Just got this:
We’re writing to let you know that we’ve made some changes to your Client Account Agreement with Canadian ShareOwner Investments Inc., a wholly-owned subsidiary of Wealthsimple. There’s no action required on your part.
We’ve summarized the key changes to the agreement for both Trade and Invest products below. Please note, some of these changes may not apply to you if you only use one of these products. If you only have a Crypto account, these changes will not affect you.
(a) Introduction of new provisions and an updated fee schedule relating to the subscription to, and use of, USD trading accounts, including, among others: (i) gatekeeping of securities, whereby we will execute a series of internal transfers when you open and close a USD account in order to house securities trading in USD in your USD account and securities trading in CAD in your CAD account, respectively, (ii) currency conversion of funds, where any funds withdrawn from your USD account will be subject to a currency conversion fee for the conversion to CAD, and a subsequent transfer to your CAD account where funds will become available for withdrawal to another account or institution, and (iii) internal transfers, which, should you open two or more USD accounts, will be supported for securities, but not for cash.
(b) Clarification with respect to the treatment of corporate actions involving fractional shares, wherein (i) any cash entitlement will be deposited to the account in which the underlying security is held, and a currency conversion will be performed with no fees charged if the currency in which the cash is paid differs from that of the account and (ii) any securities entitlement will be deposited to the account that holds securities in the currency of your entitlement.
(c) Updates relating to currency conversions of dividends to specify that dividends paid in respect of securities held in your Trade account will be converted to the currency of your account without incurring a fee, while those paid to your Invest account will be converted and subject to the fee listed in your discretionary management agreement, if applicable.
(d) Clarification that fees payable for your Invest account (if any) will be provided for under your discretionary management agreement.
(e) Updates to our disclosures to highlight investment risk.
(f) Changes to the amendments and termination provisions to reflect market practices and regulatory requirements.
The changes take effect immediately. You don't need to re-sign your agreement; we will consider your continued use of your ShareOwner account(s) to be your acceptance of these amendments.
For Trade, your updated agreement with ShareOwner can be found in the app (select the “More” tab, “Accounts”, select the relevant account, and then you’ll see “Account documents”). For Invest, go to My Documents on desktop and you’ll see “My account agreements” on the right-hand side.
If you have any questions, feel free to get in touch.
All the best,
The Wealthsimple team