Is my money insured? What would happen to my account if Wealthsimple went out of business?

When you invest with Wealthsimple, your assets are actually held by Apex Clearing Corporation, an independent clearing services firm. Apex is a member of the Securities Investor Protection Corp (SIPC), which is the non-profit organization that protects the customers of brokers or dealers from loss in case of financial failure of the broker or dealer.

SIPC insurance covers up to $500,000 in securities for each type of account you hold with Wealthsimple and up to $250,000 in cash. Above and beyond this, Apex has secured excess SIPC insurance that provides an additional $150 million of coverage across all its clients.

In the extremely unlikely event that Wealthsimple were to go out of business, your account would remain safe and be largely unaffected. All securities are registered in your name, and if we were to close, you could choose to keep your money with Apex, or transfer it to a new advisor or your bank account.

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