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Selling covered calls and puts on Wealthsimple

Wealthsimple added options trading for Canadians more recently than the older brokers, and it has been expanding what's allowed in steps. That makes "check the current list" the honest answer to most questions about it. Here's what to look for.

Options guide · 6-minute read · Updated 2026-10-26

The short answer

Wealthsimple's trading app has offered options to Canadian clients, including buying calls and puts and selling covered calls. Whether cash-secured puts, spreads or options inside a given registered account are allowed has been added or changed over time. So, for the put half of the wheel strategy, open the app's current options help page and read the list of permitted strategies and account types before you plan anything.

This page describes what is generally true and stable about selling options there. It isn't an endorsement.

How to check what's allowed today

1. In the app, open the options section or the help centre and search "options".
2. Find the list of permitted strategies. Look for "covered call" and "cash-secured put" by name.
3. Find the list of account types that support options. Look for "TFSA", "RRSP" and "non-registered".
4. Note the approval step: Wealthsimple has asked a short set of questions before enabling options. The level it grants decides which of the listed strategies you can use.

If a strategy isn't named on the list, assume it isn't available rather than trying the ticket.

The covered call, where it's allowed

You hold 100 shares of a stock or ETF in the account. In the options view for that stock, choose an expiry, pick a call strike above the price, and sell one contract. The app shows the premium and, on a covered call, notes that the shares back it.

The app's order screen is simple. It won't show you everything a seller wants: check the bid–ask spread and the Open interest on the strike in the chain, and look up the earnings date somewhere before you place the order. Our covered call guide covers every outcome, and how to read an options chain covers the columns.

The cash-secured put, if it's on the list

Where allowed, the app holds the full strike value in cash and you can't sell the put without it. If the stock is below the strike at expiry, you buy 100 shares at the strike. The cash-secured put guide explains what follows.

If short puts aren't on the current list, you can still run half the wheel by buying 100 shares and selling calls.

A worked example (an illustration, not a trade idea)

You hold 100 shares of a made-up stock, XYZ, bought at $50, in a Wealthsimple account approved for covered calls. You sell one 30-day call at the $55 strike for $1.00, collecting $100 less the per-contract fee.

The first row is what a covered call looks like when the stock drops. A tidy app screen doesn't change it.

Account types and currency

• Registered accounts. Covered calls are widely allowed in a TFSA or RRSP at Canadian brokers; whether Wealthsimple allows options, and which ones, in each registered account type is on its current list. Our wheel in a TFSA page covers the rules that apply once the broker allows it.
• US dollars. Wealthsimple has offered USD accounts as a feature, in some cases tied to a paid plan. If you're selling options on US stocks, find out whether your account holds USD or converts each time, since conversion is a cost on every premium.
• Fees. Wealthsimple has charged a per-contract fee on options, with lower rates on higher plan tiers. Check the current amount. A per-contract fee matters most on cheap options; see options fees for sellers.

What the app is good and bad at for a seller

Good: a clean, quick ticket; covered calls on shares you already hold; low friction. Bad, or at least missing: fewer chain columns than a desktop platform, no built-in roll order that we'd count on, and a feature list that has moved. If you sell there, do your checks elsewhere first and treat the app as the place you place the order, not the place you decide it. Options approval levels explained describes what the levels mean across brokers.

Questions