Terms & Conditions
The Wealthsimple IWD Referral Campaign described below (the “Promotion”) begins on March 8, 2020 at 12:00AM ET and ends on April 5, 2020 at 11:59PM ET (the “Promotion Period”). The Promotion is intended for use by Wealthsimple Inc. (“Wealthsimple”) clients (each a “Client”) to refer their friends (each a “Potential Client”) to sign up for Wealthsimple Invest or Wealthsimple Cash. By participating in the Promotion, the Client hereby agrees to the terms and conditions outlined below:
If the following conditions are met with respect to a referral, the Client will qualify for the Promotion and receive a bonus from Wealthsimple of $500 CDN (the “Cash Reward”):
- The Client maintains at least $250 CDN in deposits in one or more Invest/Cash account/s in the Client’s name throughout the entire Promotion Period;
- The Client refers three or more Potential Clients who sign up for a new Wealthsimple Invest/Cash account using the Client’s unique referral code associated with the Client’s Wealthsimple account (any two of whom are referred to as the “Referred Clients”);
- The Referred Clients each applies for and opens a new (a) Wealthsimple Invest account: TFSA, Non-registered (Individual or Joint), RRSP, Spousal RRSP, RRIF, Spousal RRIF, and Corporate; and/or a new (b) Wealthsimple Cash account (collectively, the “Promotion Account”);
- The Referred Clients each successfully deposits a minimum of $250 CDN in their Promotion Account (the “Minimum Balance”) during the Promotion Period; and
- The Referred Clients each maintains the Minimum Balance in their Promotion Account for 90 days after the Client receives the Cash Reward (the “Holding Period”).
- Clients who are eligible to receive a Cash Reward will receive a deposit of $500 CDN into their Wealthsimple account within 14 business days of qualification. Wealthsimple reserves the right in its sole discretion to determine whether the Client qualifies for the Cash Reward.
- The Promotion is available by email invite only to a select group of Clients.
- The Client and each of the Referred Clients must be Canadian residents.
- No more than one Cash Reward will be awarded to a Client in respect of this Promotion.
- The Referred Clients must not be existing Wealthsimple registrants at the time the Client made the referral to them. For example, an existing client of Wealthsimple Trade cannot be considered a Referred Client for the purposes of this promotion.
- If the Client has more than one Wealthsimple account, we will deposit the Cash Reward based on the following hierarchy (the Client cannot choose):
- Cash (Individual)
- Smart Savings (Individual)
- Personal (Individual)
- Personal (Joint)
- Smart Savings (Joint)
- Spousal RRSP
- Spousal RRIF
- If during the Holding Period, a Referred Client’s net new assets fall below the Minimum Balance due to market fluctuations, the Client may still be eligible for the Cash Reward.
- This Referral Campaign offer may be combined with other offers.
- The Referred Clients’ Promotion Accounts must be in good standing throughout the Holding Period.
- Wealthsimple may cancel, revise, or change the terms of the Promotion (including the Promotion Period) at any time. If we modify these terms, we will post the modification on this page, upon which time the modified terms are effective. Continued participation in the Referral Program after any modification shall constitute consent to such modification.
- There may be tax implications to the Cash Reward. For registered accounts, no tax receipt will be issued for a Cash Reward. If you require tax advice, please contact your personal tax advisor.
- Other restrictions may apply.
How do I know if I qualified for the Cash Reward?
You can track the people you referred to Wealthsimple in the “Rewards” page when you're logged in. If you qualify for the Cash Reward, you will receive an email confirmation of your $500 bonus.
What do my referrals get for signing up and funding their account?
Each Referred Client will receive $10,000 managed for free for one year.
Do I still get $10,000 managed free for each referral on top of the bonus?
Yes, for each person you refer who deposits at least $10 into a new Wealthsimple account, you'll automatically receive an additional $10,000 of assets managed for free for one year.
What if I referred someone and they didn't use my referral link?
The Referred Client can go to their Rewards page (on a web browser) and add your referral code retroactively so long as they do it within 30 days of registering with Wealthsimple. You can find your referral code in the email you received from us about the Promotion.
What is my referral code and how do I send it to people?
Simply navigate to the Rewards page on your Wealthsimple account, and you’ll see a URL in the middle of the screen. This is your personalized referral code that you can share with friends and family.
I have referred more than 3 people, can I get a larger bonus?
No - please note that the cash bonus amount rewarded will not change even if you refer more than 3 people. However, for each person you refer, you will still receive $10,000 managed for free for one year.
For example: 4 referrals means $40,000 managed for free for one year on your account, but the cash bonus amount still remains $500.
When do my referrals need to fund their account by?
Each of your referrals must successfully deposit funds into their new Wealthsimple Invest or Cash account by 11:59 PM by April 5, 2020. Referrals who deposit funds into their account after the end of the promotional period will not count towards this promotion.
I invited a friend to join Wealthsimple before the promotion started on March 8, but they didn’t sign up until now, will they count towards this promotion?
You will receive credit for any referral who signs up and funds a new Wealthsimple Invest/Cash account with at least $250 between March 8 and April 5, 2020.
I invited a friend to Wealthsimple who signed up before the promotional period, will they count towards this promotion?
No, you will only receive credit for any referral who signs up and funds a new Wealthsimple Invest/Cash account with at least $250 between March 8 and April 5, 2020.
My referral transferred an account to Wealthsimple but the deposit did not hit their account until after the promotional period ended, will this count towards the promotion?
Each of your referrals must successfully deposit funds into their new Wealthsimple account by 11:59 PM by April 5, 2020. Deposits typically take 1-2 business days to successfully transfer, so your referral should initiate their deposit by April 2 in order for the funds to hit the account by April 5. Referrals who deposit funds into their account after the end of the promotional period will not count towards this promotions.
If I refer 1 or 2 friends during the promotion, will I receive a partial cash reward?
No, there will be no partial cash credit awarded in this promotion. However, for each person you refer, you will both still receive $10,000 managed for free for one year.
My referral opened and funded a Wealthsimple Trade account. Does this count towards earning the bonus?
No, eligible referrals must open and fund a Wealthsimple Invest or Cash account.
My referral was unable to open or fund their account due to a delay caused by Wealthsimple. Will these referrals count towards this promotion?
If the delay was caused by Wealthsimple, but your referral initiated the deposit by April 2, then we will count it towards this promotion. Deposits typically take 1-2 business days to hit the account, so your referral would have had to initiate the deposit by April 2 in order for the funds to hit the account by April 3.
We will check the status of delayed payouts on May 25, 2020 and, if eligible, we will initiate your bonus payout. Payouts may take up to 14 business days to reflect in your account. Delayed payouts after May 25 will no longer be considered eligible for this promotion.