Prediction markets are coming to Canada.
This week, Wealthsimple announced it will launch a prediction markets app in partnership with the US exchange Kalshi. Under Canadian law, users can only bet on outcomes related to climate, the economy, and financial markets—for now.
This type of futures trading has surged in popularity in the US, where users can also bet on sports, politics, and more. Though Interactive Brokers Canada offers prediction trading and Questrade has signalled its interest, Wealthsimple (whose vice-president of payments strategy and chief compliance officer, Hanna Zaidi, sits on BetaKit’s board of directors) would be the first to bring the markets to a mainstream Canadian audience legally.
Wealthsimple’s announcement comes shortly after US trading platform Robinhood entered Canada. The company has seen a huge revenue boost from prediction market trading and represents a direct competitor to Wealthsimple.
This might help explain why Wealthsimple sees prediction markets as worth the gamble. The controversial industry has been accused of facilitating insider trading, influencing elections, and encouraging gambling, as the majority of registered accounts lose money. In the US, users have made suspiciously well-timed bets on military actions, like the capture of Venezuelan president Nicolás Maduro and airstrikes in Iran.
All this has alienated some Wealthsimple customers, if chatter on X and Reddit is any indication. It also sparked criticism among Canadian tech leaders like Cohere’s Nick Frosst, who called prediction markets “bad for Canada.”
Wealthsimple co-founder and chief product officer Brett Huneycutt acknowledged that futures trading is not for everyone, and that’s part of why the company is making a separate app. This way, users’ retirement savings won’t be connected to their wagers (but it likely won’t be difficult to transfer funds over). He also drew hard lines: while other platforms allow investors to profit from violence, terrorism, or death, Huneycutt claimed Wealthsimple will “never offer” those markets.
For a company that likes to keep things simple, Wealthsimple is now entering one of the most complex emerging industries. If only there were a platform to predict if this bet will pay off.
Madison McLauchlan
Reporter, Montréal
Manufacturing Innovation Could Qualify for SR&ED
Manufacturers solve tough technical problems every day, improving processes, testing new materials, building prototypes, automating production, and finding better ways to deliver quality at scale. Some of that work may qualify for SR&ED tax credits.
Boast helps Canadian manufacturers identify eligible R&D activities, organize the right documentation, and prepare stronger claims with a combination of SR&ED expertise and purpose-built technology. Whether your team is refining production methods, developing new products, or solving technical uncertainty on the shop floor, Boast can help you understand what may qualify.
Start with a free SR&ED eligibility assessment and see how much value your manufacturing innovation could unlock.
Bill C-22 passes third reading after Liberals adopt measures to limit debate
The House of Commons broke for the summer a day early after adopting a Liberal motion to limit debate on the controversial Lawful Access Act. The measure was designed to rush forward a data collection bill that’s been denounced by many tech companies and leaders.
The government also unveiled long-awaited reforms to Canada’s privacy laws this week, which proposes a new “super-regulator,” and banned deepfakes of political figures.
Meet the AI company tracking the foreign actors stoking Alberta separatism
Edmonton and Regina-based Cipher AI is using AI to track, quantify, and ultimately combat the online disinformation and foreign influence its founders say are inflaming the conversation around the province’s nascent separatist movement.
AI experts want a middle-power coalition to set safety guardrails. Some think Canada could lead it
Behind closed doors at the British High Commission in Ottawa, leaders from various government-associated AI policy organizations suggested that middle powers could create a new, influential authority that forces AI companies to adopt guardrails.
Developments at the BDC
- After being renewed for a second term, BDC CEO Isabelle Hudon sat down with BetaKit to talk about AI, direct investing, and staff turnover at Canada’s largest VC.
- A new report from BDC and The Icebreaker has found that many Canadian SMBs face significant barriers entering the country’s defence sector.
- A former BDC Capital principal is suing the Crown corporation for alleged wrongful termination, claiming he raised concerns about a “hostile work environment” and investment governance.
Cohere sees “huge” inbound after the US blocks Anthropic’s latest models
Cohere’s chief AI officer, Joelle Pineau, says the Toronto-based AI scaleup has been hearing more from potential customers who want control over a predictable tech stack after the US government blocked access to Anthropic’s latest large language model.
Saskatoon angel investor Jesse Wiebe charged with indecent act while unlawfully entering home
Angel investor and Canadian Startup Capital Association founder Jesse Wiebe has been charged by the Saskatoon police. Wiebe reportedly attended court on the same day he publicly shared struggles with sobriety and mental health in a LinkedIn post.
Shopify shareholders vote down responsible AI proposal
Approximately 86 percent of Shopify shareholders voted to reject a proposal raised at its annual general meeting that called on the company to pledge that it would respect human rights and align with international standards when using AI.
The following day, Shopify introduced more than 150 product updates in the spring 2026 iteration of the biannual Shopify Editions newsletter, including a new physical returns workflow and many improvements to its agentic commerce and AI offerings.
FEATURED STORIES FROM OUR PARTNERS
How IDMTC and SR&ED can help Canadian tech companies stretch their R&D budgets
Boast helps Canadian tech companies successfully navigate IDMTC and SR&ED tax incentives to extend their future R&D runway.
🇨🇦 Weekly Canadian Deals, Dollars & More
AB – Alberta Innovates invests $14M to commercialize local tech
CGY – HelloFresh subsidiary Factor opens new distribution centre
CGY – Showpass to acquire campus engagement platform Bounce
BRA – MDA Space to buy Raytheon’s satellite maker for $620M USD
TOR – Realize raises $227M for one of Canada’s largest impact funds
TOR – June Health closes $2.4M to expand women’s health platform
TOR – BrokerPlus launches to disrupt “antiquated” mortgage industry
TOR – 1Password acquires Apono to create “a unified control plane”
TOR – Questrade launches custom indexing amid massive IPOs
MRK – NordSpace opens new rocket factory headquarters
OTT – Fellow surpasses 5K customers after rebooting for the AI era
MTL – Nuvei to buy Payoneer for $2.75B USD
MTL – NorthStar secures $40M to track space threats for the RCAF
FRD – Picketa raises $2.1M to help improve crop yields
The BetaKit Podcast – Did the Anthropic model ban prove Cohere is right about sovereign AI?
“If your entire technology is coming from a single country, and that country decides that every now and again they’re going to shut off access to you, that’s not a foundation you can build on.”
The US government just ordered Anthropic to ban access to its most advanced AI models, Fable 5 and Mythos 5. Seems like now is a good time to talk about sovereign AI.
Cohere co-founder Nick Frosst joins to discuss how Canada’s AI champion is built different than the other frontier LLM providers, how Star Trek informs the type of AI future the company is trying to create, and why he doesn’t make a point of listening to Marc Andreessen about AGI.
Read BetaKit Most Ambitious 2026.
In the 21st century, there is no sovereignty without technology.
Meet the nearly 100 Canadian innovators strengthening our nation’s autonomy, security, and prosperity in BetaKit Most Ambitious.
Featured image courtesy Wealthsimple.