Illustration by Palesa Monareng

The New Wealthsimple Giveback Program: Save For Your Child, Give to a Child in Need

Wealthsimple makes powerful financial tools to help you grow and manage your money. Learn more

Wealthsimple was founded on a single, really simple idea. Everyone should have access to tools that build wealth and achieve financial freedom. That means breaking down barriers, lowering fees, eliminating account minimums, and most importantly, making powerful financial tools easier and accessible for everyone.

But we also know that the most powerful financial tool a person can have isn’t really a financial tool at all. What do you think it is?

If you answered education, give yourself an A+.

Financial freedom really begins in the classroom. Over a lifetime, Canadian children who have a post-secondary education earn significantly more than peers who do not. On average, a child with a college degree will earn $394,000 more than their peers with a high school diploma over the next 40 years. Those with bachelor’s degrees will earn $745,800 more during the same time period.

But access to education is largely dependent on wealth – that means schooling can become a feedback loop that amplifies privilege. Here’s an example: 83% of Canadian families in the top 20% of overall income have savings set aside for post-secondary education. How does that compare to everyone else? Only 40% of those in the bottom 20% of income have the same.

Here’s another wrinkle. The Canadian government has generous grants and matching programs geared toward helping low-income families. One of these programs is the Canada Learning Bond (CLB), an education savings grant where you can receive up to $2,000 per child to help families living on a low income save for their children’s post-secondary education. But, billions of dollars in those grants go unused every year because people don’t know about them, or are intimidated by the process of applying for them. This is where we see an enormous opportunity to help level the playing field in Canada — and you can be part of it.

We’re proud to introduce the brand new Wealthsimple Giveback program. When you open or contribute to an RESP account with Wealthsimple, we’ll now donate our profits from managing your account directly to helping families in need save for their children’s post-secondary education. We do this in two ways. First, we’ll put money directly into CLB eligible families’ RESP accounts. Second, we help fund operations for the Wealthsimple Foundation – an independent, not-for-profit organization that helps families save for their children’s post-secondary education – which helps families know about and apply for CLBs across Canada.

So now when you open an RESP for a child with Wealthsimple, you’re helping another family save for their child’s future too. And a quick reminder: Wealthsimple already waives any management or monthly fees for families who are CLB-eligible.


Wealthsimple is investing on autopilot

Powerful financial tools to help you grow and manage your money.

inline cta

Here’s how it works:

  • You open a Weathsimple RESP account for a child. As always, there is no minimum amount.

  • Start saving for your child’s education.

  • Profits we make from managing your RESP go to families in need and Wealthsimple Foundation.

The first step is easy. Get started by signing up for a Wealthsimple RESP. Your investment today in your child’s education will change the tomorrow of a child in need.

Heather Hudson is a Toronto-based freelance writer and contributor to the Toronto Star.

Money Diaries


Spike Lee Tells Us Why He Never Feels Bad Asking for Money


Get the best stories from our magazine every month

Sign up for our email newsletter

  • News

    Introducing: Wealthsimple Work

    What if you could replace your glitchy, high-fee, cumbersome retirement plan at work with something like Wealthsimple Invest? Well, now you can. And we want to give you $1,000 to spread the word.

  • News

    Listen to Our New Podcast!

    We call it the Wealthsimple Magazine Podcast. How did we come up with the name? We’ll explain, but the short answer is: high-priced naming consultant.


    Wealthsimple is investing on autopilot

    Powerful financial tools to help you grow and manage your money.

    see-more cta
  • News

    Announcing Canada’s First 🔥 Way to Pay Your Friends Instantly

    Download the new Wealthsimple Cash app, and seven seconds later you can pay rent, split the bill, or settle up with the dog-walker in an instant. And it’s totally free.

  • News

    How Wealthsimple Trade Didn’t Break During GameStop

    Lots of trading platforms went down during the meme-stock bonanza. Why didn't Wealthsimple Trade? We sit down with Karney Li (CTO) and Dominique Simoneau-Ritchie (VP of Engineering) to learn how you can grow by 1,000% without blowing up.


Wealthsimple is investing on autopilot

Powerful financial tools to help you grow and manage your money.

full cta

Our best stories, once a month.

Sign up for our newsletter

The content on this site is produced by Wealthsimple Technologies Inc. and is for informational purposes only. The content is not intended to be investment advice or any other kind of professional advice. Before taking any action based on this content you should consult a professional. We do not endorse any third parties referenced on this site. When you invest, your money is at risk and it is possible that you may lose some or all of your investment. Past performance is not a guarantee of future results. Historical returns, hypothetical returns, expected returns and images included in this content are for illustrative purposes only. By using this website, you accept our (Terms of Use) and (Privacy Policy). Copyright 2022 Wealthsimple Technologies Inc.