PSA regarding the Wealthsimple 0.5% transfer promotion

[onelittlerabbit]

@jenulguigue The promotion details say you can only remove up to 5% of your total contribution for 1 year or else you risk them removing the bonus from your account.

So you cant just transfer in, get the bonus, and transfer out again.

 

[jenulguigue]

@onelittlerabbit Fair enough, but even then in my hypothetical it effectively becomes an extra $2500 in annual contribution room which is not insignificant.

 

[uhuhuh]

@jenulguigue At the moment the rules appear to allow this. Now, having Financial Institutions run this promotion every year, that's a different question.

 

[alolbu]

@jenulguigue I edited the OP with clarification text from the CRA.

 

[rodr]

@alolbu I use CIBC Investors Edge (ease of use), and they’ve sent me emails that they also have a cashback promo right now. I was curious so I went in to the Terms and Conditions for the offer. And it says the same thing. So I imagine it’s not a screw up on WealthSimple.

“Cash back payments deposited by CIBC Investor's Edge into a registered account as a result of the Offer will not impact your contribution room.”