What is the offer?

New and existing Wealthsimple clients who apply for a mortgage with Pine can receive a mortgage payment rebate with Wealthsimple based on their Wealthsimple client status and the assets they move to Wealthsimple during the contribution period. 

This offer has 2 different cash rebates you may be eligible for:

• Client Rebate
  Receive a mortgage payment rebate based on your Wealthsimple client status at the time you are approved (the date you receive a commitment letter from Pine) or 30 days after the date your mortgage closes, whichever status is higher. 
• Deposit Rebate
  Apply and receive a commitment letter from Pine on or after May 7 May 7, 2024 and receive a 0.05% mortgage payment rebate for every $50,000 in net deposits initiated in your Wealthsimple account(s) during your contribution period.

Review the table below for a summary of how the rebates work together:

 

 

The terms of the Client Rebate can be found in greater detail below and the terms of the Deposit Rebate can be found here. 

Got questions about the rebates? Read our Rebate FAQ. For more information about applying for a Pine mortgage through Wealthsimple, visit our Mortgage FAQ.

 

How is the rebate paid out?

The mortgage rebate is paid out as a cash sum in your Wealthsimple Cash account every month until the end of the initial mortgage term (up to 5 years), provided you didn’t default or miss a payment, and that there were no changes to your mortgage e.g. switching or renewing your mortgage mid-term. 

How is the rebate calculated?

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, we will use the amount calculated using a monthly payment scenario.

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.

When will I receive the mortgage rebate payouts?

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.

Is the mortgage rebate payout taxable?

In most cases, the mortgage cash rebate is not taxable. However, there may be tax implications to the Monthly Mortgage Rebate if the Pine mortgage associated with the Monthly Mortgage Rebate is not used on a property for personal purposes. Clients should contact their personal tax advisor if they require tax advice.

Terms & Conditions

Wealthsimple x Pine Mortgage Client Rebate Offer (the “Offer”)

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

Effective Start Date. The Offer is effective as of May 7, 2024 at 12:01AM ET.

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

• be a new or existing Wealthsimple Self-directed Investing, Managed Investing, Crypto, Cash, or Group Registered Retirement Savings Plan account (each a “Wealthsimple Account”) user that has at least $1 funded in their Wealthsimple Account, with all Wealthsimple Accounts in good standing at the time of participation;
• be a legal resident of Canada (excluding Quebec);
• be the age of majority, or older, in their province/territory of residence at the time of participation;
• be applying for a mortgage for a property located in Canada (excluding Quebec and the territories); and
• meet the requirements set out below.

(the “Client”).

Qualifying Action. To participate in the Offer, eligible Clients must apply for a mortgage with Pine Canada Financial Corporation (“Pine”) at https://wealthsimple.pine.ca/, be issued a mortgage loan commitment letter, and close the mortgage associated with the commitment letter within one-hundred and twenty (120) days of the issuance of the commitment letter (the “Qualifying Action”). 

There are no fees associated with the creation of a Wealthsimple Account, which can be opened by visiting https://www.wealthsimple.com/en-ca and following the instructions on how to create an account.

If there is another individual who will be a co-applicant on the mortgage application (the “Co-Applicant”), the Client must include the Co-Applicant’s information, with co-applicant’s consent, at the time the mortgage application form is submitted. 

This Offer is non-transferrable and cannot be applied retroactively. The Offer can be combined with other offers or promotion codes.

Monthly Mortgage Rebate. The monthly mortgage rebate (the “Monthly Mortgage Rebate”) is calculated based on the difference in the first original monthly payment at the beginning of the mortgage term as negotiated with Pine and the monthly payment it would have been if there was a rebate rate applied, based on a 25-year amortization (the “Client Rebate Rate”). If the Client’s payment interval is not monthly and/or the mortgage rate is not a fixed rate, the calculation of the Monthly Mortgage Rebate would be calculated as if the Client were making a fixed monthly payment at the time the mortgage closed. 

The Client Rebate Rate is determined based on the Client’s or the Co-Applicant’s (as applicable) entire assets with Wealthsimple at the time Pine issues the commitment letter or as at 11:59pm ET on the thirtieth (30th) day after the mortgage closing date, whichever is higher (“Total Assets”), as follows:

 

 

For greater certainty, only assets in the Client’s or the Co-Applicant’s (as applicable) Wealthsimple Accounts at the time of Client Rebate Rate determination will be counted towards Total Assets. Any deposits initiated but not received by Wealthsimple on the thirtieth (30th) day after the mortgage closing date will not be counted towards the Total Assets.

Client and Co-Applicant may not combine their Total Assets to calculate the Total Assets. For greater certainty, transfers between Client’s or Co-Applicant’s Wealthsimple Accounts to increase one’s Total Assets are not permitted. 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.

There may be tax implications to the Monthly Mortgage Rebate if the Pine mortgage associated with the Monthly Mortgage Rebate is not used on a property for personal purposes. Clients should contact their personal tax advisor if they require tax advice.

Application of Monthly Mortgage Rebate. In order to receive the Monthly Mortgage Rebate, the Client must have a Wealthsimple Cash (“Cash”) account that is in good standing. Clients who do not have a Cash account by the time a Monthly Mortgage Rebate is issued will have one-hundred and eighty (180) days to open a Cash account. Any Monthly Mortgage Rebate not applied to a Cash account will expire after one-hundred and eighty (180) days of issuance and any expired Monthly Mortgage Rebate will be considered forfeited by the Client. Wealthsimple is not liable for any forfeited Monthly Mortgage Rebates and any forfeiture will not be reissued. 

The Monthly Mortgage Rebate amount will be deposited into the eligible Client’s Cash account on the first week of every month, commencing after the first payment date, for the duration of the term indicated in the mortgage agreement with Pine (the “Payment Period”). Wealthsimple will stop paying the Monthly Mortgage Rebate if, at any time during the Payment Period, the Client (i) misses a mortgage payment, (ii) defaults on the mortgage, or (iii) in any way modifies the terms of the mortgage.

For the purpose of the Monthly Mortgage Rebate application, only the eligible Client who submitted the Pine mortgage application as the primary applicant will be the recipient of the Monthly Mortgage Rebate in accordance with these terms and conditions. The Co-Applicant to any joint mortgage application will not receive any Monthly Mortgage Rebate in their Cash account.

All amounts shown are in Canadian dollars. Limit one (1) Monthly Mortgage Rebate per Client as a primary applicant. In the event a Client applied for multiple Pine mortgages, the Monthly Mortgage Rebate will only be applied to the first mortgage closed. The Client Rebate Rate is subject to change, at Wealthsimple’s sole discretion. Any terms and conditions with respect to the original mortgage contract with Pine still apply.

Wealthsimple reserves the right, in its sole discretion, to accelerate payment and pay Clients their total eligible Monthly Mortgage Rebate as a lump sum before the end of the Payment Period.

Equivalent rate/Equivalent payment. Any reference to “equivalent rate” or “equivalent payment” in any marketing materials is hypothetical and for illustration purposes only. The equivalent rate/equivalent payment is the equivalent mortgage payment amount a Client would pay should the applicable Monthly Mortgage Rebates be applied as pre-payments to the mortgage. Actual payment and interest obligations are per Pine contract and does not change. All prepayments subject to Pine’s pre-payment privilege policy.

Mortgage. Mortgage brokerage and/or mortgage lending services are offered by Pine. Wealthsimple makes no warranties, expressed or implied, about the mortgage and does not assume any liability for anything with respect to the mortgage product provided by Pine. 

Referral. If you use Pine’s services, Wealthsimple may receive a referral fee. During the Offer, you are effectively entering into a referral arrangement with Wealthsimple, whereby Wealthsimple may receive a referral fee if you use Pine’s services. Wealthsimple have adopted policies and procedures to assist in identifying and controlling any conflict of interest. If a referral is made to a registrant, all activity requiring registration resulting from the referral arrangement will be provided.

Release. By participating in the Offer, Client assumes all risk of injury, illness, disease, death, or any other damage which may arise in connection with their participation in the Offer. Without limiting the foregoing, client hereby: (a) forever releases and discharges Wealthsimple, Pine and their respective 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 Client may suffer as a result of, or in connection with the participation in the Offer or any Offer-related activity, including the use of the Discount Rate; and (b) indemnify, defend and hold 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 the participation in the Offer.

General. Wealthsimple reserves the right to cancel, amend, withdraw or restrict the Offer at any time without notice. Wealthsimple is the sole arbiter of these rules and any other issue arising under the Offer. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system, 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 offers and promotions from the Wealthsimple account(s) and take any other action it deems appropriate including, but not limited to, disqualifying the individual from this Offer or closing the Wealthsimple account(s). This Offer cannot be used in conjunction with any other promotional offer, unless specified herein. This offer 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. By participating in the Offer, each Client, expressly consents to Wealthsimple, its agents and/or representatives, storing, sharing, using and disclosing the personal information submitted while participating in the Offer for the purpose of administering the Offer and in accordance with the terms of Wealthsimple's privacy policy (available at: https://www.wealthsimple.com/en-ca/legal/privacy). This includes, but is not limited to, sharing Cash account and direct deposit details with Pine.