Wealthsimple Referral Bonus Terms 2026: Eligibility, Clawbacks & The 180-Day Rule

Before claiming your Wealthsimple sign up bonus, it’s important to understand the terms and conditions. Get the current Wealthsimple referral code if you haven’t already. This guide breaks down the fine print in plain English so you know exactly what to expect from your referral bonus.

Who is eligible for the Wealthsimple referral bonus?

Who Can Receive a Referral Bonus?

To qualify for the Wealthsimple sign up bonus of $25, you must meet ALL of the following criteria:

My identity verification took less than 5 minutes, I just had to snap a photo of my ID and a selfie. It was much smoother than the manual verification I had to do with my traditional bank.

What Counts as a “New Client”?

• Completed identity verification for any of the above products
• Started registration and funded any investment product

Eligibility note: Prior use of Wealthsimple Tax alone does not necessarily make someone an existing investing client under the referral definition. Check the current definition of “New Client” in the official terms. Wealthsimple states that a qualifying reward is delivered within 24 hours after the required funding is completed and processed.¹

If you’ve opened any of those products before, you’re not considered new for the referral program. Wealthsimple’s definition of “new client” is tied specifically to Self-directed, Crypto, Managed Investing, or Chequing accounts. These are the only products that “count” for the new client definition.

Good news for Tax users: Using Wealthsimple Tax alone doesn’t disqualify you. The official “new client” definition is explicitly limited to investment and chequing products, the tax product is not mentioned. If you’ve only ever used Wealthsimple Tax to file your returns, you’re likely still eligible for the $25 bonus when you open and fund your first investment account.

Reactivation offers: Some users who signed up years ago and never engaged may receive special “reactivation” offers with different terms.

What are the funding requirements?

Minimum Deposit: $100

The minimum deposit required to trigger the standard referral bonus is $100. The bonus has to be earned, but the threshold is well within reach for most new investors looking to open their first account.

30-Day Funding Window

You must fund your account within 30 days of:

• Entering the referral code, OR
• Opening your account (AND if the code was applied during signup)

If you miss this window, the referral relationship expires and no bonus is paid to either party. One detail worth noting: under the June 2026 terms, the funds must be received by Wealthsimple within the 30-day window, so initiate transfers right away. If you already created your account without a code, see our guide on how to add a referral code after signing up.

Slow transfers: Institutional transfers (RRSP, TFSA, LIRA from another bank) can take 2-4 weeks to process. If the sending institution delays your transfer beyond the 30-day window, contact Wealthsimple support with documentation showing when you initiated it.²

Where Can the Deposit Go?

Your qualifying deposit can go into any of these account types:

• ✅ Self-directed Trading account
• ✅ Managed Investing (robo-advisor)
• ✅ Crypto account
• ✅ Chequing account
• ✅ Eligible registered or non-registered wrappers held through Self-directed Trading or Managed Investing; the referred person must be primary holder for a joint account, RESP, or Spousal RRSP

When and where is the bonus paid?

When You’ll Receive Your Bonus

The base bonus is normally deposited within 24 hours after qualifying funding is completed and processed. In rare cases, it may take up to a few business days.

Where the Bonus Is Deposited

Your bonus is deposited into your Wealthsimple Chequing account, not your investment account. (If your app still says “Cash” instead of “Chequing,” don’t worry, Wealthsimple rebranded the Cash account to Chequing to reflect its daily banking features. They’re the same product.)

Why? This is intentional. If the bonus went into your TFSA or RRSP, it would count as a contribution and use up your contribution room. If you have a joint Chequing account, the bonus deposits to the primary holder’s account (whoever initiated the joint account), not the secondary holder’s view. By depositing it into Chequing:

• No contribution room is affected
• It avoids registered-account contribution room
• Keep the $25 within your Wealthsimple account or accounts for 180 days

Important: New clients normally have a Chequing account by the time the bonus pays out. For referrers without one, the terms allow 90 days from notification to open a Chequing account before the bonus is forfeited.

The 180-Day Hold Period

Here’s a critical detail many people miss: you must keep the bonus in your Wealthsimple account for 180 days.

What happens if you withdraw early?

• The bonus amount may be deducted from your withdrawal
• Wealthsimple may deduct the bonus from a final withdrawal amount or otherwise recover it if the bonus is removed during the hold period

Example: You receive a $25 bonus in Chequing. Keep that $25 within your Wealthsimple account or accounts for 180 days; otherwise Wealthsimple may recover it under the promotion terms.¹

Withdrawal rule: The terms require the bonus itself to remain within Wealthsimple for 180 days. They do not state that every unrelated withdrawal automatically triggers a clawback. Keep the reward untouched for the full holding period and confirm any uncertain withdrawal with Wealthsimple Support.

What Happened to the Referral Ladder Tiers?

Wealthsimple closed the tiered Referral Ladder on June 8, 2026. Under the current terms, the referrer earns the same flat $25 per qualifying referral as the new client, regardless of deposit size. Referral relationships created before June 8, 2026 are grandfathered under the old tiered terms, the Referral Ladder closure guide documents the retired tiers and the grandfathering rules.

You can also compare promotional offers vs referral bonuses to decide which is more valuable for your situation.

Is the Wealthsimple referral bonus taxable?

No Tax Slips Issued

Wealthsimple does not issue tax slips (like T4A) for referral bonuses. However, this doesn’t mean the income is tax-free.³

Your Reporting Responsibility

Technically, referral bonuses may be considered taxable income. Whether you need to report it depends on:

• Your overall tax situation
• The total amount received
• Whether you’re treating it as casual income or part of a business

Tax treatment depends on your circumstances. Wealthsimple says it does not issue a tax slip for bonuses paid to a non-registered account; consult a tax professional for personal guidance. If you’re already filing with Wealthsimple Tax, it simplifies tracking, see our Wealthsimple Tax review for how the platform handles reporting.

Why Bonuses Go to Chequing, Not TFSA

If your $25 bonus was deposited directly into your TFSA, it would:

• Count as a contribution
• Use up $25 of your contribution room
• Potentially cause over-contribution if you’re near your limit

By depositing to Chequing, Wealthsimple avoids this problem entirely.

What disqualifies you from the referral bonus?

Wealthsimple may reject your referral if:

Self-Referral Is Not Allowed

Attempting to create multiple accounts to refer yourself is against the terms and can result in:

• Forfeiture of all bonuses
• Account suspension
• Permanent ban from the platform

Quebec Residents

Most Wealthsimple promotions and referral bonuses are available to Quebec residents, but some specific promotions may be excluded. Always check the specific terms of any promotion if you’re in Quebec. For a broader overview of what Wealthsimple offers across all provinces, see our complete Wealthsimple guide.

Getting Your Bonus: Quick Checklist

Before signing up, make sure you can check all these boxes:

• I’ve never had a Wealthsimple investment account
• I’m a Canadian resident of legal age
• I will fund my account within 30 days
• I have (or will open) a Wealthsimple Chequing account
• I won’t withdraw the bonus for 180 days

If everything checks out:

Sign up with referral code PGVORW and get your $25 bonus.

Related Articles

• Wealthsimple Guide: Overview, Products & Referral Program
• How to Add a Referral Code After Signing Up
• Wealthsimple Referral Ladder Closed (June 2026): What Replaced It

Frequently Asked Questions

What if I withdraw my original deposit but leave the bonus?

The current terms require the $25 bonus, not the qualifying $100, to remain within your Wealthsimple account or accounts for 180 days. If the bonus is removed, Wealthsimple may deduct or otherwise recover it.

Is there a limit to how many people I can refer?

No. Once you’re a Wealthsimple client, you can refer unlimited friends and earn at least $25 for each successful referral.

Is the Wealthsimple sign up bonus worth it?

Yes, the bonus is worth it. For a $100 minimum deposit, you get $25 in free cash, that is a $25 promotional reward against a $100 funding requirement, not an investment return. If you’re transferring larger amounts ($25,000+), the transfer match promotion can stack on top of it.

Do I get a T5 or T4A slip for my referral bonus?

Wealthsimple says it does not issue a tax slip for a referral bonus paid to a non-registered account. However, this does not mean the income is tax-free; you are still responsible for reporting it to the CRA as “other income” if required.

Will I lose my bonus if my portfolio drops below the deposit requirement?

Generally, no. Wealthsimple’s clawback policy applies to withdrawals, not market performance. If you deposit the required funds and the market value drops, you typically keep your bonus. You only risk losing it if you actively withdraw funds that bring your net deposits below the threshold during the hold period.

Who gets the bonus if I open a Spousal RRSP?

For a Spousal RRSP, the referred person must be the primary account holder registered for the promotion. A secondary holder is not eligible for the bonus in that capacity.

Is there a special Wealthsimple referral code for students?

No. However, the standard referral code (PGVORW) is highly recommended for students because it triggers the $25 cash bonus with a minimum deposit of only $100. The threshold is achievable for most new investors looking to open their first account.

I have a TFSA. Can I use a code if I open a new RRSP?

No. The referral program is strictly for new clients who have never had a Wealthsimple investment or chequing account before. If you already hold any Wealthsimple investment account (Self-directed, Crypto, Managed) or Chequing account, opening a secondary account type (like an RRSP) does not make you eligible for a new client referral bonus.

I only use Wealthsimple Tax. Am I still eligible for a referral bonus?

Yes, in most cases. The official referral terms define a “new client” as someone who has not previously opened a Self-directed, Crypto, Managed Investing, or Chequing account. Wealthsimple Tax is notably absent from this definition. If you’ve only ever used Wealthsimple Tax to file your returns, you’re likely still considered a new client and can claim the $25 bonus when you open and fund your first investment account.

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