Wealthsimple Reports Record Q1 Growth Driven by Best-Ever RRSP Season

Wealthsimple, Canada's largest online investment manager, reported record first-quarter results today, driven by its most successful Registered Retirement Savings Plan (RRSP) season to date. The company ended March 2026 with $124.8 billion in assets under administration, up 12.1% from the prior quarter and 71% from a year earlier.

During the quarter, Wealthsimple processed its highest-ever volume of account transfer-ins, while total deposits increased more than 45% year over year. The firm attributed the surge partly to its “Unreal Deal” promotion launched in mid-January. The offer gave new and existing clients a contribution match of 1%, 2% or 3% depending on their commitment length. According to Wealthsimple, 85% of participants chose the 3% option, which required a five-year relationship.

To handle the spike in demand, Wealthsimple upgraded its in-app transfer experience and enhanced its AI-powered support tools. These improvements cut RRSP-related support ticket volume in half, freeing up human agents for more complex cases. The company now serves over 3.4 million clients across all Canadian provinces and territories, and reports that one in five Canadians aged 18 to 40 uses at least one Wealthsimple product.

Wealthsimple also announced several talent initiatives in Q1. It launched an “AI Builders” program where candidates submit a working prototype instead of a résumé, a “Launchpad” paid internship for recent high school graduates, and “North Star,” a program targeting senior Canadian talent abroad that has generated 6,000 applications and six hires to date. The company promoted Jessica Oliver to vice president of government relations and hired Rachael Factor from TMX Group as vice president of communications.

Wealthsimple CEO and co-founder Mike Katchen commented on the results, noting that many clients are early in their earning years and that the company aims to grow with them for decades. The firm now offers cash deposit access at over 5,500 Canada Post locations, which collectively outnumber all big-bank branches in the country.