What is the offer?

New and existing Wealthsimple clients who apply for a mortgage with Pine can receive a mortgage cash back amount with Wealthsimple based on their Wealthsimple Client Status and the value of their mortgage.

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

Cash Back based on Wealthsimple Client Status (Total Assets):
Actual Mortgage Amount	Core ($1 - $99,999)	Premium ($100,000 - $499,999)	Generation ($500,000+)
$150,000 - $249,999	$150	$500	$1,000
$250,000 - $499,999	$300	$750	$1,500
$500,000 - $749,999	$450	$1,000	$2,000
$750,000 - $999,999	$750	$1,500	$2,500
$1,000,000+	$1,000	$3,000	$5,000

Got questions about the cash back? Read our Mortgage Cash Back FAQ. For more information about applying for a Pine mortgage through Wealthsimple, visit our Mortgage FAQ.

When will I receive the mortgage rebate payouts?

The mortgage cashback amount will be paid as a lump sum into the client's Wealthsimple Cash account within 5 business days of the mortgage closing date.

How is the 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 (Core, Premium or Generation) you had between the day you received your commitment letter from Pine and the day your mortgage closed (inclusive).

Is the mortgage rebate payout taxable?

In most cases, the mortgage cash rebate is not taxable. However, there may be tax implications to the cash back amount if the Pine mortgage associated with the cash back amount 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 Cash Back Offer (the “Offer”)

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

Offer Effective Date. From January 2, 2025 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 apply for a mortgage with Pine Canada Financial Corporation (“Pine”) at https://wealthsimple.pine.ca/, be issued a mortgage loan commitment letter (“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.

Cash Back. The cash bonus (the “Cash Back”) is calculated based on (i) the higher of: the Client’s or the Co-Applicant’s (as applicable) entire assets with Wealthsimple, including assets of any other individual(s) linked to the Client or the Co-Applicant’s household as indicated within the “creating a household” section of the Wealthsimple app (“Total Assets”) from the date Pine issues the Commitment Letter to 11:59pm ET on the mortgage closing date, whichever is higher, and (ii) the actual mortgage amount with Pine, as follows:

 

Any transfers or deposits initiated but not received by Wealthsimple on the mortgage closing date will not be counted towards the Total Assets. 

If the Client’s Wealthsimple Account is an RESP, a Spousal RRSP, or a joint account (each a “Multiple Holder Account”) where there is a primary and secondary account holder, any transfers or deposits to the Multiple Holder Account will count towards the Client’s Total Assets, regardless of the transfers or deposits being made by the primary or the secondary account holder.

Client and Co-Applicant may not combine their assets to calculate the Total Assets, unless the Client and Co-Applicant are listed under “creating a household” in the Wealthsimple app. For greater certainty, transfers between Client’s or Co-Applicant’s Wealthsimple Accounts to increase one’s Total Assets are not permitted. If both Client and Co-Applicant are listed under “creating a household” within the Wealthsimple app, their assets will be combined to determine the Total Asset. 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.

All amounts shown are in Canadian dollars. Limit one (1) Cash Back per Pine mortgage. Cash back is only applicable on new mortgages. Mortgage renewal or modification from an existing Pine mortgage will not be eligible for a Cash Back. The Cash Back is subject to change, at Wealthsimple’s sole discretion. 

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.

Application of the Cash Back. In order to receive the Cash Back, 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 the Cash Back is issued will have one-hundred and eighty (180) days to open a Cash account. Any Cash Back not applied to a Cash account will expire after one-hundred and eighty (180) days of issuance and is considered forfeited by the Client. Wealthsimple is not liable for any forfeited Cash Back and any forfeiture will not be reissued. 

The Cash Back will be deposited into the eligible Client’s Cash account within five (5) business days of the mortgage closing date. Only the eligible Client who submitted the Pine mortgage application as the primary applicant will be the recipient of the Cash Back in accordance with these terms and conditions. The Co-Applicant to any joint mortgage application or the Guarantor will not receive any Cash Back in their Cash account.

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.