Terms & Conditions

Wealthsimple Cash Direct Deposit Cash Bonus Promotion  (the “Promotion”)

This Promotion is sponsored by Wealthsimple Technologies Inc. (together with its affiliates  “Wealthsimple”). 

Promotion Period. From July 29, 2024 at 12:01AM ET to October 1, 2024 at 11:59PM ET (the “Promotion Period”).

Eligibility. To be eligible for the Promotion, the person must:

• be a new or existing Wealthsimple Cash account (“Cash Account”) user, with all Wealthsimple accounts in good standing at the time of participation;
• be a legal resident of Canada;
• be the age of majority, or older, in their province/territory of residence at the time of participation; 
• not have previously had any direct deposit settled in their Cash account; and
• meet the requirements set out below.

(the “Client”).

Qualifying Action. To participate in the Promotion, eligible Clients must set up direct deposit during the Promotion Period and have at least $2,000 deposited into their Cash Account (“Qualifying Deposit”) for a minimum of three (3) consecutive months via direct deposit (the “Qualifying Action”). Qualifying Deposit may consist of multiple direct deposits provided the total deposit amount meets the $2,000 per month minimum requirement. The first month’s Qualifying Deposit must settle in the Client’s Cash Account within the Promotion Period to be eligible for the Bonus (as defined below). Wealthsimple reserves the right to determine whether the deposit(s) satisfy the criteria to be eligible.  

There are no fees associated with the creation of a Cash Account. A Client can open a Cash Account by visiting https://www.wealthsimple.com/en-ca and following the instructions on how to create an account. 

If the Client’s Cash Account is a joint account (each a “Joint Account”) where there is a primary account holder (the individual who opened the Joint Account) and secondary account holder (the individual who received an invitation to join the Joint Account), any Qualifying Deposits to the Joint Account made by the primary or the secondary account holder will be treated as if they were contributed by the primary account holder. Any Bonus applied per these terms and conditions would be towards the primary account holder. For greater certainty, the secondary account holder will not be eligible for a Bonus on Qualifying Deposits made to the Joint Account. In the event the primary account holder is ineligible to participate in this Promotion due to previous direct deposits, any direct deposits made to the Joint Account will not qualify as Qualifying Deposits. The ineligibility of a primary account holder of a Joint Account will not affect the secondary account holder’s ability to participate in this Promotion, as long as the Qualifying Deposits are not deposited into the Joint Account.

Bonus. Once the first Qualifying Deposit requirement is satisfied, the bonus amount of CAD$100 (the “Bonus”) will be applied to the Client’s primary individual Cash Account within ten (10) business days of the end of the Promotion Period. All Wealthsimple account(s) must be in good standing at the time the Bonus is applied. In the event the Client did not fully complete the Qualifying Action, Wealthsimple may deduct the Bonus from their Cash Account or otherwise recovered by Wealthsimple. Limit one (1) Bonus per Client. This Bonus is non-transferrable, and cannot be applied retroactively. The Bonus remains subject to change, at Wealthsimple’s sole discretion.

There are tax implications to bonuses of this nature in most instances. Please consult with an accountant or tax professional for additional guidance. Wealthsimple will not be issuing clients a tax slip to report Bonus paid. Clients are solely responsible for any required tax reporting.

Unless specified in the terms of other promotions, this Promotion can be combined with other offers or promotion codes.

Release. By participating in the Promotion, Client assumes all risk of injury, illness, disease, death, or any other damage which may arise in connection with their participation in the Promotion. Without limiting the foregoing, client hereby: (a) forever releases and discharges Wealthsimple and its parent companies, subsidiaries, affiliates, related and associated entities and employees, directors, officers, suppliers, agents, sponsors and administrators of each (collectively, the “Releasees”), from and against any and all claims, actions, costs, liabilities, judgments, damages, obligations, losses, penalties, and expenses of any kind or nature whatsoever (including legal fees) (collectively, the “Claims”) in any way arising directly or indirectly out of any injury, loss, or damage that the Client may suffer as a result of, or in connection with the participation in the Promotion or any promotion-related activity, including the posting of the Bonus in their Wealthsimple account and subsequent use of the Bonus; and (b) indemnifies, defends and holds harmless the Releasees from and against any and all damages, loss and expenses, including legal fees, which may be suffered directly or indirectly by reason of the Client’s own negligence or willful misconduct during or in connection with their participation in the Promotion.

General. Wealthsimple reserves the right to cancel, amend, withdraw or restrict the promotion at any time without notice. Wealthsimple is the sole arbiter of these rules and any other issue arising under the Promotion. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system (including, but not limited to, making withdrawals prior to the Promotion Period and subsequently depositing part or all of those withdrawals for the purpose of benefiting from this Promotion), inappropriate, offensive or derogatory language or information or a violation of these terms, as determined in Wealthsimple’s sole and absolute discretion, Wealthsimple reserves the right to remove all promotions from the Wealthsimple account(s) and take any other action it deems appropriate including, but not limited to, removing the Bonus or closing the Wealthsimple account(s). This Promotion cannot be used in conjunction with any other promotional offer, unless specified herein. An invitation to participate in this Promotion does not provide assurance that you will be accepted as a customer of Wealthsimple. This Promotion is only valid for individuals in the location cited above that otherwise meet our eligibility requirements. Our standard terms (https://www.wealthsimple.com/en-ca/legal/terms) relating to your use of Wealthsimple and any agreements that apply to your Wealthsimple account(s) each apply and are not affected in any way by this offer.

Wealthsimple Cash product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization (“CIRO”), and Wealthsimple Payments Inc., a FINTRAC registered money services business. The funds added to Cash account(s) (the “Funds”) are ultimately held securely in trust in the name of the primary account holder with a single or multiple members of the Canada Deposit Insurance Corporation (“CDIC”). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 5 CDIC member institutions in order for up to $500,000 in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the Cash Account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the Account.