Wealthsimple is the first company to get access to real-time rail payments in Canada, which is neither a bank nor a credit union. However, it is yet to go live in Canada.
It is a new venture in Canada that is certified by the ISO 20022 financial messaging standard that acts as a platform to make payments within a few seconds. You can make payments round the clock with RTR. It is safe to use as it is regulated by Payments Canada and Bank of Canada. All the financial institutions are supposed to comply with the risk-management standards for designated financial market infrastructures. RTR is allowable for the existing financial institutions. Let us find out which is the first non-banking company to get approval for RTR.
It was reported in the Canadian media on 18th of October 2022, that Wealthsimple will be the first non-banking, no-credit union company that has gotten approval for access to real-time rail payments from the Bank of Canada. The company has gotten a green signal for direct settlement account that, in turn will aid in using the forthcoming real-time-rail payment system.
Wealthsimple currently offers a high interest savings account,crypto-currency trading platform, tax filing services, a manual trading account and robot-advisory. The CEO of Wealthsimple is Mr. Michael Katchen, who mentioned that the company will use the new feature to raise up in competition levels by innovating new products and services such as instant wage payment, quick bill payments etc.
The RTR system is beneficial to institutions such as Wealthsimple as it is fully automated, less risky, offers seamless payment systems, time-saving etc.
Although Bank of Canada has given approval for RTR to Wealthsimple, the launch of the RTR system for non-banks has been delayed. Hence, we are unsure when Wealthsimple’s RTR feature will go live. The tentative time it can possible be up and working is June 2023, which is nearly 8 months after approval.
Real Time Rail Payment System is a new system that enables Canadian residents to make payments faster, easier and round the clock. It has the existing payment system features and is ready to encompass innovations.
Yes, it is possible for Non-resident Canadian citizens, Non-resident foreigners and Non-residents who are planning to move to Canada, to get a mortgage approved from Canadian financial institutions to purchase a property.
RRSP is a tax advantageous retirement savings vehicle that is registered with the federal government of Canada. Continue reading to find out how it the Registered Retirement Savings Plan works.
There are various online brokerage platforms in Canada. We believe that Questrade, Scotia iTrade and CIBC investor's edge are the best alternatives to Wealthsimple.
Yes, you need a current a valid Social Insurance Number (SIN) to open a bank account in Canada, unless you are a tourist with a ‘Temporary Resident Visa’ (TRV), who wants to have an interest-free bank account.
According to our analysis, CIBC eAdvantage Savings Account seems to offer the highest interest rate in Canada. Let's see why CIBC ranks high in interest rate offered.
Registered Educational Savings Plan is a tax advantageous investment plan registered with federal government of Canada. This is used to accumulate funds for higher education.
Yes there are a number of platforms that offers commission free trading in Canada. Let's dig deeper into which are the brokerage firms offering zero commission trading to Canadian investors.
There are many alternatives to Thinkorswim in Canada. Some noteworthy platforms are Questrade, Wealthsimple & Scotia iTrade.
Yes, Scotiabank is good for new immigrants in Canada. They offer products and services designed especially for individuals and families that are new to Canada.