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Tax guide · Canada 2026

Is the Wealthsimple
Referral Bonus Taxable?

What Wealthsimple reports to the CRA, what you need to declare, and why for most people $25 has minimal tax impact.

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Tax analysis

4 things to understand
about the bonus and taxes

General information, consult a CPA for your personal situation.

01
What Wealthsimple reports to the CRA
Wealthsimple does not issue a T4A slip for referral bonuses deposited into a Chequing account (non-registered). This doesn't mean the income is tax-exempt, the reporting responsibility falls on you.
No T4A issued
02
What you may need to report
If your bonus is deposited into a non-registered account, it may be considered "other income" on line 13000 of your federal return. For $25, the tax impact is typically $6 to $12 depending on your marginal rate.
Line 13000
03
Caution: bonus in an RRSP or TFSA
If the bonus were deposited into a registered account, Wealthsimple would treat it as a contribution, consuming contribution room. The Chequing account is required to receive the bonus, so this risk is normally avoided automatically.
Chequing account required
04
For larger bonuses ($100+)
If you earn a larger bonus through the referral tiers (e.g. $275 for a friend who deposits $50,000), reporting becomes more relevant. Consult an accountant or use Wealthsimple Tax to verify.
Consult a CPA
Special case

What about Monthly
Millionaire winnings?

A contest prize is treated differently from a referral bonus. In Canada, winnings from a game of chance, such as the Monthly Millionaire's grand prize or its secondary prizes, are generally considered a non-taxable windfall: they don't have to be reported as income.

The important nuance: income later earned on that money is taxable. Interest, dividends and capital gains realized after you receive the prize follow the normal tax rules, unless the money sits in a TFSA, where growth stays sheltered. As always, confirm your own situation with an accountant. How the Monthly Millionaire works →

FAQ

Common questions


No. Wealthsimple does not issue a T4A for standard referral bonuses deposited into a Chequing account.
Technically yes if it's taxable income, but the amount is so small that the impact is minimal (typically $6 to $12). Consult a professional if you're unsure.
No, as long as it's deposited into the Wealthsimple Chequing account (non-registered). That's why Wealthsimple requires a Chequing account to receive the bonus.
Yes, Wealthsimple Tax is free and handles miscellaneous income. It doesn't replace a tax advisor for complex situations.
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