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, 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 Deposit rebate can be found in greater detail below and the terms of the Client rebate can be found here. 

What is my contribution period?

If you were issued a mortgage loan commitment letter on or before August 31, 2024, your contribution period will be between May 7, 2024 at 12:01 AM ET and the thirtieth (30th) day after the mortgage closing date at 11:59pm ET.

If you were issued a mortgage loan commitment letter on or after September 1, 2024, your contribution period is between the date they received Pine’s mortgage loan commitment letter at 12:01am ET and the thirtieth (30th) day after the mortgage closing date at 11:59pm ET.

What happens to the contribution period when participating in multiple promotions prior to Aug 31?

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.

Example: you participated in Promotion A from July 1 to July 31, then decided to participate in the Deposit Rebate offer and was issued a mortgage commitment letter on August 15. Instead of counting all the deposits/transfers from May 7 to determine the deposit rebate, only deposits and transfers initiated on or after August 15 (the day the commitment letter was issued) until 30 days post closing will count towards the Deposit Rebate offer.

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).

Example: you signed up for Promotion B on April 1 which you can deposit for that promotion until June 30, but then decided to participate in the Deposit Rebate offer and was issued a mortgage commitment letter on June 7, all deposits and transfers made since May 7 (the start of the Deposit Rebate offer) until 30 days post closing will be counted towards the Deposit Rebate offer, not Promotion B.

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.

Example: if, after receiving your commitment letter from Pine, you want to then participate in Promotion C, you should refer to Promotion C’s terms to see how the deposits and transfers will be applied.

What happens to the contribution period when participating in multiple promotions after Aug 31?

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).

Example: you signed up for Promotion D on September 2, which you can deposit for that promotion until October 1, then decided to participate in the Deposit Rebate offer and was issued a mortgage commitment letter on September 20, all deposits and transfers made since September 20 (the start of the Deposit Rebate offer) until 30 days post closing will be counted towards the Deposit Rebate offer, not Promotion D.

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.

Example: if, after receiving your commitment letter from Pine, your want to then participate in Promotion E, you should refer to Promotion E’s terms to see how the deposits and transfers will be applied.

 

 

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. 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

Last updated: August 15, 2024

Wealthsimple x Pine Mortgage Deposit Offer (the “Offer”)

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

Offer Effective Date. From May 7, 2024 at 12:01AM ET (the “Offer Effective Date”).

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: (i) apply for a mortgage with Pine Canada Financial Corporation (“Pine”) at https://wealthsimple.pine.ca/, include the intent transfer or deposit to Wealthsimple on the application, and be issued a mortgage loan commitment letter on or after the Offer Effective Date, and (ii) initiate an institutional transfer or deposit of a qualifying amount from a third-party institution outside of Wealthsimple into their Wealthsimple Account during the Contribution Period (as defined below)  , and (iii) close the mortgage associated with the commitment letter within one-hundred and twenty (120) days of the issuance of the commitment letter (together, the “Qualifying Action”). All funds must be received by Wealthsimple within one hundred and eighty (180) days after the Contribution Period to be eligible as a Net Deposit Amount (as defined below). Refinance mortgages are not eligible for this Offer.

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.

An individual who will be a co-applicant (the “Co-Applicant”) or guarantor (the “Guarantor”, together with Co-Applicant, “Other Contributors”) on the mortgage application can also contribute to the Net Deposit Amount (as defined below) by signing up and/or making deposits into their Wealthsimple Account(s). The Client must include information regarding the Other Contributors, with the Other Contributors’  consent, at the time the mortgage application form is submitted. 

Transfers between Client’s or any Other Contributors’ own Wealthsimple Accounts, between Client’s and any Other Contributors’ account(s), funds received from entities affiliated with Wealthsimple, or funds above $1,000,000 derived from home equity will not qualify as new deposits for the purposes of this Offer.

If Wealthsimple, as determined at its sole discretion, suspects fraudulent behaviour or gaming the system including, but not limited to, making withdrawals prior to applying for a mortgage with Pine and subsequently depositing part or all of those withdrawals for the purpose of benefiting from this Offer, Wealthsimple reserves the right to include such withdrawals in the calculation of Net Deposit Amount, disqualify the Client from participating this Offer and to take any other action it deems appropriate including, but not limited to, closing their Wealthsimple account(s).

This Offer is non-transferrable and cannot be applied retroactively. Unless specified in the terms of other promotions, this Offer cannot be combined with other deposit or transfers-type offers or promotion codes other than the Wealthsimple x Pine Mortgage Client Rebate Offer, Wealthsimple Discovery Promotion, and the base bonus of the Wealthsimple Referral Bonus Promotion. For greater certainty, both the referring individual and referred individual will get the base bonus, but only the referring individual of the Wealthsimple Referral Bonus Promotion will get the additional bonus; the referred individual will only get the base bonus.

Contribution Period. For eligible Clients who were issued a mortgage loan commitment letter on or before August 31, 2024, the contribution period is between the start of the Offer Effective Date and the thirtieth (30th) day after their mortgage closing date at 11:59pm ET. For eligible Clients who were issued a mortgage loan commitment letter on or after September 1, 2024, the contribution period is between the date they received Pine’s mortgage loan commitment letter and the thirtieth (30th) day after their mortgage closing date at 11:59pm ET (each, a “Contribution Period”).

Other Conditions for mortgage loan commitment letter issued on or before August 31, 2024. If, prior to participating in this Offer, the Client had previously participated in another promotion during the Contribution Period, upon the issuance of commitment letter, the Contribution Period will start as of the date the Client receives the commitment letter from Pine. Any deposits and transfers initiated prior to the applicable Contribution Period will not count towards this Offer.

If Client had previously registered for a non-combinable promotion and is subsequently issued a commitment letter for this Offer before the previously registered for a non-combinable promotion ends, all deposits and transfers eligible for this Offer will count towards this Offer and not the previously registered non-combinable promotion(s).

If, after receiving a commitment letter pursuant to this Offer, the Client subsequently registers for another non-combinable promotion(s), please refer to the terms for those promotion(s) for details.

Other Conditions for mortgage loan commitment letter issued on or after September 1, 2024. If the Client has previously registered for a non-combinable promotion and is subsequently issued a commitment letter for this Offer, all deposits and transfers initiated on or after the date of the issuance of the commitment letter will count towards this Offer and not the previously registered non-combinable promotion(s).

If, after receiving a commitment letter pursuant to this Offer, the Client subsequently registers for another non-combinable promotion(s), please refer to the terms for those promotion(s) for details.

Transfer Fee from External Institutions. There may be fees charged by an institution outside of Wealthsimple for the transfer of the Client’s account(s) to Wealthsimple. Wealthsimple will automatically reimburse the first transfer-out fee per account type from an institution if the Client’s Qualifying Transfer is equal to or greater than $15,000 in a single account transfer. For greater certainty, multiple transfers equal to or greater than $15,000 from the same account type from the same institution will only be reimbursed once. Please visit https://wsim.co/fee-reimbursement for further details.

Monthly Mortgage Deposit Rebate. The monthly mortgage rebate (the “Monthly Mortgage Deposit 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 under this Offer (the “Deposit Rebate Rate”).  The Deposit Rebate Rate, combined with all other eligible rebates, cannot exceed the quoted interest rate provided by Pine. If the Client’s payment is not on a monthly interval and/or the mortgage rate is not a fixed rate, the calculation of the Monthly Mortgage Deposit Rebate would be calculated as if the Client were making a fixed monthly payment at the time the mortgage closed. 

The Deposit Rebate Rate is determined based on the receipt of new cumulative transfers and/or deposits initiated during the Client’s applicable Contribution Period less withdrawn funds in the Client’s and Other Contributors’ (as applicable) Wealthsimple Accounts during the Contribution Period (the “Net Deposit Amount”). Withdrawn funds include, but are not limited to, any funds used towards the Client’s down payment before closing. Every $50,000 in Net Deposit Amount will result in a Deposit Rebate Rate of 0.05% towards the Monthly Mortgage Deposit Rebate calculation. 

There may be tax implications to the Monthly Mortgage Deposit Rebate if the Pine mortgage associated with the Monthly Mortgage Deposit 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 Deposit Rebate. In order to receive the Monthly Mortgage Deposit 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 Deposit Rebate is issued will have one-hundred and eighty (180) days to open a Cash account. Any Monthly Mortgage Deposit Rebate not applied to a Cash account will expire after one-hundred and eighty (180) days of issuance and any expired Monthly Mortgage Deposit Rebate will be considered forfeited by the Client. Wealthsimple is not liable for any forfeited Monthly Mortgage Deposit Rebates and any forfeiture will not be reissued. 

The Monthly Mortgage Deposit Rebate will be deposited into the eligible Client’s Cash account on the first week of every month, commencing the month following the first mortgage payment, for the duration of the term indicated in the mortgage agreement with Pine (the “Payment Period”). The Monthly Mortgage Deposit Rebate will only be applied to the Client’s Cash account after the full Net Deposit Amount has settled in the Client’s Wealthsimple account(s). In the event the Net Deposit Amount has not fully settled in the Client’s Wealthsimple account(s) at the time the Payment Period commences, the Monthly Mortgage Deposit Rebate will be accrued and  deposited into the eligible Client’s Cash account on the first week of the month following the full settlement of the Net Deposit Amount. Please allow up to five (5) business days for the Monthly Mortgage Deposit Rebate to be processed. Wealthsimple will stop paying the Monthly Mortgage Deposit 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 Deposit Rebate application, only the eligible Client who submitted the Pine mortgage application as the primary applicant during the Offer Period will be the recipient of the Monthly Mortgage Deposit Rebate in accordance with these terms and conditions. The Co-Applicant to any joint mortgage application or the Guarantor will not receive any Monthly Mortgage Deposit Rebate in their Cash account.

All amounts shown are in Canadian dollars. Limit one (1) Monthly Mortgage Deposit Rebate per Client, regardless of capacity as a primary applicant or a co-applicant for the mortgage. The Deposit 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 Deposit Rebate as a lump sum before the end of the Payment Period.

Hold Period. Clients who receive a Monthly Mortgage Deposit Rebate may not spend or otherwise remove (i) the cumulative balance of the Client’s Wealthsimple account(s) immediately prior to the start date of the applicable Contribution Period and (ii) the minimum Net Deposit Amount required to obtain the applicable Mortgage Rebate Rate from their Wealthsimple Account(s) for the full duration of their mortgage term with Pine (“Withdrawal”) or the remaining Monthly Mortgage Deposit Rebate may either be adjusted on a pro-rata basis, or be stopped altogether, as determined at Wealthsimple’s sole discretion. For greater certainty, transfers between the Client’s own Wealthsimple Account(s), and/or negative fluctuations in the Net Deposit Amount solely due to market conditions are not considered Withdrawals. Where a Client made new deposits to maintain the required balance, any such deposits will not be eligible for use in any other Wealthsimple promotions. 

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 Deposit Rebate 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. We have adopted policies and procedures to assist us to identify and control any conflict of interest that we may face. 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/or 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 offers or promotions, 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, Co-applicant, and Guarantor, 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.