Wealthsimple launched its Kids and Teens account in fall 2026 — a chequing account and prepaid Visa card for children under 18. If you already use Wealthsimple for your own TFSA or RRSP, here is exactly how it works and whether it makes sense for your family.
It is a chequing account with a prepaid Visa card set up as a bare trust. You, the parent or guardian, are the legal account holder and trustee with full control. Your child is the beneficial owner of the money — the account is theirs in purpose, but yours legally until they reach the age of majority.
It is designed for everyday spending and building savings habits, not long-term education savings. Think of it as giving your child a real bank card they can learn with, while you keep full visibility and control from your own Wealthsimple app.
| Feature | Details |
|---|---|
| Account type | Bare trust chequing account |
| Legal account holder | Parent or guardian |
| Beneficial owner | The child |
| Card | Prepaid Visa card |
| Interest rate | Same as parent’s chequing rate |
| Monthly fees | None |
| Max accounts per profile | Up to 10 |
| Co-manager | Can invite a second adult (e.g. spouse) |
| Child ID required | No |
| How to fund | Transfer from parent’s Wealthsimple chequing only |
| Available in Quebec | Not yet |
You need to already be a Wealthsimple client with an open chequing account and completed identity verification. Your child must be under the age of majority in your province — 18 or 19, depending on where you live. The child does not need to provide ID or complete any verification themselves.
You open the account directly from the Wealthsimple app and can invite a co-manager such as a spouse to view and manage the account alongside you.
Not yet. Wealthsimple has confirmed the Kids and Teens account is delayed in Quebec due to legal and regulatory differences in the province. No specific timeline for the Quebec launch has been announced.
| Kids & Teens Account | RESP | |
|---|---|---|
| Purpose | Everyday spending & saving | Long-term education savings |
| Government grants | No | Yes (CESG up to $500/yr) |
| Tax-sheltered growth | No | Yes |
| Prepaid card | Yes | No |
| Withdrawal restrictions | None | Must be for education |
| Can hold both | Yes — families can hold both simultaneously | |
The Kids and Teens account is not a replacement for an RESP. If saving for post-secondary education is the goal, an RESP still makes more sense because of the Canada Education Savings Grant. The kids account is for day-to-day money management — teaching spending habits with a real card while you keep control.
T5 slips are issued in the parent's name in trust for the child. If a parent or grandparent funded the account, attribution rules generally mean the interest is reported on the contributing adult's tax return. If the account is funded by the child's own money — employment income, Canada Child Benefit, or an arm's-length gift — attribution typically doesn't apply and the child reports the interest. If unsure, consult a tax professional.
The $25 referral bonus with code 7-MDUG is for new Wealthsimple clients opening their first eligible account. If you are already a Wealthsimple client adding a kids account, the referral bonus does not apply to that additional account. If someone in your life is not yet a Wealthsimple client, they can sign up with code 7-MDUG, get the $25 bonus for themselves, and then separately open a kids account for their child.
A bare trust chequing account with a prepaid Visa card for children under 18. The parent is the legal account holder and trustee, the child is the beneficial owner. Earns the same interest rate as the parent's chequing account, no monthly fees.
Not yet. Delayed due to legal and regulatory differences in Quebec. No launch date has been announced.
No. The kids account is a spending account with a prepaid Visa card. An RESP is for long-term education savings with government grants. You can hold both at the same time.
Up to 10 linked to one parent profile.
No. The parent completes identity verification. The child needs no ID.
Only by transferring from your own Wealthsimple chequing account. External bank transfers directly into the kids account are not supported.
Use code 7-MDUG, deposit $100+, get $25 cash within 24 hours. Verified October 2026.
Related: Full Wealthsimple review 2026 · Wealthsimple TFSA review · Get the $25 referral code