Promo enrolment. Client that apply to for a mortgage through http://wealthsimple.pine.ca and receive a commitment letter on or after January 2nd 2025 will automatically be enrolled in the Mortgage Cash Back Offer. 

The offer. New and existing Wealthsimple clients can receive a mortgage cash back with Pine based on their mortgage value and their highest Wealthsimple client status from the time you receive the mortgage commitment letter to the time the mortgage closes.

Review the table below for a summary of the cash back offer:

Frequently asked question

• Eligibility
• Calculating your cash back
• What happens if your Client Status changes?
• Receiving your cash back
• Moving assets to Wealthsimple for the cash back
• Mortgage & Pine

Eligibility

How do I qualify for this offer?

To qualify for this offer, you must:

1. Apply for a mortgage through wealthsimple.pine.ca.
2. Receive a commitment letter from Pine on or after January 2nd 2025
3. Close on the respective mortgage within 120-days of receiving your commitment letter.

Is this offer eligible for new Wealthsimple clients?

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

How do I confirm that I’ve registered?

Clients that submit their application through the co-branded application flow at wealthsimple.pine.ca and receive a commitment letter from Pine on or after January 2nd 2025 will automatically be registered for this promotion.

Note: If you’re new to Wealthsimple, the email you use in your Pine mortgage application must match the email you use to create your Wealthsimple account. 

Do I have to pay my mortgage from Wealthsimple Cash?

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.

Why can’t I get a mortgage for a property in Québec or the Territories?

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 Québec and hope to be approved there soon.

Can this promo be combined with anything else?

Yes, the mortgage cash back promotion can be combined with other Wealthsimple offers.

Calculating your cash back

How is my cash back calculated?

The cash back amount is calculated based on your Wealthsimple Client Status and the value of your mortgage. 

For the Wealthsimple Client Status, we will use the maximum client status based on your total assets with Wealthsimple (Core, Premium or Generation) you had between the day you received your commitment letter from Pine and the day your mortgage closed (inclusive).

If you apply with a co-applicant(s), we will use the highest Wealthsimple Client Status between co-applicants. 

If you have created a Wealthsimple Household in app, we will use your combined Wealthsimple Household Client Status for the calculation. Co-applicants can create a Wealthsimple Household in the app to combine their assets for the Client Status calculation by following these steps.

Can I make transfers and deposits to reach a higher Wealthsimple client status?
Yes, you may initiate account transfer(s) and deposit(s) to reach a higher Wealthsimple Client Status. We will use the maximum Wealthsimple Client Status you reach between the day you receive your commitment letter from Pine and the day your mortgage closes (inclusive).

Please note that transactions must be complete prior to the mortgage closing date, and that your Wealthsimple Client Status may take up to 2 days to update.

However, transfers between Client’s or Co-Applicant’s Wealthsimple Accounts to increase one’s Total Assets are not permitted.

What if I have a co-applicant?

If you apply with a co-applicant(s), we will calculate the cashback using the highest Wealthsimple Client Status between co-applicants. 

For example, if you are a Premium client and the co-application is Generation, you will receive the Generation cash back amount.

Co-applicants can combine their assets to reach a higher Wealthsimple Client Status by creating a Wealthsimple Household in the app following these steps.

For example, if you (Core client) have $80K in assets, and your co-applicant (Core client) has $50K in assets create a Wealthsimple Household in the app, your Household assets will be $130K and your Household Client Status will be Premium. Therefore, you will receive the Premium cash back amount.

What if I have created a Wealthsimple Household in the app? 

If you have created a Wealthsimple Household in the app, we will use your Wealthsimple Household Status to calculate your cash back.

• If you have created a Wealthsimple Household in the app, we will use your Wealthsimple Household Status to calculate your cash back.
• The household is created as soon as the second person accepts the household invite, and your household will be reflected in the app immediately.
• You can create a household in the Wealthsimple app by following these steps.

What happens if your Client Status changes?

What happens if my Wealthsimple client status changes?

We will use the highest Wealthsimple Client Status you have reached between the day you received your commitment letter from Pine and the day your mortgage closes (inclusive).

If your Client Status decreases at any time, your cash back amount will not be impacted as it is based on the maximum Client Status you reached during the promotional period.

What if I use my Wealthsimple balance for the down payment?

While withdrawals made to pay for a down payment may affect your Wealthsimple Client Status if your assets dip below the minimum threshold (Core: $1, Premium: $100,000, Generation: $500,000), we will use the maximum Client Status you had during the promo period. 

What if my Wealthsimple Client Status changes after I receive my cash back?

Changes to your Wealthsimple Client Status after you receive your cash back will have no bearing on your cash back. In other words, you don’t need to maintain your Wealthsimple Client Status to keep your cash back bonus.

Receiving your cash back

When will I receive my cash back?

The cash back will be paid into your Wealthsimple Cash account within 5 business days of your mortgage closing date.

What account will the mortgage cash back be paid into?

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 mortgage applicant 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 within 180 days of your mortgage closure date to receive your cash back bonus. If you don’t have an open Cash account, your cash back bonus will remain in a pending state. If you open a Cash account while your cash back bonus is in a pending state, you will receive your bonus in the following 5 business days.

Note: Pending bonuses expire after 180 days. You can’t redeem expired bonuses. 

Can I move my cash back 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.

What are the tax implications of the mortgage cash back bonus?

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

What if I want to switch or renew my mortgage mid-term?

There is no hold period associated with the cash back you receive. 

Moving assets to Wealthsimple for the cash back

Which transfers are eligible?

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.

However, transfers between Client’s or Co-Applicant’s Wealthsimple Accounts to increase one’s Total Assets are not permitted.  

Are there transfer fees?

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.

Do transfers need to be completed during the promotional period?

Yes. We will take your maximum Wealthsimple Client Status between the day you receive your commitment letter from Pine and the day your mortgage closes (inclusive). Account transfers and deposits must settle prior to your mortgage closing date to be reflected in your total assets and Wealthsimple Client Status.

Please note that it can take up to 2 days after assets settle for your Wealthsimple Client Status to reflect any changes.

How do I transfer an account?

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. 

What happens if I want to make a transfer but don’t have a Wealthsimple account?

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.

Note: If you’re new to Wealthsimple, the email you use in your Pine mortgage application must match the email you use to create your Wealthsimple account for your promotion registration to be valid.

What if I deposit into a joint account?

Any deposits made into joint accounts will be counted towards the Applicants total Wealthsimple assets, regardless of who made the deposit.  

Previous Wealthsimple Rebate Promotion

"What if I want the mortgage rebate/deposit rebate?"

If your commitment letter was issued on or before January 1st and you would like to receive the mortgage cash back instead of the mortgage rebate, you may request to switch the reward so long as your first rebate has not yet been paid out. If you’d like to proceed, please contact our client experience team for next steps.

Mortgage & Pine

For more information about Pine and general mortgage-related questions, please check out this article.