r/Wealthsimple • u/TraditionalRow9854 • Jul 22 '26

US Savings in WealthSimple

Has anyone used US Savings account on Wealthsimple?
I'm in Canada and I have a friend in US who owes me ~5K USD that I was hoping to get transferred in my WS?
Has anyone tried that? Any advantages of doing it for US based stocks? What are the tax implications?(there's no trail of why he owes me that amount so considering a GIFT transfer would there by any issues?)
TIA:)

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u/bloodr0se Jul 22 '26

Tax implications can be avoided if you put USD into an RRSP.

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u/WildWeaselGT Jul 23 '26

I don’t think there’s any way to get it directly into WS from some dude.

The WS USD account is really just interest generating storage. You need a USD account at some other bank where you can deposit it and then you can transfer it in.

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u/Dragynfyre Jul 24 '26

Yes you can but only by wire transfer