Wealthsimple Monthly Millionaire: Who Gets the Referral Entries?

Wealthsimple advertises 100,000 entries for referring a friend this September. That reward belongs to the referrer. It is not a signup bonus of 100,000 entries for the new client.

The cash referral offer has its own conditions: a qualifying new client uses a link or code and adds at least $100 in qualifying outside funds within 30 days. The referrer must hold at least $100 in net deposits. Each eligible person gets $25, paid into an eligible chequing account held as primary owner. The bonus itself has a 180-day hold requirement.

Contest referrals require an existing personal, family or friend relationship. A stranger using a published code is not enough. They must complete August 27 to September 30; the referral funding window cannot extend that deadline.

Assume you are both eligible and registered for September, your friend is a qualifying new client, and their $100 arrives on time. Neither of you has other qualifying activity or the direct-deposit boost.

Your friend's count is 600: 500 registration entries plus 100 deposit entries. Your count is 100,500: 500 registration entries plus 100,000 for the referral. The separate cash reward is $25 each if its conditions are met.

Being referred does not prevent your friend from becoming a referrer later. But signing up through a code alone does not create the large entry balance shown in the advertising.

Registration starts with 500 entries; qualifying net funding adds one per dollar. Eligible direct deposit can double entries. September's overall limit is 300,000, including bonuses, so it is not a 600,000-entry allowance after doubling.

With no referrals or boost, a registered entrant adding $5,000 has 5,500 entries. An ordinary $2,000 withdrawal reduces that example to 3,500. Moving the same money out and back in does not create $2,000 of new net savings.

Three qualifying referrals would already exceed the cap after registration: 500 + 300,000 = 300,500. Only 300,000 can count. Sending more money merely to increase entries beyond that limit has no entry benefit.

Check your registration in Wealthsimple's Rewards Centre. Eligible prior participants carry forward unless they opted out; a new client's referral signup is separate. The funded-account route requires an eligible chequing account funded with at least $1.

Deposits must start and finish within the contest window. Institutional transfers need to finish within it. Pending funds do not count; the tracker can lag settled activity by 72 hours. An e-Transfer does not qualify as payroll for the direct-deposit boost.

The official rules also cover daily Spin Coin entries and a no-purchase essay route. Entries carry across September's draws, then reset for the next monthly contest. These figures describe September 2026, not a promised future offer.

A large entry count is not a percentage chance of winning. Without the total eligible entries in a draw, we cannot calculate your odds. I would compare fees, access to cash and the account's usefulness before giving the contest any weight.

For a planned TFSA move, get the transfer method right before chasing a deadline. A contribution-room error can cost far more than the referral bonus. The guide below works through the difference between a direct transfer and taking money out yourself.