How much is the Wealthsimple referral bonus?
The Wealthsimple referral bonus is $25 CAD to the new client and $25 CAD to the referrer. To qualify, the new client signs up with a referral code and deposits at least $100 from a bank outside Wealthsimple within 30 days.
The bonus reaches the Wealthsimple Cash account 24–48 hours after the deposit clears, and is then held for 180 days — investable inside Wealthsimple, but not withdrawable. There is no cap on referrals.
What each side receives
| Who / what | Amount | Condition |
|---|---|---|
| New client | $25 CAD | Deposit $100+ from an external bank within 30 days of signing up |
| Referrer | $25 CAD | Paid once the new client meets the condition above |
| Annual cap | None | Unlimited referrals |
| Withdrawal hold | 180 days | Bonus only — your own deposit is never locked |
| Provinces | All | Quebec included |
The even split is worth noting. A number of Canadian referral programs pay the referrer several times what the new customer receives — here both sides get the same $25.
When the Wealthsimple referral bonus actually arrives
Most reports of a "missing" bonus are really just settlement time. Here is the realistic sequence:
| Stage | Timing | What's happening |
|---|---|---|
| Sign up | Day 0 | Referral code applied during account creation |
| Deposit | Day 0–30 | $100+ sent from an external bank |
| Settlement | +2–4 business days | Transfer clears — varies by sending bank |
| Bonus paid | +24–48 hours | $25 appears in Wealthsimple Cash |
| Hold expires | +180 days | Bonus becomes withdrawable |
Check whether your deposit has settled rather than merely showing as pending. A pending transfer has not triggered anything yet, and that accounts for most of the delay people report. End to end, about a week is normal.
The 180-day hold explained
This is the condition most pages covering the Wealthsimple referral bonus leave out entirely, and it is the one that determines whether the offer suits you.
| Permitted during the hold | Not permitted |
|---|---|
| Holding it in Cash and earning interest. Moving it into an investing, TFSA, RRSP or crypto account and investing it. | Withdrawing it to an external bank, or transferring it out of Wealthsimple. |
The $100 you deposited yourself is unaffected and can be withdrawn at any time. The hold attaches to the $25 alone.
Practically: this is a fine return if you were opening a Wealthsimple account anyway. It is a poor one if the plan was to deposit $100, take $25, and close the account next week. That does not work here.
Is the Wealthsimple referral bonus taxable?
Cash bonuses paid by financial institutions can be treated by the CRA as taxable income, generally reported as other income. At $25 the amount will often not generate a tax slip — but the absence of a slip does not by itself change how the amount should be treated.
If you are referring people at volume, this matters more than it does for a single $25 bonus, because the total adds up and there is no cap limiting it. This page is not tax advice — speak to a tax professional about your own situation.
How it compares to other Canadian referral bonuses
Wealthsimple's $25 is modest per referral. What makes it unusual is the absence of an annual ceiling:
| Program | Per referral | Annual cap |
|---|---|---|
| Wealthsimple | $25 to each side | None |
| Simplii Financial | $50 new client / $125 referrer | 50 rewards |
| Questrade | Varies by offer | 30 rewards |
| Tangerine | Varies by offer | 6 rewards |
A capped program with a larger per-referral payout produces more money than Wealthsimple up to the cap, and nothing after it. An uncapped $25 keeps paying. Which is better depends entirely on how many people you actually refer — for most individuals, a handful a year, the larger capped bonus wins. The Questrade comparison covers this in detail.