Is Wealthsimple a bank? Not exactly, but it’s launching new “banking” services + MORE Jun 12th

The federal government is moving to shore up a historically weak summer job market for students even as one economist argues tough employment prospects for young people suggest broader softness in the job market.

Statistics Canada shone a light on the difficult employment prospects for students heading back to school this fall in its May jobs report last Friday (June 5).

Roughly one in five returning students aged 15 to 24 was unemployed in May, the agency said. The last time the jobless rate for students was this high outside the pandemic was in May 2009.

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Canada Summer Jobs program is expanding

Also on Friday, the federal government announced an expansion of the Canada Summer Jobs program, which offers wage subsidies to businesses hiring young people for seasonal work.

Ottawa says it plans to subsidize an additional 6,000 jobs on top of the 70,000 already planned for employers participating in the annual program…

Canadians aren’t short of credit card options, that’s for sure. At an average of two to three credit cards per person, we have more credit cards than debit cards in our wallets. But there’s still room for one more, suggests Wealthsimple with its recently launched bank-like offerings, including two new cash back options: a new-ish credit card and a revamped savings account. Why now? Why another credit card and chequing account? And what’s happening with Wealthsimple Cash? Let’s find out.

Wealthsimple launch highlights

The new credit card: Wealthsimple Visa Infinite

The revamped cash account: Wealthsimple Chequing

What happens if you already have Wealthsimple Cash

Alternatives to Wealthsimple

More Wealthsimple news to come

Why now, Wealthsimple? 

At what felt like an Apple product launch, with a live event (at Toronto’s Evergreen Brick Works) and streaming to over 110,000 Canadians, Wealthsimple announced a new credit card and chequing account, both under a campaign called “The End of Banking?” It’s clear that the move is to compete against Canada’s big banks…

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