Wealthsimple USD Accounts Review
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A Wealthsimple USD account lets you hold US dollars, and US-listed stocks and ETFs in US dollars, inside an eligible investing account, while US stock and ETF trades cost $0 commission on every tier. It costs $10 a month plus tax on the Core tier after a 30-day trial, and it is included at no extra charge on Premium ($100,000+) and Generation ($500,000+). You can add one to a TFSA, FHSA, RRSP, spousal RRSP, LIRA, RESP, non-registered, margin, corporate or crypto account, but not to a RRIF, spousal RRIF or LIF. US withholding tax on dividends depends on the account type, not on whether the account holds US dollars.
Written by Sharad Gondaliya, CPA CPAChartered Professional Accountant, CPA Ontario No. 61040184
Financial reviewer: Neha Gupta, CFA CFA charterholderReview of this page scheduledAt a glance
Verdict. The Wealthsimple USD account is worth having for anyone on Premium or Generation who wants US dollars in an eligible account, because it costs nothing extra once you opt in. On Core it costs $120 a year before tax, so it suits Core clients who want to hold US dollars in a TFSA, FHSA, RRSP, RESP or non-registered account and accept that fee.
Scores. Wealthsimple scores 4.0 / 5 in our ranking of brokers for US stocks (rank 4 of 13) and 4.2 / 5 overall (rank 4 of 13), as of October 23, 2026. Its US investing sub-score is 3.5 out of 5.
Cost by tier. Core: $10 a month plus tax after a 30-day trial, with no pro-rated refund if you cancel mid-month. Premium ($100,000+ in assets) and Generation ($500,000+): included, but you must opt in.
US commissions. Listed US stocks and ETFs cost $0 commission on every tier, and US equity and ETF options cost US$0 per contract. Some US orders carry small regulatory pass-through fees, shown on the trade confirmation.
Accounts. USD is available in TFSA, FHSA, RRSP, spousal RRSP, LIRA, RESP, non-registered, margin, corporate and crypto accounts. It is not available in a RRIF, spousal RRIF or LIF.
USD savings and tax. Wealthsimple offers up to 8 USD savings accounts with no monthly fee and no minimum; its pages disagree on the rates, so we are confirming them. US dividends in an RRSP are exempt from US withholding under the Canada-US tax treaty; in a TFSA or FHSA, 15% is withheld and cannot be recovered.
1. Wealthsimple USD Account Review: Our Verdict and Score
The short version. Wealthsimple charges $0 commission on US-listed stocks and ETFs on every tier. A USD account adds a US-dollar side to an eligible investing account, so the account can hold US-dollar cash and US-listed securities in US dollars. It costs $10 plus tax a month on Core after a 30-day trial and is included on Premium and Generation once you opt in.
Who wins. Premium and Generation clients get the account at no extra charge, so for them the main questions are which accounts it can go in and how US dividends are taxed there. Wealthsimple allows it in more registered account types than several brokers we track, including the FHSA and RESP.
Who loses. A Core client pays $120 a year before tax for the account, with no pro-rated refund on cancellation, however often they use it. Retirees with a RRIF or LIF cannot use it at all, since Wealthsimple does not offer a USD account in a RRIF, spousal RRIF or LIF.
How we score it. In our ranking of the best brokers for US stocks, Wealthsimple scores 4.0 / 5, rank 4 of 13, behind Desjardins Online Brokerage (Disnat) and Questrade at 4.6 / 5 and National Bank Direct Brokerage at 4.5 / 5. The US-stocks score puts 40% of the weight on the US investing sub-score, where Wealthsimple earns 3.5 out of 5: 1.5 of 3 points for USD in registered accounts, because a fee applies on Core, and the full 2 points for $0 US commissions. Overall, Wealthsimple scores 4.2 / 5, rank 4 of 13.
| Factor | Weight | Wealthsimple sub-score | Weighted points |
|---|---|---|---|
| Cost | 25% | 5.0 | 1.250 |
| Account types | 10% | 5.0 | 0.500 |
| US investing | 40% | 3.5 | 1.400 |
| Cash and margin | 5% | 2.0 | 0.100 |
| Platform features | 10% | 4.0 | 0.400 |
| Safety | 10% | 4.0 | 0.400 |
| Total | 100% | 4.050, shown as 4.0 / 5 |
Where the score comes from. The cost sub-score is the full 5.0 because both of our trading profiles cost $0 a year at Wealthsimple: $0 commissions on Canadian and US trades and no yearly account fee. Cost uses commissions and account fees for two trading profiles, and the US score uses USD in registered accounts and US commissions. Scores are shown to one decimal as published, and the full rubric is on our broker rating methodology page.
2. What a Wealthsimple USD Account Is
An add-on, not a separate login. A Wealthsimple USD account is a US-dollar side added to an investing account you already hold, such as a TFSA or RRSP. Once it is on, the account can hold US-dollar cash and US-listed securities in US dollars. Your Canadian-dollar side stays as it was.
What it costs to trade. US-listed stocks and ETFs cost $0 commission on every tier, whether or not you add a USD account, and US equity and ETF options cost US$0 per contract. Some US orders carry small regulatory pass-through fees, which appear on the trade confirmation. Section 5 lists every US trading fee.
USD savings is separate. Wealthsimple also offers USD savings accounts, up to 8 of them, with no monthly fee and no minimum balance. These hold US-dollar cash to earn interest rather than to trade. Section 6 covers them. Wealthsimple’s pricing page lists the $10 Core fee against the USD account, and its USD page lists USD savings with no monthly fee, so please confirm in the app what your tier pays before you open one.
What it does not do. The USD account does not change US withholding tax, which depends on the type of account, not on whether it holds US dollars. It cannot be added to a RRIF, spousal RRIF or LIF. And it does not change your commissions, which are $0 on US-listed stocks and ETFs with or without it. For the wider picture of buying US stocks from Canada, see our guide to buying US stocks in Canada.
3. Which Accounts Can Hold USD: Wealthsimple USD TFSA, RRSP, FHSA and More
Most account types qualify. Wealthsimple lets you add a USD account to nearly every investing account it offers, including the FHSA and RESP, which several brokers we track keep in Canadian dollars only. The exceptions are the retirement income accounts: RRIF, spousal RRIF and LIF.
| Account | USD account available | Notes |
|---|---|---|
| TFSA | Yes | 2026 TFSA dollar limit $7,000 |
| FHSA | Yes | $8,000 a year, $40,000 lifetime |
| RRSP | Yes | 2026 RRSP dollar limit $33,810 |
| Spousal RRSP | Yes | Held in your spouse’s or partner’s name |
| LIRA | Yes | Locked-in money transferred from a pension |
| RESP | Yes | Family plan, or an individual plan for yourself |
| Non-registered and margin | Yes | USD margin 7.5% on Core |
| Corporate | Yes | Up to 8 investing accounts per business |
| Crypto | Yes | Non-registered crypto account only; no crypto in a TFSA, RRSP or FHSA |
| RRIF, spousal RRIF, LIF | No | Spousal RRIF is currently unavailable at Wealthsimple |
Wealthsimple USD TFSA. A USD TFSA lets your TFSA hold US dollars and US-listed stocks and ETFs on its US-dollar side. The thing to watch is tax: as section 7 explains, US dividends in a TFSA have 15% withheld. Growth, capital gains and withdrawals stay tax-free in Canada. Our Wealthsimple TFSA review covers the account in full, and our guide to US stocks in a TFSA explains the withholding.
Wealthsimple USD RRSP. The RRSP is the strongest home for US-listed dividend payers, because of its treaty exemption from US withholding, covered in section 7. A USD RRSP lets the account hold US dollars alongside those securities, and a spousal RRSP can have one too.
USD in an FHSA. Wealthsimple allows US dollars in an FHSA, which several brokers do not: National Bank Direct Brokerage, Qtrade and TD Easy Trade, for example, keep the FHSA in Canadian dollars only. Withholding works as in a TFSA. See our Wealthsimple FHSA review.
Retirees. If you convert an RRSP to a RRIF at Wealthsimple, you cannot keep a USD side in the RRIF. Plan for that before December 31 of the year you turn 71, the last day you can contribute to your own RRSP.
4. Cost by Tier: Core, Premium and Generation
The fee depends on your tier, not your account. Wealthsimple sorts clients into three tiers by the assets they hold with it. The USD account costs $10 a month plus tax on Core and is included on Premium and Generation. The $0 commission on US stocks and ETFs is the same on every tier.
| Item | Core | Premium | Generation |
|---|---|---|---|
| Assets needed | $1 | $100,000 | $500,000 |
| USD account | $10 a month plus tax, after a 30-day trial | Included (opt in) | Included (opt in) |
| Yearly USD account cost before tax | $120 | $0 | $0 |
| US stock and ETF commission | $0 | $0 | $0 |
| US equity and ETF options, per contract | US$0 | US$0 | US$0 |
| USD margin rate | 7.5% | 7% | 6.5% |
How your tier is set. Wealthsimple uses the higher of your net deposits or your total portfolio value. Your tier drops only if both fall and stay below the threshold. Net deposits rise with deposits and transfers in, and fall with withdrawals and transfers out. Market declines do not reduce net deposits. Upgrades are automatic and take at least one business day; new deposits can take up to 72 hours to count.
Households count together. Two or more Wealthsimple clients who share a residential address can form a household, and combined household assets count toward Premium or Generation. A couple with $60,000 and $45,000 at Wealthsimple has $105,000 together ($60,000 + $45,000 = $105,000), which reaches the $100,000 Premium threshold, so both get the USD account at no extra charge. Our Wealthsimple Core vs Premium vs Generation guide explains every tier benefit.
Cancelling. If you cancel the paid USD account on Core, Wealthsimple does not refund part of the month. Cancel near the end of a billing month rather than the start if you have decided to stop.
5. US Commissions and Trading Fees at Wealthsimple
$0 on US stocks and ETFs. Wealthsimple’s fee schedule lists a $0 commission for listed US and Canadian securities on every tier. That covers whole shares and fractional shares, which you can buy from $1 in thousands of Canadian and US stocks and ETFs during market hours. Our scoring gives Wealthsimple the full 2 points for US commissions for this reason.
| Item | Fee | Notes |
|---|---|---|
| Listed US stocks and ETFs | $0 commission | Every tier; pass-through fees may apply |
| Fractional US shares | $0 commission | From $1, during market hours |
| US equity and ETF options | US$0 per contract | Since October 2025 |
| Options early exercise or do-not-exercise instruction | US$45 | Per instruction |
| Phone trade | $45 | Waived for Active Traders |
| USD account | $10 plus tax a month on Core | Included on Premium and Generation |
| USD margin | 7.5% Core, 7% Premium, 6.5% Generation | Section 8 covers borrowing |
Pass-through fees. Wealthsimple’s $0 US commission does not cover regulatory and stock exchange pass-through fees, such as ECN, TAF or ORF charges, which may apply to some US orders and appear on the trade confirmation. They are small, but they mean “commission-free” does not always mean exactly $0 per trade.
How this compares. Desjardins Online Brokerage (Disnat), Questrade, National Bank Direct Brokerage, Qtrade Direct Investing, BMO InvestorLine and Webull Canada also list $0 for US stock trades. Interactive Brokers Canada charges USD 0.005 a share with a USD 1 minimum and moomoo Canada US$0.0099 a share with a US$1.99 minimum. CIBC Investor’s Edge charges $6.95, RBC Direct Investing $9.95, and TD Direct Investing and Scotia iTRADE $9.99 per US trade. Section 12 compares how each broker handles US dollars in registered accounts.
What the USD account adds to the cost. For a Core client, the only recurring US-related charge is the USD account at $10 plus tax a month. A Core client who places 24 US trades a year and keeps a USD account pays (24 x $0 = $0.00) in commissions and ($10 x 12 = $120.00) in account fees, before tax. On Premium the same year costs $0.00. Our investment fee calculator adds up what your broker and funds cost each year.
6. Wealthsimple USD Savings: Rates and Rules
What Wealthsimple offers. Wealthsimple USD savings accounts hold US-dollar cash and pay interest. You can open up to 8, with no monthly fee and no minimum balance. Direct deposit into a USD account is not available yet.
The rates are being confirmed. Wealthsimple’s USD page and its help article give different USD savings rates for each tier. Because two of Wealthsimple’s own pages disagree, we do not print either set of rates. We are confirming the current rates and will add them here once they match across Wealthsimple’s pages. Please check the rate shown in your own app before you move a large sum.
Compare with banks. The calculator below shows what US-dollar savings accounts we track would earn on your balance. It is set to the US-dollar list.
| Account | Rate | Interest on US$10,000 for a year |
|---|---|---|
| EQ Bank US Dollar Account | 2.50% (effective May 15, 2026) | US$250.00 |
| Manulife Bank US dollar Advantage Account | 0.20% | US$20.00 |
| National Bank USD Progress Account | 0.100% from $10,000 | US$10.00 |
| TD U.S. Daily Interest Chequing Account | 0.010% | US$1.00 |
| Wealthsimple USD savings | Being confirmed | Being confirmed |
Tax on USD interest. Interest earned in a USD savings account outside a registered plan is taxable in Canada each year as interest income, at your full marginal rate. That makes the rate gap between providers smaller after tax than before it, but it does not close it.
Protection is not published. No Wealthsimple page we checked states whether USD savings is covered by CIPF, by CDIC or by neither. See section 10 and our guide to whether Wealthsimple is safe. For every US-dollar savings option we track, see our best USD savings accounts ranking and our EQ Bank review.
7. US Withholding Tax by Account Type
The account type sets the tax. A USD account lets an account hold US dollars. It does not change how the US taxes the dividends. US withholding tax depends on the type of account the security sits in, not on whether the account holds Canadian or US dollars.
The treaty rate. Under Article X of the Canada-US tax treaty, US tax on dividends paid to Canadian residents is capped at 15%, provided the broker has a valid Form W-8BEN on file for you. Without it, the US statutory rate of 30% applies. Wealthsimple, like every broker, needs that form to apply the 15% rate.
Retirement accounts are exempt. Article XXI(2) of the treaty exempts dividends and interest earned by arrangements operated to provide retirement benefits that are generally tax-exempt in Canada. RRSPs, RRIFs, LIRAs and LIFs are such arrangements, so US-listed securities held directly in them are exempt from US withholding once the account is documented. A spousal RRSP is an RRSP and gets the same treatment.
TFSA, FHSA and RESP are not. These accounts are not retirement arrangements under the treaty, so 15% is withheld on US dividends. Because the account pays no Canadian tax, there is nothing to claim a foreign tax credit against, and the 15% is a permanent cost. In a non-registered account, 15% is also withheld, but you report the gross dividend and can claim a foreign tax credit equal to the lesser of the foreign tax paid and the Canadian tax on that income, on Form T2209 (line 40500), with Form T2036 for the provincial part outside Quebec.
| Account | US tax withheld with a W-8BEN | US tax withheld without a W-8BEN | Can you recover it? |
|---|---|---|---|
| RRSP, spousal RRSP, LIRA | US$0.00 | Documentation needed for the exemption | Not needed |
| TFSA | US$150.00 | US$300.00 | No |
| FHSA | US$150.00 | US$300.00 | No |
| RESP | US$150.00 | US$300.00 | No |
| Non-registered | US$150.00 | US$300.00 | Foreign tax credit on your return |
Use the US withholding calculator below to see how much US tax is withheld on a dividend in each type of account, with and without a W-8BEN.
What this means for account choice. If you hold US-listed dividend payers, the RRSP is where US dividends avoid US withholding, and a USD RRSP lets that account hold US dollars too. In a TFSA or FHSA, 15% of each US dividend is lost whether or not the account has a USD side. Our rankings of the best RRSP accounts for US stocks and the best TFSA accounts for US stocks score brokers on USD in registered accounts and US commissions, and our best brokers for dividend investing ranking compares the brokers that offer DRIP, where Wealthsimple places third of seven.
8. USD Margin: Borrowing in US Dollars
Rates by tier. USD margin costs 7.5% on Core, 7% on Premium and 6.5% on Generation, against a USD prime rate of 7% as of September 18, 2026. Canadian-dollar margin costs 4.95%, 4.45% and 3.95% on the same tiers. Interest accrues daily and is charged monthly.
| Balance borrowed for a year | Core (7.5%) | Premium (7%) | Generation (6.5%) |
|---|---|---|---|
| US$10,000 | US$750.00 | US$700.00 | US$650.00 |
| US$25,000 | US$1,875.00 | US$1,750.00 | US$1,625.00 |
Who can borrow. Wealthsimple offers up to two personal margin accounts, one joint margin account (in beta) and one corporate margin account per corporation. It states no minimum deposit, but some clients receive a restricted margin account with a $1,000 borrowing limit. A TFSA can be linked to a margin account to add buying power, and a USD account can be added to non-registered, margin and corporate accounts.
Margin and options. In a registered account such as a TFSA or RRSP you can buy calls and puts, sell cash-secured puts and sell covered calls. Every other options strategy needs a margin account.
How it compares. Wealthsimple’s Core Canadian-dollar rate of 4.95% ranks third of 10 brokers that publish a rate in our lowest margin rates in Canada list, behind Interactive Brokers Canada at 3.675% and moomoo from 3.85%. Each tier step lowers the USD margin rate by 0.5%, which is US$50.00 a year per US$10,000 borrowed (US$10,000 x 0.5%).
A caution. Borrowing magnifies both gains and losses, and a falling market can force sales at a loss. Please size any margin balance to what you could repay from cash.
9. Trading US Stocks: Dividends, DRIP, Options and Hours
Dividends and DRIP. Wealthsimple offers optional dividend reinvestment, switched on or off for a whole account rather than per security. No reinvestment fee is listed. US withholding tax comes off US dividends before they are reinvested, except in exempt retirement accounts such as an RRSP.
Recurring investments and fractional shares. You can set recurring investments daily, weekly, every two weeks or monthly in stocks, ETFs and crypto. They are not available in joint non-registered accounts that have USD turned on. Fractional shares are available in thousands of Canadian and US stocks and ETFs from $1, in real time during market hours, with $0 commission. Fractional shares cannot be traded in extended hours and cannot be transferred to another institution.
24/5 trading. US-listed stocks and ETFs trade 24 hours a day, five days a week at Wealthsimple, from Sunday 8 pm ET to Friday 8 pm ET: pre-market 4:00 am to 9:30 am, regular hours 9:30 am to 4:00 pm, post-market 4:00 pm to 8:00 pm and overnight 8:00 pm to 4:00 am ET. Extended-hours orders must be limit orders. Canadian securities are not part of 24-hour trading. Our Wealthsimple Trade review covers the trading platform in full.
Options. Equity and ETF options cost $0 commission and US$0 per contract on every tier, since October 2025. Index options carry per-contract fees: SPX, SPXW, VIX and NDX US$1, RUT and RUTW US$0.50, XSP and DJX US$0.25. In a registered account such as a TFSA or RRSP, you can buy calls and puts, sell cash-secured puts and sell covered calls; all other strategies need a margin account.
10. Is Money in a Wealthsimple USD Account Protected?
Investing accounts. US-dollar cash and US-listed securities inside a Wealthsimple investing account, such as a USD TFSA or USD RRSP, are held by Wealthsimple Investments Inc., a CIRO dealer member and CIPF member. CIPF covers cash and securities held by a member firm if the firm fails and client property is missing. The limits are $1,000,000 for general accounts (cash, margin, TFSA and FHSA combined), $1,000,000 for retirement accounts (RRSP, RRIF and LIF) and $1,000,000 for RESPs.
USD savings. Wealthsimple has not published the coverage for its USD savings accounts. No page we checked on October 22, 2026 says whether they are covered by CIPF, by CDIC or by neither. CDIC can cover deposits held in US dollars at its member institutions, but that does not tell us how Wealthsimple’s USD savings is set up. Until Wealthsimple states it, treat USD savings coverage as unconfirmed.
What no plan covers. Neither CIPF nor CDIC covers a fall in the value of your investments. Crypto assets are not covered by either plan, although cash held in the crypto account is CIPF-covered.
Fraud protection. CIPF steps in only if the firm itself fails. For unauthorized activity in your account, Wealthsimple reimburses clients who sign in with a passkey for all direct losses, and it reports SOC 1 and SOC 2 compliance.
Read more. For the full protection map of every Wealthsimple product, including chequing, savings and crypto, see is Wealthsimple safe, and our CIPF vs CDIC guide explains how the two plans differ.
11. Wealthsimple USD Account Pros and Cons
Pros
- Included at no extra cost on Premium ($100,000+) and Generation ($500,000+)
- Free 30-day trial on Core
- Available in TFSA, FHSA, RRSP, spousal RRSP, LIRA, RESP, non-registered, margin, corporate and crypto accounts
- USD in an FHSA, which several brokers we track do not allow
- $0 commission on US stocks and ETFs, and US$0 per contract on equity and ETF options
- Up to 8 USD savings accounts with no monthly fee and no minimum
- 24/5 trading in US-listed stocks and ETFs
- Households can combine assets to reach Premium, where it is included
Cons
- $10 a month plus tax on Core, with no pro-rated refund on cancellation
- Not available in a RRIF, spousal RRIF or LIF
- USD savings rates and coverage are not yet confirmed
- No direct deposit into USD yet
- Recurring investments not available in joint non-registered accounts with USD on
- USD margin of 7.5% on Core
- Does not change US withholding in a TFSA, FHSA or RESP
Weighing them. The cons bite hardest on Core clients who pay the monthly fee and on retirees with a RRIF or LIF. The pros matter most to Premium and Generation clients, who get the account included, and to savers who want US dollars in an FHSA or RESP.
12. How Wealthsimple’s USD Account Compares
Ranked by our US-stocks score. The table lists every broker we rank in order of its US-stocks score, with how each handles US dollars in registered accounts and what it charges for a US stock trade. Values a broker does not publish are shown as not published.
| Rank | Broker | US-stocks score | USD in registered accounts | US stock commission |
|---|---|---|---|---|
| 1 | Desjardins Online Brokerage (Disnat) | 4.6 / 5 | USD RRSP, TFSA, LIRA, RRIF and LIF; no fee stated | $0 |
| 2 | Questrade | 4.6 / 5 | USD held in registered accounts at no extra cost | $0 |
| 3 | National Bank Direct Brokerage | 4.5 / 5 | TFSA, RRSP, RRIF, spousal RRSP and LIRA (not FHSA); no USD fee listed | $0 |
| 4 | Wealthsimple | 4.0 / 5 | TFSA, FHSA, RRSP, spousal RRSP, LIRA and RESP: $10 a month on Core, included on Premium and Generation | $0 |
| 5 | moomoo Canada | 4.0 / 5 | TFSA and RRSP can hold CAD and USD; no fee stated | US$0.0099 a share, minimum US$1.99 |
| 6 | Qtrade Direct Investing | 3.9 / 5 | RRSP, RRIF and TFSA: US$15 a quarter per account (free with Investor Plus) | $0 |
| 7 | BMO InvestorLine | 3.6 / 5 | Not published | $0 |
| 8 | Interactive Brokers Canada | 3.6 / 5 | Not published for registered accounts | USD 0.005 a share, minimum USD 1 |
| 9 | Webull Canada | 3.2 / 5 | Not published | $0 |
| 10 | Scotia iTRADE | 2.9 / 5 | USD RRSP and RRIF available; no USD fee listed (TFSA and FHSA not stated) | $9.99 |
| 11 | CIBC Investor’s Edge | 2.3 / 5 | Not published | $6.95 |
| 12 | RBC Direct Investing | 2.2 / 5 | Accounts can hold CAD and USD; USD registered pricing not stated | $9.95 |
| 13 | TD Direct Investing | 2.0 / 5 | TD Easy Trade: no fee for USD in TFSA and RRSP; TD Direct Investing not stated | $9.99 |
What stands apart. Desjardins Online Brokerage (Disnat), Questrade and National Bank Direct Brokerage lead our US-stocks ranking because they hold US dollars in registered accounts with no fee listed and charge $0 US commissions, while Wealthsimple charges Core clients $10 a month for the same ability. Wealthsimple’s edges are USD in an FHSA and RESP, $0 commissions and an account that is included from $100,000. Read Wealthsimple vs Questrade, Wealthsimple vs Interactive Brokers and Wealthsimple vs moomoo for full head-to-heads, or our Questrade review and Qtrade review. Rankings follow our published method; see how WealthScale makes money.
13. Who the Wealthsimple USD Account Suits and Who Should Look Elsewhere
Premium and Generation clients. If you have $100,000 or more at Wealthsimple, alone or as a household, and want US dollars in an eligible account, turn the USD account on. It costs nothing extra once you opt in.
RRSP investors in US dividend payers. US-listed securities held directly in an RRSP are exempt from US withholding once the account is documented, and a USD RRSP lets that account hold US dollars as well. For an investor who wants US dollars in a registered account, this is the strongest fit.
FHSA and RESP savers who want US dollars. Wealthsimple allows a USD account in both, which several brokers we track do not. Remember that US dividends in either account have 15% withheld with a W-8BEN on file, and that tax cannot be recovered.
Who should look elsewhere. Core clients who rarely hold US dollars pay $120 a year before tax for an account they may not use. Retirees who hold a RRIF or LIF cannot use it at Wealthsimple; brokers such as National Bank Direct Brokerage and Disnat list USD for RRIFs. Investors who want US dollars in registered accounts with no fee at any balance may prefer Desjardins Online Brokerage (Disnat), Questrade or National Bank Direct Brokerage, which list no fee for it. Investors who prefer Canadian-listed ETFs may not need US dollars at all.
Next step. If the account fits, compare where to hold it: our best TFSA accounts and best RRSP accounts rankings show every broker that offers each account, ordered by score.
What You Need and What You Get With a Wealthsimple USD Account
What you need
- A Wealthsimple investing account that allows USD: TFSA, FHSA, RRSP, spousal RRSP, LIRA, RESP, non-registered, margin, corporate or crypto
- Your tier status, since the fee is $10 a month on Core and included on Premium and Generation
- A valid W-8BEN on file, so US dividends are withheld at 15% rather than 30%
- A decision on which account holds US dividend payers, since withholding depends on the account type
- A margin account, if you want to borrow in US dollars or use options strategies beyond the four allowed in registered accounts
- A household with Wealthsimple accounts at the same address, if you want to combine assets for Premium
What you get
- A US-dollar side on your account for US-dollar cash and US-listed securities
- $0 commission on US-listed stocks and ETFs
- Equity and ETF options at US$0 per contract
- 24/5 trading in US-listed stocks and ETFs
- USD margin at 7.5%, 7% or 6.5% by tier
- Up to 8 USD savings accounts with no monthly fee and no minimum
- The account included at no extra cost from $100,000
- A free 30-day trial on Core
How to Add and Use a Wealthsimple USD Account
- Check your tier. If you or your household have $100,000 or more at Wealthsimple, the USD account is included. On Core, it costs $10 a month plus tax after a 30-day trial.
- Pick the right account. Put US-listed dividend payers in an RRSP where you can, since US dividends there are exempt from withholding. Remember the USD account is not available in a RRIF, spousal RRIF or LIF.
- Opt in to USD. Turn on the USD account for that investing account in the Wealthsimple app. On Premium and Generation, it is included but still needs you to opt in.
- Transfer US holdings in. If you hold US-listed securities at another institution, request a direct transfer. On transfers of $25,000 or more, Wealthsimple covers the old institution’s fee, up to $150 per account, if the account stays funded 90 days.
- Place US trades. US-listed stocks and ETFs cost $0 commission. Use limit orders outside regular hours, when fractional shares do not trade.
- Confirm your W-8BEN. Make sure a valid W-8BEN is on file so US dividends in a TFSA, FHSA, RESP or non-registered account are withheld at 15%, not 30%.
- Review once a year. On Core, check whether you still use the USD account or whether your household has reached Premium, where it is included.
10 Strategies for Holding US Dollars at Wealthsimple
1. Decide during the 30-day trial
Core clients get a 30-day trial of the USD account. Decide during the trial whether you will hold US dollars in that account, because after it the fee is $10 plus tax a month, or $120 a year before tax, with no pro-rated refund.
2. Use the household to reach Premium
Household assets count together. Two partners at the same address with a combined $100,000 both reach Premium, which makes the USD account included and saves $120 a year before tax for each partner who would otherwise pay for it.
3. Check your tier before you pay
If your assets are near $100,000, one more deposit may lift you to Premium, where the USD account is included. Upgrades take at least one business day and new deposits up to 72 hours to count, so check your tier before paying for another month on Core.
4. Hold US dividend payers in the RRSP
RRSP dividends from US-listed securities are exempt from US withholding once documented. In a TFSA or FHSA, 15% is lost on each dividend, a cost no USD account can avoid.
5. File your W-8BEN
Without a valid W-8BEN, US dividends in taxable and TFSA-type accounts are withheld at 30% instead of 15%. On US$1,000 of dividends that is US$300.00 instead of US$150.00.
6. Cancel at the end of a billing month
If you decide to stop paying for the USD account on Core, cancel near the end of a billing month rather than the start, because Wealthsimple does not refund part of a month.
7. Plan for the RRIF before 71
A USD account cannot be added to a RRIF, spousal RRIF or LIF. If you plan to convert an RRSP to a RRIF at Wealthsimple, decide how you will hold US-listed securities before December 31 of the year you turn 71.
8. Know that DRIP covers the whole account
Wealthsimple’s dividend reinvestment is switched on or off for a whole account, not per security, and no reinvestment fee is listed. Decide account by account whether you want US dividends reinvested or kept as cash.
9. Use limit orders after hours
US-listed stocks and ETFs trade 24 hours a day on weekdays, but orders outside regular hours must be limit orders and fractional shares do not trade then. Set limits close to the price you want.
10. Keep recurring buys out of joint USD accounts
Recurring investments are not available in joint non-registered accounts that have USD turned on. If you rely on automatic buys, set them up in an individual account or in a joint account without USD.
Illustrative Example: One Year of US Investing in a Wealthsimple RRSP and TFSA
This example is hypothetical. Marc is on the Core tier. He holds US-listed stocks and ETFs in his RRSP, where he keeps a USD account, and more US-listed stocks in his TFSA. During the year he places 12 US trades, his RRSP holdings pay US$1,200 of US dividends and his TFSA holdings pay US$400. He has a W-8BEN on file. We use Wealthsimple’s fees as of October 22, 2026, and leave out sales tax and price changes.
- Commissions on his 12 US trades: (12 x $0 = $0.00).
- USD account fee on Core: ($10 x 12 = $120.00) before tax.
- US withholding in the RRSP, which is exempt under the Canada-US tax treaty once documented: US$0.00 on US$1,200.
- US withholding in the TFSA: (US$400 x 15% = US$60.00), which cannot be recovered.
- Without a W-8BEN, the TFSA withholding would be (US$400 x 30% = US$120.00).
- His yearly costs: $120.00 in account fees and US$60.00 in US tax withheld.
- If Marc and his partner reach $100,000 as a household, the USD account becomes included, so his account fees fall from $120.00 to $0.00 and only the US$60.00 of withholding remains.
Had the same US$400 of dividends been paid in a non-registered account, 15% would still be withheld, but Marc would report the gross dividend and could claim a foreign tax credit equal to the lesser of the US$60.00 withheld and the Canadian tax on that income.
Wealthsimple USD Account FAQ
What is a Wealthsimple USD account?
It is a US-dollar side added to a Wealthsimple investing account, such as a TFSA or RRSP. It lets the account hold US-dollar cash and US-listed securities in US dollars. It costs $10 plus tax a month on Core after a 30-day trial and is included on Premium and Generation once you opt in.
How much does a Wealthsimple USD account cost?
On Core it costs $10 a month plus tax after a 30-day trial, or $120 a year before tax, with no pro-rated refund if you cancel. It is included at no extra charge on Premium ($100,000+ in assets) and Generation ($500,000+), though you still need to opt in. US stock and ETF trades cost $0 commission on every tier.
Is the Wealthsimple USD account free on Premium?
The account itself is included on Premium and Generation, with no monthly fee, but you need to opt in. Premium starts at $100,000 in Wealthsimple assets and Generation at $500,000, measured as the higher of net deposits or portfolio value, and clients who share a home address can combine assets as a household to get there.
Can I hold USD in a Wealthsimple TFSA?
Yes. Wealthsimple allows a USD account in a TFSA, priced at $10 a month on Core and included on Premium and Generation. US dividends in a TFSA are still withheld at 15% with a W-8BEN on file, and that tax cannot be recovered, because the TFSA is not a retirement account under the Canada-US tax treaty.
Can I hold USD in a Wealthsimple RRSP?
Yes, in an RRSP and a spousal RRSP. The RRSP is the strongest home for US dividend payers, because the Canada-US tax treaty exempts US dividends paid to retirement arrangements once the account is documented. US-listed securities held directly in a USD RRSP are exempt from US withholding.
Can I hold USD in a Wealthsimple FHSA?
Yes. Wealthsimple allows a USD account in an FHSA, which several brokers, including National Bank Direct Brokerage, Qtrade and TD Easy Trade, do not. US dividends in an FHSA are withheld at 15%, as in a TFSA, and the tax cannot be recovered.
Can I hold USD in a Wealthsimple RRIF?
No. Wealthsimple does not offer a USD account in a RRIF, spousal RRIF or LIF. Plan for this before December 31 of the year you turn 71, the last day you can contribute to your own RRSP, after which it is withdrawn, moved to a RRIF or used to buy an annuity. US dividends on US-listed securities held directly in a RRIF stay exempt from US withholding under the treaty.
Which accounts can hold US dollars at Wealthsimple?
Wealthsimple’s help centre says a USD account can be added to a TFSA, FHSA, RRSP, spousal RRSP, LIRA, RESP, non-registered, margin, corporate or crypto account. It is not available for a RRIF, spousal RRIF or LIF. Crypto is held only in a non-registered crypto account, not in a TFSA, RRSP or FHSA.
What is the Wealthsimple USD savings rate?
We are confirming it. Wealthsimple’s USD page and its help article give different USD savings rates for each tier, so we do not print either until they match. What is confirmed: up to 8 USD savings accounts, no monthly fee, no minimum balance and no direct deposit into USD yet.
Does a USD account avoid US withholding tax?
No. Withholding depends on the account type, not on whether the account holds US dollars. RRSPs, spousal RRSPs and LIRAs are exempt under the Canada-US tax treaty once documented. TFSAs, FHSAs and RESPs have 15% withheld with no way to recover it. Non-registered accounts have 15% withheld, which you can claim as a foreign tax credit.
Does Wealthsimple charge commission on US stocks?
No. Listed US stocks and ETFs cost $0 commission on every tier, including fractional shares from $1. Some US orders carry small regulatory pass-through fees, such as ECN, TAF or ORF charges, shown on the trade confirmation. US equity and ETF options cost US$0 per contract, and an early exercise or do-not-exercise instruction costs US$45.
Is the Wealthsimple USD account worth it?
On Premium or Generation it costs nothing extra once you opt in. On Core it costs $120 a year before tax, so the question is whether you want to hold US dollars in that account at all. It cannot be added to a RRIF or LIF, and it does not change US withholding tax, which depends on the account type.
Is money in a Wealthsimple USD account protected?
USD cash and US securities in a Wealthsimple investing account are held by Wealthsimple Investments Inc., a CIPF member, so CIPF limits apply if the firm fails and property is missing. Wealthsimple has not published the coverage for USD savings accounts. No plan covers market losses.
Ready to see how Wealthsimple ranks for US investing against every other Canadian broker?
Figures on this page were checked against each provider’s published pricing and the Canada-US tax treaty on October 22, 2026. We update this page when a figure changes.
Meet the Experts Behind WealthScale
Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.
- Chartered Professional Accountant, CPA Ontario
- Certified Public Accountant, Washington (No. 57629) and Montana (No. PAC-CPAP-LIC-033176)
- Writing on tax and registered accounts since 2021
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Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.
- CFA charter, CFA Institute (awarded 2023)
- Post Graduate Diploma in Business Administration (Finance), 2008
- In financial markets since December 2005
- More than 2,600 published investment articles
General information only. Not financial, investment, tax or legal advice. WealthScale is independent and is published by WealthScale Media Inc., 55 Queen St E, Suite 1205, Toronto, ON M5C 1R6. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.