yash reviews public primary sources and explains changing account and promotion rules in plain language.