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InvestingReviewed by Landed Canada Editorial Team · Updated May 2026

Wealthsimple for Newcomers in Canada 2026 — TFSA, RRSP & FHSA

Open a TFSA in 10 minutes. Free for most newcomers. Commission-free investing.

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Wealthsimple is Canada's largest online investment platform and is particularly well-suited for newcomers because it offers free TFSA, RRSP, and FHSA accounts with no minimum balance, no account fees, and commission-free ETF trading. Wealthsimple also offers Wealthsimple Tax (formerly SimpleTax), a free NETFILE-certified tax software that is ideal for newcomers filing their first Canadian tax return. Newcomers should open a TFSA first — it's the most flexible account with no restrictions on withdrawals. FHSA is critical for those planning to buy a home (open it as soon as possible to start accumulating contribution room). RRSP is most valuable once income exceeds ~$60,000.

Frequently asked questions

Which account should newcomers open first at Wealthsimple?
Newcomers should open a TFSA first — it's the most flexible account, with no restrictions on withdrawals and no account fees.
Is Wealthsimple Tax free for newcomers filing their first Canadian tax return?
Yes. Wealthsimple Tax (formerly SimpleTax) is a free, NETFILE-certified tax software that is ideal for newcomers filing their first Canadian tax return.

Compare all newcomer banking options

See how this program compares to all other newcomer banking programs:

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BankingComplete Banking Guide →CreditBuild Credit from Zero →ChecklistFirst Year Checklist →InvestingTFSA vs RRSP vs FHSA →

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