Wealthsimple referral rules explained in plain English

Wealthsimple's official terms are written in legal language. This page walks through them in plain English, one rule at a time. Everything here reflects the terms at the time of last verification. If anything differs from the official page, the official page wins.

The rules in order

1. Be a Canadian resident who has reached the age of majority in your province or territory.
2. Be a new client: never opened a Wealthsimple Trade, Crypto, Managed or Chequing account before.
3. Sign up with a referral link or code, such as LUML7A.
4. Fund the new account with $100+ from outside Wealthsimple within 30 days.
5. Have or open a Wealthsimple Chequing account within 90 days.
6. Keep the $25 bonus in your account for 180 days.

Who is eligible

The program is for new clients. If you've opened any Wealthsimple Trade (self-directed), Crypto, Managed or Chequing account in the past, you can't be referred, even if it's now closed. Filing taxes with Wealthsimple Tax doesn't count against you. You must live in Canada and be at least the age of majority where you live. On joint accounts, RESPs and spousal RRSPs, only the primary account holder can register a referral.

Using the code

The simplest way is to open the referral link, which applies the code automatically. If you signed up without one, you have 7 days from your first funding to enter a code in the Rewards Centre. See how to add a code after signup. Cross-referrals are not allowed: two people can't refer each other.

The funding requirement

You need to deposit at least $100 into your new account within 30 days of opening it. The money must come from outside Wealthsimple: a deposit from another bank or a transfer from another institution. These don't count:

• Peer-to-peer transfers from other Wealthsimple users.
• Wealthsimple bonuses, rewards or credits.
• Deposits from Wealthsimple affiliates.

If you're transferring an account from another institution, start early; transfers can take days or weeks. For single-account transfers of $25,000 or more, Wealthsimple may reimburse the other institution's transfer-out fees under the official terms.

Getting paid

Once qualifying funding is processed, the bonus is usually paid within 24 hours. It goes into your Wealthsimple Chequing account. If you don't have one, you have 90 days to open it; otherwise the bonus is forfeited. The person who referred you receives their $25 at the same time.

Keeping the bonus

Leave the bonus in your account for 180 days. Withdrawing it earlier, or letting your balance drop below it, can lead Wealthsimple to take it back. Bonuses can also be reversed if the qualifying deposit is pulled back or the rules weren't met.

Taxes and changes

There may be tax implications. Wealthsimple does not issue a tax slip for bonuses paid into non-registered accounts; ask a tax professional about your situation. Wealthsimple can change or end the program at any time. If your bonus hasn't arrived, work through the bonus not received checklist, and if you're unsure which code to use, read referral vs promo vs invite code.