If, prior to participating in the Deposit Rebate, you have previously participated in another promotion during the Contribution Period, upon the registration of the Deposit Rebate, the Contribution Period will start as of the date you receive the commitment letter from Pine. Any deposits and transfers initiated prior to the contribution period will not count towards the Deposit Rebate.

If you have previously registered for a non-combinable promotion and subsequently register for the Deposit Rebate before the previously registered for a non-combinable promotion ends, all deposits and transfers eligible for the Deposit Rebate will count towards the Deposit Rebate and not the previously registered non-combinable promotion(s).

If, after receiving a commitment letter pursuant to the Deposit Rebate, you subsequently register for another non-combinable promotion(s), please refer to the terms for those promotion(s) for details.

If you have previously registered for a non-combinable promotion and are subsequently issued a commitment letter for the Deposit Rebate, all deposits and transfers initiated on or after the date of the issuance of the commitment letter will count towards the Deposit Rebate and not the previously registered non-combinable promotion(s).

If, after receiving a commitment letter pursuant to the Deposit Rebate, you subsequently register for another non-combinable promotion(s), please refer to the terms for those promotion(s) for details.

To qualify for this offer, you must:

1. Apply for a mortgage through wealthsimple.pine.ca.
2. Receive a commitment letter from Pine between May 7, 2024 and January 1, 2025, for the Deposit rebate.
3. Close on the respective mortgage within 120-days of receiving your commitment letter.

Yes. This offer is open to both new and existing clients. To set up a Wealthsimple profile, follow the steps outlined here.

Clients that submit their application through the co-branded application flow at wealthsimple.pine.ca and receive a commitment letter from Pine between May 7, 2024 and January 1, 2025, will automatically be registered for this promotion.

No. You can pay your mortgage payments from any eligible financial institution. All you need to do is provide Pine with the pre-authorized debit (PAD) details of the institution from which you’d like the mortgage payments to come. If you’d like to pay from your Wealthsimple Cash account, that is possible.

Yes. The Client Rebate is based on your Wealthsimple client status at the time your commitment letter is issued or 30 days after your mortgage closes, whichever is higher. Existing Wealthsimple clients do not need to add any net new assets to qualify for the Client rebate.

Currently, Pine only supports mortgage applications for properties in BC, AB, SK, MB, ON, NS, NB, NL, PEI. We are actively working on being able to provide mortgages in Quebec and hope to be approved there soon.

The Client Rebate Offer can be combined with other offers.

The Deposit Rebate promotion cannot be combined with any other deposit or transfer incentive, except for the Client Rebate Offer, the Discovery promotion, and the Wealthsimple Referral Bonus Promotion.

To get an estimate of your rebate, fill out a mortgage application at wealthsimple.pine.ca.

Your total Mortgage Rebate is the sum of your Client Rebate and your Deposit Rebate.

To calculate your monthly mortgage rebate payout, we will take the difference between the monthly mortgage payment at the non-rebated rate, minus the monthly mortgage payment with the rebate applied, based on a 25-year amortization. If your mortgage payments are not on a monthly cadence or the mortgage rate is not a fixed rate, the calculation of the monthly mortgage rebate payout would be calculated as if the Client were making a fixed monthly payment at the time the mortgage closed

For example, if the monthly payment amount is $5,260 without the rebate, and $5,152 with the rebate, you will receive the difference of $108 per month.

The Client Rebate is based on your Wealthsimple client status at the time your commitment letter is issued or 30 days after your mortgage closes, whichever of the two is highest. That means that if you use your balance for a downpayment, you'll still be able to lock a great Client Rebate. Or if you bring over a lot of assets, you'll enjoy a Deposit Rebate and the best possible Client Rebate.

Core clients will receive a 0.05% rebate, Premium clients 0.10%, and Generation 0.15%.

Your net deposits are the sum of all deposits and account transfers made from external institutions to your Wealthsimple account minus any the value of assets leaving your account during your applicable contribution period (more below), such as withdrawals, account transfers out of Wealthsimple, spending, bill pay, and e-transfers.

If you were issued a mortgage loan commitment letter on or before August 31, 2024:

Your Deposit rebate will be calculated based on the total net deposits completed between May 7, 2024 12:01 AM ET and 30 days after your mortgage closes, at 11:59 PM ET on that day. 

If you were issued a mortgage loan commitment letter on or after August 31, 2024:

Your Deposit rebate will be calculated based on the total net deposits completed between the date you received Pine’s mortgage loan commitment letter at 12:01 AM ET and 30 days after the mortgage closing date at 11:59 PM ET.

No, there is no maximum rebate, but your equivalent rate can’t be lower than 0%. For example, your mortgage rate is 4.5%, and if you get a 5% rebate, your monthly mortgage rebate payment will be calculated using the 4.5% value.

You will receive your first payout the month after all these conditions are met:

• Mortgage funded + 30 days has passed
• All qualifying transfers have settled (completed or failed)
• First monthly mortgage payment to Pine has been paid

The total mortgage rebate payout you receive is the sum of two components: the Client Rebate and the Deposit Rebate.

The Client Rebate will start after you make your first mortgage payment. It will continue for the entire mortgage term and be paid out on the first week of every month.

The Deposit Rebate will begin after all eligible transfers have settled and after your first mortgage payment. If you still have pending transfers, the Deposit Rebate payouts will accrue and be paid out in the month after all your transfers have been settled. Note that it may take up to 5 days after your pending transfers are complete for your subsequent payout to be updated.

Your mortgage rebate is paid into your Wealthsimple Cash account, with no exceptions. If you have a joint mortgage application, the rebate will be paid out into the Cash account of the client whose Wealthsimple identity is the primary identity connected to the application.

What if I don’t have a Wealthsimple Cash account?

We won’t grant any exceptions. You must open a Cash account to receive your rebate payment. If you don’t have an open Cash account, your monthly rebate payment will remain in a pending state. If you open a Cash account after your payments have started, the sum of your accrued bonuses will be paid out in the following payment cycle.

Can I move my Rebate payout into other Wealthsimple accounts or withdraw it?

Yes, you can move or withdraw your incentive without penalty. You can even use it to accelerate your mortgage payments, via the Pine mortgage portal.

Generally, the mortgage rebate doesn’t count as taxable income. The exception would be if the Pine mortgage associated with the Monthly Mortgage Rebate is not used on a property for personal purposes.

If you qualified for the Deposit rebate, your minimum qualifying assets, plus the assets you had before the start of your contribution period must stay in your accounts for the duration of your mortgage term. For example, if you have $52K in net deposits before the start of your contribution period and transferred $200,000 to take advantage of the Deposit rebate, you’ll need to keep $252,000 in your account to maintain your Deposit rebate.

This promotion is tied to the mortgage product that was received during the current promotion period. Changing products during the term will cause you to lose your cash rebate payments going forward. You’re eligible for any promotion available from Wealthsimple and Pine at that time.

The monthly rebate payment is calculated based on a monthly mortgage payment amount when the mortgage closes. The monthly mortgage payment amount used for the rebate calculation will not be modified at any time during the term period. If you prepay your mortgage, you won’t lose the rebate associated with your client status over the course of the term of the mortgage.

Rebates that are already paid out to you aren’t subject to any hold period. They won’t be clawed back if your net deposits or Wealthsimple status changes. However, if you qualified for a Deposit rebate, your subsequent mortgage payouts may be affected (see below).

There is no impact on your Wealthsimple Client Rebate. It’s locked-in at the time your commitment letter is issued or 30 days after your mortgage closes (whichever is higher) and will stay fixed for the entire term of your mortgage, regardless of whether your client status changes.

For example, if you were a Premium client with $150,000 in net deposits at the time your commitment letter was issued, and withdrew $100,000 to make your down payment, your new net deposits are $50,000. This would change your client status to Core, but you will still maintain your Premium Rebate of 0.10%.

If you withdraw before your mortgage closes, it will be deducted from your total net deposits that are eligible for the Deposit Rebate.

For example, if you withdraw $100,000 and re-deposit $250,000 during your contribution period, the net deposits qualifying for the Deposit Rebate will be $150,000, the difference between the two.

If you make a withdrawal after your mortgage closes, and you’ve qualified for the Deposit rebate, your Deposit rebate may be affected if you fall below the minimum net deposit threshold that you need to maintain.

Net deposit threshold example

You had $50,000 in your Wealthsimple account on May 7, 2024, and transferred $280,000 to get an additional Deposit rebate.

Your new net deposits are $330,000, making you a premium client which entitles you to the Premium client Client rebate of 0.10%.

For the Deposit rebate, $250,000 out of the $280,000 transferred qualified for an additional rebate of 0.25%.

Your total rebate is now 0.35% and you must maintain $300,000 in net deposit to maintain it ($50,000 + $250,000). Since your rebates are based on the net deposits of $330,000, you can withdraw $30,000 without penalty. However, if you withdraw more than $30,000 your deposit rebate will be recalculated.

Withdraw example

Continuing from the scenario above, let’s say you withdraw $100,000, lowering your net deposits to $230,000.

Since you need to maintain $300,000 to keep your full Deposit rebate, you are $70,000 lower than what you need to maintain. This will lower your Deposit rebate by 0.10%.

Put another way, you initially had $250,000 that qualified for the Deposit rebate, but now have $180,000 that qualifies. Your Deposit rebate will be recalculated to 0.15%.

In this scenario, your new total rebate will be 0.25% (0.10% Client rebate + 0.15% Deposit rebate). The new minimum you need to maintain to keep this rebate will be $200,000 (since only $150,000 of the remaining $180,000 will be eligible for the promo, and you started at $50,000).

You can restore your Deposit rebate by redepositing, up to the original amount deposited, which will impact subsequent mortgage rebate payouts.

The change in account(s) value/balance as a result of the appreciation or decline in asset prices does not impact the monthly cash rebate.

If your withdrawal is made during your contribution period, it will count against the total net deposits that qualify for the Deposit rebate, but will not have any impact on your Client Rebate.

If your withdrawal is made after your mortgage closes + 30 days, your Deposit rebate will be recalculated for subsequent payments.

For example, if you deposited $100,000 to earn an additional 0.10% Deposit rebate and withdrew $40,000, you have $60,000 remaining in qualifying net deposits. As a result, your Deposit Rebate will be recalculated to 0.05% (plus your Client rebate).

What if I redeposit afterwards?

You can recover your Deposit Rebate, up to the original Deposit Rebate you obtained.

Yes, as long as both applicants are on the Pine application and the email address and phone number in the Pine mortgage application match the email and phone number used in your Wealthsimple account. This article provides instructions on how to find or modify your profile details.

For the Client Rebate, we will take a look at the client status of each applicant at the time the commitment letter is issued and 30 days after the mortgage has closed, and take the highest client status.

You can’t combine your assets with your co-applicant to qualify for a higher Wealthsimple client status. Transfers between co-applicants done through the Wealthsimple app or through a third party do not count towards the client’s status calculation. Wealthsimple reserves the right to examine transfers and deposits made between these Wealthsimple Accounts for appropriateness to determine the eligible Total Assets in its sole discretion.

Transfers cannot be pooled for the Client rebate, but they can be combined for the Deposit rebate.

For the Deposit Rebate, we will take the sum of the net deposits made by both the primary applicant and the co-applicant during the contribution period. Transfers between co-applicants will not count towards the total net deposits for the purpose of this promotion.

To maintain the Deposit Rebate, co-applicants will need to maintain their combined net deposits on right before the contribution period, plus the minimum qualifying net deposits made to obtain the Deposit Rebate. As long as the minimum net deposit amount is maintained across the co-applicants accounts, the specific split of the assets doesn’t matter.

For example, co-applicant 1 (CA1) has $30K in net deposits on May 7th, and co-applicant 2 (CA2) has $150K in net deposits on May 7th. CA1 transfers in $50K for the Deposit Rebate, and CA2 transfers in $400K for the Deposit rebate. This brings CA1’s total net deposits up to $80K, and CA2’s total net deposits up to $550K.

They will qualify for the Generation Rebate of 0.15%, which they obtained through CA2’s client status. Together, they transferred a total of $450K, making them eligible for an additional 0.45% Rebate. In total, they will receive a 0.60% rebate (0.15% + 0.45%)

To maintain their full rebate, they must keep $630K in net deposits across their Wealthsimple accounts - the $180K they started with ($30K for CA1 and $150K for CA2) and the $450K that qualified for the Deposit Rebate ($50K for CA1 and $400K for CA2).

All transfer types supported by Wealthsimple are eligible for the promotion, including: RRSPs, TFSA, Non-registered, FHSA, RESP, Spousal RRSP, RRIF, LIRA, LIF, Group RRSP, Corporate/Business accounts, Joint, Spousal RRSP, and all pension-related accounts transferred from your bank or brokerage account. For more information about the various account types we offer, please see our accounts page.

We don’t charge a fee to transfer assets. However, your outside brokerage may charge you a transfer fee to transfer your assets. We’ll automatically reimburse the administrative transfer-out fees charged by your institution when you transfer at least $15,000 to us in a single account transfer. Learn more about our transfer fee reimbursement policy.

For the Client Rebate, we will look at your Wealthsimple client status at the time your commitment letter is issued or 30 days after your mortgage closes, whichever is higher. Any pending deposits or account transfers during this time will not count towards your client status.

For the Deposit rebate, deposits and account transfers initiated between May 7, 2024, and 30 days after your mortgage closes will be counted, as long as they are completed within 210 days of your mortgage closing.

Any withdrawals made during your contribution period will reduce your total net funding amount.

You have to keep your net funding balance (the money already in your account before the promotion started) plus the minimum value of deposits and of external investment accounts that you transfer-in to get the Deposit rebate.

For example, if you already have $52,000 in your accounts, then deposit $150,000 to qualify for the Deposit rebate, your account balance would be $202,000. To maintain your Deposit rebate, you will need to maintain a minimum balance of $202,000 for the duration of the terms of your mortgage.

Transferring your investment account to Wealthsimple is a simple process that can be initiated either through our app or on our website. Follow these instructions to transfer an account to Wealthsimple.

You need to open a Wealthsimple account before you can transfer an account to Wealthsimple. If you don’t already have a Wealthsimple account, you’ll be prompted to open one during the account transfer process.

Yes. Multiple transfers from third-party accounts count towards your net funding total. Net funding is calculated by adding the total account transfers and deposits into your Wealthsimple accounts (including Managed investing, Self-directed investing, Crypto and Cash). Your net funding won’t decrease if the value of your portfolio decreases due to market fluctuations. However, your net deposit will decrease if you withdraw, spend, or transfer funds out of your accounts.

Some Wealthsimple account types have primary and secondary users (for example, Spousal RRSP and RESP accounts). Transfers or deposits made by secondary account holders count towards the primary account holder’s net deposits.