Wealthsimple Launches Kids and Teens Accounts in Canada

Toronto-based fintech Wealthsimple has officially launched its new kids and teens accounts in Canada, following an earlier preview that showed the product was close to release.

The accounts are designed for everyday spending and allowances, giving children a prepaid Visa card and simplified Wealthsimple access while parents keep control over funding, spending limits and other account settings.

Back in June, iPhone in Canada reported that Wealthsimple had quietly published a detailed help centre page for the accounts, revealing most of the product before launch. At the time, Wealthsimple had only said the rollout was coming in fall 2026.

The accounts are structured as bare trusts. The parent or guardian is the legal account holder and trustee, while the child is the beneficial owner of the money in the account. Parents can send one-time transfers, set up recurring allowances, approve or decline money requests and manage card controls.

Children can view their balance and transaction history, spend with the prepaid Visa card, freeze the card, manage their PIN and request money from the linked parent. Wealthsimple says children do not need to provide ID or complete identity verification.

A virtual Visa card is issued immediately when the account is opened, while a physical card can also be ordered for free. The card has no foreign exchange fees and includes ATM fee reimbursement, but does not earn cashback. This Visa card means your child or teen can spend money overseas while travelling and not get dinged any foreign exchange fees and ATM fees if you’re taking money out.

The maximum purchase amount is $999, while the physical card has a $250 tap limit. Yes, the Visa card can be added to mobile wallets such as Apple Pay.

Parents need to already have an open Wealthsimple chequing account and must have completed identity verification. The child must be under the age of majority in their province, which is 18 or 19 depending on where they live.

Wealthsimple allows up to 10 kids and teens accounts to be linked to one profile. A co-manager can also be invited to help manage the account.

The account earns the same interest rate as Wealthsimple’s regular chequing account and is intended for spending rather than long-term education savings. It is separate from an RESP, although families can hold both account types at the same time.

There are also tax considerations because of the bare trust structure. Wealthsimple says account statements and T5 slips are issued in the parent’s name in trust for the child, and attribution rules may determine whether interest is reported by the contributing adult or the child.

The biggest limitation at launch is Quebec. Wealthsimple says kids and teens accounts are not yet available there because of legal and regulatory differences.

The product had been expected since May, with the detailed June help centre documentation offering an early look at how it would work. With the launch now live, parents can open an account directly from the Wealthsimple app, and also set up a joint account holder such as a spouse to see and also manage the account.

You can click here to sign up for Wealthsimple and get a $25 bonus, which you can then in turn give to your kid to get started.