The strategy: Instead of timing the market, you pick a solid ETF and buy it automatically on a schedule — weekly, bi-weekly, or monthly. This is called dollar-cost averaging and it's one of the most proven wealth-building strategies available. Here's exactly how to set it up on Wealthsimple right now.
Step-by-Step Setup
Follow along using the real screenshots from Wealthsimple below.
1
Search for Your ETF in Discover
⏱ 30 seconds
Open the Wealthsimple app and tap the Search (magnifying glass) icon at the bottom of the screen to open the Discover tab. Type in your ETF ticker. In this example we're using QQC — the Invesco NASDAQ 100 Index ETF, which tracks the top 100 tech companies listed on the TSX in CAD.
Search "QQC" in the Discover tab
→
Open Wealthsimple and tap the Search icon
→
Type
QQC in the search bar
→
Select
QQC — Invesco NASDAQ 100 Index ETF (TSX)
💡 Why QQC? It tracks the NASDAQ-100 — the top 100 non-financial companies including Apple, Nvidia, Microsoft, and Amazon. It's listed on the TSX so you buy in CAD with no currency conversion fees. Other great options: XEQT for global diversification or VFV for S&P 500 exposure.
2
Review the ETF Page
⏱ 1 minute
Once you tap QQC you'll see the ETF detail page. You can see the current price, a chart showing performance over time, and key stats like the 52-week high and low. Don't stress about the daily price movement — remember, you're investing for the long term.
QQC ETF detail page — tap "Trade" at the bottom
💡 Red days are your friend. When the price is down like in the screenshot, your recurring buy actually purchases more shares for the same dollar amount. This is the beauty of dollar-cost averaging — you automatically buy more when prices are low.
3
Tap Trade → Buy QQC
⏱ 10 seconds
Scroll down and tap the Trade button at the bottom of the ETF page. A menu pops up with two options — tap "Buy QQC" to proceed.
Tap "Buy QQC" from the trade menu
4
Switch to "Recurring" Order Type
⏱ 10 seconds
You'll land on the Buy screen. By default it shows a Market order — this is a one-time buy. To set up automatic investing, tap the "Market" button in the top right corner and switch it to "Recurring".
Tap "Market" in the top right — switch it to "Recurring"
💡 Key step: Most people miss this. The default is a one-time Market order. You need to switch to Recurring to automate your investing. It's in the top right corner of the buy screen.
5
Set Your Amount, Date & Frequency
⏱ 1 minute
After switching to Recurring, you'll see three key settings to configure. Fill in each one:
Set amount, start date, and frequency
→
Amount: Enter how much you want to invest each time (e.g. $1, $100, $200 — whatever fits your budget)
→
Start date: Pick your next payday so the investment happens right after you get paid
→
Frequency: Choose Weekly, Bi-weekly, or Monthly depending on how often you want to invest
💡 Pay yourself first. Set the start date to the day after your payday. This way you invest before you have a chance to spend it. Even $1/week adds up to $2,600/year invested automatically.
6
Choose Your Funding Source & Account
⏱ 30 seconds
Set your funding source to your Cash (Chequing) account — this is where Wealthsimple will pull the money from. Make sure your destination account is set to your TFSA so your gains are tax-free.
If you don't see a bank account listed as a funding source, you'll need to link one first. Here's how:
→
From the Wealthsimple home screen, tap your
profile icon in the top left corner
→
Go to
Settings → Linked Accounts→
Tap
"Link a bank account"→
Select your bank — all major Canadian banks supported (TD, RBC, Scotiabank, BMO, CIBC, and most credit unions)
→
Log in securely through
Flinks — Wealthsimple's banking connection partner
→
Select your chequing account and confirm
→
Your bank will now appear as a funding source when setting up recurring buys
💡 First deposit timing: Your very first transfer from a newly linked bank may take 3–5 business days to process. After that, transfers are usually next-day. Your recurring investment will begin once funds clear.
Funding source: Cash (Chequing) → Account: TFSA
→
Funding source → select
Cash / Chequing→
Account → select
TFSA for tax-free growth
💡 Always use your TFSA if you have contribution room. Your ETF gains inside a TFSA are completely tax-free — the government gets nothing. Outside a TFSA, you pay capital gains tax on your profits.
7
Review & Confirm Your Recurring Investment
⏱ 10 seconds
You'll see a full summary of your recurring order before it goes live. Confirm the details look right, then tap "Confirm recurring investment". That's it — you're done.
Review your order details and confirm
✓
Order type:
Recurring buy
Once confirmed, Wealthsimple will automatically buy QQC every week on your schedule. You never have to think about it again — your wealth builds in the background.
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IMPORTANT DISCLAIMERS & INFORMATION
Not Financial Advice. The content in this guide is for educational and informational purposes only. It does not constitute financial, investment, tax, or legal advice. Always consult a qualified financial advisor before making investment decisions. Past performance of any ETF or investment does not guarantee future results.
TFSA Contribution Limits. The Tax-Free Savings Account (TFSA) has an annual contribution limit set by the Canadian government. For 2025, the limit is $7,000. Unused contribution room carries forward from previous years. Over-contributing to a TFSA results in a 1% per month penalty tax on the excess amount. Check your available contribution room at any time through your CRA My Account at canada.ca.
TFSA Withdrawals & Re-contribution. When you withdraw from your TFSA, you do not permanently lose that contribution room — it is added back on January 1st of the following calendar year. Do not re-contribute in the same calendar year as a withdrawal unless you have sufficient unused room, as this may result in an over-contribution penalty.
Investment Risk. All investing involves risk, including the possible loss of principal. ETFs such as QQC, XEQT, and VFV are subject to market fluctuations and may decrease in value. Dollar-cost averaging reduces timing risk but does not eliminate the risk of loss. You should only invest money you can afford to leave invested for the long term.
Wealthsimple Referral Disclosure. This guide contains a referral link for Wealthsimple (code: 1ER6YQ). The author may receive a referral bonus when new users sign up and fund an account using this link. This does not affect the cost to you or the bonus you receive. Terms and conditions apply — visit wealthsimple.com for full details.
Wealthsimple Platform. Wealthsimple is a registered investment dealer and portfolio manager in Canada. Securities held in your Wealthsimple account are protected by the Canadian Investor Protection Fund (CIPF) up to $1,000,000 in the event of insolvency. CIPF coverage does not protect against investment losses due to market fluctuations.
Currency & Tax Considerations. ETFs listed on the TSX and purchased in CAD avoid currency conversion fees. However, some ETFs may hold foreign assets and may be subject to foreign withholding taxes on dividends. Investments held outside a registered account (TFSA or RRSP) are subject to capital gains tax upon disposition. Consult a tax professional for advice specific to your situation.