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Direct deposit $400 offer
September 5, 2023
7:33 am
odinson
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After joining in 2020 or '21 but hardly using my accounts for the past year (because Simplii screwed up a withdrawal request of mine), I received this email today:

"Set up direct deposit to splash extra cash into your account

Hi there,

Let’s take our relationship to the next level. We have an exclusive $400 reward for you!

Add an eligible direct deposit of at least $100 a month to your No Fee Chequing Account for 3 straight months by December 31, 2023.

Don’t wait!"

September 5, 2023
7:59 am
UkrainianDude
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I have not received any communication from simpli.

September 6, 2023
4:34 pm
Lodown
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odinson said

Add an eligible direct deposit of at least $100 a month to your No Fee Chequing Account for 3 straight months by December 31, 2023.

Don’t wait!"  

Looks like quick action is required in month of September, as 3 of the 4 months need to see the deposit!

September 7, 2023
7:36 am
odinson
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Lodown said
 
Looks like quick action is required in month of September, as 3 of the 4 months need to see the deposit!  

I agree. They're not leaving all that much time.
On the other hand it does say Dec 31, so for someone doing a payroll switch I suppose starting with the final October pay, at the latest, should qualify (assuming bi-weekly deposits).

September 9, 2023
8:43 am
odinson
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I should've added the fine-print from the e-mail; it's a targeted* offer (perhaps sent to me because my account had been almost dormant for some time).
*However, there is an almost identical "new clients only" offer on the Simplii home page.

The fine print:
"† The Simplii Financial $400 Direct Deposit offer (the “Offer”) begins on September 1, 2023 at 12:01 am ET and ends on December 31, 2023 at 11:59 pm ET (the “Offer Period”). This Offer consists of a $400 cash reward (the “Cash Reward”) and is available by invitation only to select primary account holders of a qualifying Simplii Financial No Fee Chequing Account (the “Eligible Account”) and who comply with the following requirements.

1. Eligibility

This Offer is reserved for eligible primary account holders of a Simplii No Fee Chequing Account that have received an Offer promotional communication from Simplii Financial. This Offer can be combined with all other offers unless otherwise indicated. Individuals who meet the foregoing eligibility requirements and otherwise comply with these Terms are referred to as “Eligible Client(s)”.

2. Offer Requirements

To qualify for the Offer and receive the Cash Reward, an Eligible Client must:

i. Be the primary account holder of an Eligible Account that was opened prior to the Offer Period;

ii. Between September 1, 2023 and December 31, 2023, set up one or more Eligible Recurring Direct Deposits totaling at least $100 of deposits per month into the Eligible Account; and

iii. have a minimum of one Eligible Recurring Direct Deposit(s) credited to the Eligible Account for at least three (3) consecutive months within the Offer Period.

“Eligible Recurring Direct Deposits”: Most automated and recurring direct deposits are eligible. Examples of common recurring direct deposits include: payroll, pension direct deposits, old age security, disability payments, and governmental deposits, such as employment insurance. For further details and to confirm whether an automated and recurring direct deposit qualifies for the Offer, consult with a Simplii Financial representative.

3. Payment of Cash Reward

If an Eligible Client qualifies to receive the Cash Reward, the Cash Reward will be directly deposited to the Eligible Account (which must remain active and in good standing at the time the Cash Reward is deposited) by January 31, 2024.

4. Additional Limitations and Conditions

The Cash Reward must be accepted as awarded and is not transferable or assignable. No Cash Reward substitutions will be permitted. Limit of one Cash Reward per Eligible Client no matter how many Eligible Accounts are opened. For joint accounts, only one Cash Reward is available per Eligible Account. The recipient of the Cash Reward is solely responsible for any tax consequences associated with their receipt thereof.

The Offer is subject to the terms and conditions of the Simplii Financial Products and Services Agreement. Simplii Financial reserves the right to cancel or change the terms of the Offer at any time without notice, for any reason, and to revoke the Offer from any customer who appears to be manipulating or abusing the Offer, or is engaged in any suspicious / fraudulent activity.

In the event of any discrepancy or inconsistency between the terms and conditions as provided in these Terms and disclosures or other statements contained in any Offer-related materials, including, but not limited to television, print or online advertising, the terms and conditions of these Terms shall prevail, govern and control to the fullest extent permitted by law.""

October 30, 2023
8:17 am
althisa
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Those who have received a cash award for signing up for new accounts:
How are the cash awards taxed?

Simplii CSR told me the current promotion $400 is not taxed.
I am not clear why it would not be taxed as interest on the account.

Want to make sure of the potential return before I open an account.
If it's taxed, it reduces the return considerably vs the effort required

October 30, 2023
1:18 pm
savemoresaveoften
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althisa said
Those who have received a cash award for signing up for new accounts:
How are the cash awards taxed?

Simplii CSR told me the current promotion $400 is not taxed.
I am not clear why it would not be taxed as interest on the account.

Want to make sure of the potential return before I open an account.
If it's taxed, it reduces the return considerably vs the effort required  

It is not “taxed” as in they won’t issue a T4 for that amount. You are however technically require to report that amount on ur income tax return….

October 30, 2023
1:57 pm
althisa
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savemoresaveoften said
It is not “taxed” as in they won’t issue a T4 for that amount. You are however technically require to report that amount on ur income tax return….  

Thanks that makes sense

So in some way the bank does not fully do its duty to report as a FI, it's up to us as individuals taxpayers

I am guessing cashback on credit cards prepaid or not falls under a similar category.

October 30, 2023
2:19 pm
hwyc
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savemoresaveoften said
It is not “taxed” as in they won’t issue a T4 for that amount. You are however technically require to report that amount on ur income tax return….  

I am going with the CSR on this one. It's not tax deducted and it is not taxable. $400 is not a small amount. Based on the context, I think you make more sense if you are talking a T5.

October 30, 2023
2:33 pm
savemoresaveoften
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hwyc said

I am going with the CSR on this one. It's not tax deducted because it is not taxable. $400 is not a small amount. Based on the context, I think you make more sense if you are talking a T5.  

my bad, meant a T5. What is more important is from the CRA standpoint, what does that $400 represent ? A lottery winning is not taxable, but most other sources of income are.

November 30, 2023
12:04 pm
althisa
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Another referral bonus from Simplii

"Don’t wait any longer to refer your crew to Simplii Financial™. You’ll earn $125 for every successful referral, and they’ll earn $50 too.† That’s our biggest refer-a-friend bonus ever — just in time for the holidays!

This offer is only valid for No Fee Chequing Account, High Interest Savings Account, Cash Back Visa* Card or Personal Line of Credit referrals. Conditions apply"

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