Wealthsimple Referral Ladder Challenge 2025: Earn Up to $5,000
Learn how the Wealthsimple Referral Ladder Challenge works and how to earn up to $5,000 in cash bonuses when transferring large portfolios.
Most people know about Wealthsimple’s standard $25 referral bonus, but did you know you can earn up to $5,000 for a single referral? The Referral Ladder Challenge offers tiered Wealthsimple sign up bonuses based on how much you deposit—making it one of the most lucrative fintech referral programs in Canada.
What Is the Referral Ladder Challenge?
The Referral Ladder Challenge is Wealthsimple’s tiered bonus structure that scales your reward based on your net funding amount. The more you deposit, the bigger your bonus.
This program is active through December 31, 2025, and targets investors transferring significant assets from traditional banks.
The Complete Bonus Tiers
Here’s the full breakdown of how much you can earn:
| Your Net Funding Amount | Base Bonus | Additional Bonus | Total Bonus |
|---|---|---|---|
| $1 – $999 | $25 | $0 | $25 |
| $1,000 – $9,999 | $25 | $25 | $50 |
| $10,000 – $49,999 | $25 | $75 | $100 |
| $50,000 – $99,999 | $25 | $175 | $200 |
| $100,000 – $499,999 | $25 | $475 | $500 |
| $500,000 – $999,999 | $25 | $1,475 | $1,500 |
| $1,000,000+ | $25 | $4,975 | $5,000 |
What Is “Net Funding”?
Net funding is your total deposits minus any withdrawals during the funding period. This prevents gaming the system by depositing and immediately withdrawing.
Example: If you deposit $100,000 and withdraw $10,000 within the funding period, your net funding is $90,000, qualifying you for the $200 tier, not the $500 tier.
How the Ladder Works
Step 1: Sign Up with a Referral Code
You must use a valid referral code or link when creating your account.
👉 Sign up with referral code 9C6DMQ
Step 2: Fund Within 30 Days (or 90 Days for Transfers)
Wealthsimple gives you different windows depending on how you fund:
| Funding Method | Time Window |
|---|---|
| Direct bank transfer (EFT) | 30 days |
| Institutional transfer (TFSA, RRSP, etc.) | 90 days |
The extended 90-day window for institutional transfers acknowledges that bank-to-bank transfers can take 2-4 weeks due to paperwork.
Important: A direct institutional transfer (using form T2033 for registered accounts) moves funds between plans without touching your contribution room. This is different from withdrawing and redepositing, which would consume TFSA/RRSP room. Always let Wealthsimple initiate the transfer—don’t withdraw the money yourself.
Step 3: Reach Your Target Tier
You have the full funding period to accumulate deposits. Multiple deposits count toward your total.
Example: You deposit $50,000 immediately, then transfer your RRSP worth $60,000 that arrives 3 weeks later. Your total is $110,000, qualifying you for the $500 bonus.
Step 4: Receive Your Bonus
Bonuses are typically paid within 24 hours of reaching your tier, though you’ll receive the additional ladder bonus after the funding window closes and your net funding is confirmed.
The Math: Is the Ladder Worth It?
Let’s compare Wealthsimple’s referral ladder to typical bank transfer offers:
Scenario: Transferring $200,000
| Platform | Bonus | Requirements |
|---|---|---|
| Wealthsimple | $500 | Use referral code, transfer within 90 days |
| TD Bank | $200-300 | Often requires new accounts + credit products |
| RBC | $100-200 | Typically requires advisor meeting |
| Big Bank Average | ~$200 | Complex requirements, limited availability |
Winner: Wealthsimple – 2-3x higher bonus with simpler requirements.
Scenario: Transferring $1,000,000
| Platform | Bonus | Notes |
|---|---|---|
| Wealthsimple | $5,000 | Cash bonus, no strings attached |
| Private Banks | Varies | Often negotiate fee waivers instead |
| Robo-advisors | $0-500 | Most don’t have programs this large |
At the $1M+ level, Wealthsimple’s $5,000 sign up bonus is effectively a 0.5% signing bonus—comparable to negotiated fee reductions at private wealth managers.
Looking for device promotions instead? If you’re transferring $100K+, Wealthsimple sometimes offers iPhone or MacBook promotions as an alternative to the cash bonus. 👉 Compare device promotions at $100K+ vs cash bonuses
Combining with Transfer Fee Reimbursement
Here’s where the math gets even better: Wealthsimple also reimburses transfer-out fees charged by your old bank.
Current Policy (As of April 2025)
- Minimum transfer: $25,000 (increased from $15,000 in April 2025)
- Reimbursement: One transfer-out fee per institution (typically $135-$150)
- Timeline: Reimbursement appears within 2 business days
- Hold period: Account must stay funded for 90 days
Heads up: If you have older bookmarks or saw Reddit posts mentioning a $15,000 minimum, that policy changed in April 2025. The new minimum is $25,000.
Combined Savings Example
Transferring $100,000 from TD Bank:
| Benefit | Amount |
|---|---|
| Referral ladder bonus | $500 |
| Transfer fee reimbursement | $150 |
| Total immediate value | $650 |
Plus, if you’re moving to Premium status ($100K+ in assets), you also unlock:
- Lower management fees (0.4% vs 0.5%)
- Free USD account ($120/year value)
- Higher interest rates (1.75% vs 1.25%)
👉 Learn more: Core vs Premium vs Generation
Who Should Use the Referral Ladder?
The ladder is ideal for:
✅ RRSP/TFSA Consolidators
If you have retirement accounts scattered across multiple institutions, consolidating everything at Wealthsimple can trigger a significant bonus while simplifying your financial life.
✅ Bank Leavers
Frustrated with your Big Five bank’s high fees and poor service? The combination of referral bonus + transfer fee reimbursement makes switching basically free.
✅ Inheritance Recipients
Received a significant inheritance? Starting fresh at Wealthsimple with a referral code maximizes your initial value.
✅ Downsizers
Selling a home and looking to invest proceeds? $500,000+ in proceeds from a home sale gets you a $1,500 bonus.
Common Questions About the Ladder
Does the Bonus Tier Apply to the Referrer Too?
Yes! The person who referred you also receives the corresponding bonus amount. This is why the ladder is sometimes called a “challenge”—it incentivizes referrers to target high-value individuals.
Can I Split My Deposits to Get Multiple Bonuses?
No. Only one referral bonus relationship exists per client. Your total net funding determines your single tier.
What If My Transfer Takes Longer Than 90 Days?
Delays caused by the sending institution (documented) may be accommodated. Contact Wealthsimple support with evidence of when you initiated the transfer.
Are Referral Bonuses Taxable?
Wealthsimple doesn’t issue tax slips for referral bonuses, but the income may still be reportable. Consult a tax professional, especially for larger amounts.
Ready to Maximize Your Transfer Bonus?
If you’re planning to move a significant portfolio to Wealthsimple, here’s your action plan:
- Sign up with referral code 9C6DMQ
- Verify your identity (takes minutes)
- Initiate your institutional transfer
- Watch your bonus grow as funds arrive
The Referral Ladder Challenge is one of the best-kept secrets in Canadian fintech. Don’t leave money on the table.
Related Articles
- Wealthsimple Referral Code 2025: Ultimate Guide
- Referral Bonus Terms & Conditions Explained
- Wealthsimple vs Questrade Fees 2025
- Wealthsimple Core vs Premium vs Generation
Frequently Asked Questions
What’s the minimum to get more than $25?
$1,000. Once you deposit $1,000+, you qualify for the $50 tier, representing a 100% increase over the base bonus.
Can I transfer my pension to get the bonus?
If you have a locked-in account (LIRA) or defined contribution pension, you can transfer it and it will count 100% toward your Referral Ladder tier. Group RRSPs from former employers are also eligible.These transfers often take 3-4 weeks to process, so ensure you initiate them well before the deadline.
How long do I need to keep the money at Wealthsimple?
The referral bonus has a 180-day hold. The transfer fee reimbursement requires a 90-day hold. Plan to keep funds invested for at least 6 months.
What’s the best Wealthsimple sign up bonus?
The best sign up bonus depends on your deposit amount. For most people, the referral code giving $25 for just $1 is ideal. For high-net-worth transfers ($100K+), either the tiered cash bonus (up to $5,000) or a device promotion may be more valuable.
Can I refer my spouse to the Referral Ladder if we live at the same address?
Yes. Wealthsimple does not restrict referral bonuses based on household address. If your spouse is a new client (meaning they have never held a Wealthsimple investment or chequing account), you can refer them.
Will I receive a T4A tax slip for the referral bonus?
No. Wealthsimple states in their terms that they do not issue T4A slips for referral bonuses paid into non-registered accounts. However, because the bonus is a cash incentive, it is technically considered taxable income by the CRA, and you are responsible for reporting it.
Can I earn the Referral Ladder bonus on a Corporate Account?
Yes, Corporate accounts are eligible. If you are opening a new Corporate Investing account, it counts as a “new client” relationship. However, Wealthsimple usually deposits the cash bonus into a personal non-registered account (like a Cash account) linked to your profile to simplify the tax reporting for your corporation.
What happens if my deposit drops in value due to the market?
You will not lose your bonus. Wealthsimple calculates your tier based on Net Funding (total deposits minus total withdrawals). If you deposit $100,000 and the market value drops to $90,000, your “Net Funding” is still $100,000. You only risk a clawback if you actively withdraw funds that drop your net funding below the tier threshold.
About the Author
Isabelle Reuben is a freelance finance writer dedicated to exploring how platforms like Wealthsimple help Canadians invest smarter. She shares insights on referral bonuses, investing strategies, and financial tools to help bring financial literacy closer to everyone.
