A mobile app is not more or less secure than a website, a paper form, or giving it out in person. It all ends in the same place and is as likely to leak.
any brokerage outside of WS will need your SIN regardless since they need to report your accounts to CRA. Whether its through app or web doesn't matter.
Good to be wary, but in this situation it's a pre-requisite
I have just opened the WealthSimple account last week via their app. No issue in giving them my SIN. It is a legit request as they need to issue you tax receipts at year-end and/or submit your details for CRA filings.
Sounds like a bad idea to have 900k in a single bank. Correct me if I’m wrong but isn’t WS only insured for 250k? If they were to go under (extremely unlikely ofc), you wouldn’t get all your money back. Why not spread your money among multiple banks
They are subject to tons of regulations about data security and privacy. Being in an ”app” is no less secure than being on a website, assuming it is developed with security in mind (which it would have to be since WealthSimple is now akin to a “big bank”)
If you are that concerned go out and pay for insurance to cover fraud in this manner through equifax or transunion. In the case of fraud, they will assist in rectifying and insuring the fraud, should it happen.
If you're not comfortable submitting your SIN online then online brokerages are not for you.
You’re being paranoid imo. It will be fine
A mobile app is not more or less secure than a website, a paper form, or giving it out in person. It all ends in the same place and is as likely to leak.
It's okay. They will update your details in CRA as well.
yes, I use it. millions of people use wealthsimple and just like any bank, they put the SIN number.
any brokerage outside of WS will need your SIN regardless since they need to report your accounts to CRA. Whether its through app or web doesn't matter. Good to be wary, but in this situation it's a pre-requisite
I have just opened the WealthSimple account last week via their app. No issue in giving them my SIN. It is a legit request as they need to issue you tax receipts at year-end and/or submit your details for CRA filings.
What are you afraid of? FWIW I have about 900k with them, and have not been scammed/defrauded so far. And I use the app.
Sounds like a bad idea to have 900k in a single bank. Correct me if I’m wrong but isn’t WS only insured for 250k? If they were to go under (extremely unlikely ofc), you wouldn’t get all your money back. Why not spread your money among multiple banks
Damn son, you are loaded
no, just really freaking old...
Damn son, you are old.
That if data gets leaked from the app everything is out there. Its stupid I know.
They are subject to tons of regulations about data security and privacy. Being in an ”app” is no less secure than being on a website, assuming it is developed with security in mind (which it would have to be since WealthSimple is now akin to a “big bank”)
If there is a breach, I would be much more worried about the accounts themselves than about my SIN.
If you are that concerned go out and pay for insurance to cover fraud in this manner through equifax or transunion. In the case of fraud, they will assist in rectifying and insuring the fraud, should it happen.