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Get up to 120 dollars when you switch your payroll direct deposits to Tangerine
August 13, 2014
4:00 pm
musicalmaestro
Montreal
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Got this email today

"Have you ever found yourself thinking how nice it would be to get little top-ups between paydays? Sort of like a little bonus pay? Well, at Tangerine, we have thought about that.

Which is why, right now, when you switch your payroll direct deposit(s) to your Tangerine Chequing Account by October 31, 2014, we'll give you a $10 Bonus payday every Friday starting the following month, up to $120 in Bonuses*.

Here's an example of how the Bonus works:"

Sadly, CPA CODE 615 for QUEBEC solidarity tax credit is not on the list, so can't take advantage. sf-cry

August 13, 2014
4:33 pm
JustMe
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I do not exactly understand this offer. Very few companies allow you to choose bank where they deposit your salary. At least not big companies like department stores, banks, etc.
If you work for mom-and-pop store then there is a possibility, otherwise???

August 13, 2014
5:04 pm
musicalmaestro
Montreal
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I think if you ask the right people, who deal with payroll, you can most certainly get them to change where your direct deposit goes. TANGERINE SAISE in the more info section

http://www.tangerine.ca/en/lan.....payday2014

To use their 3 simple steps. It also explains it a bitter better than the email.

Granted it can certainly be a challenge (at best) or downright nuisance (at worst) to do this. I'd much rather a higher interest rate, but that's just not gonna happen.
Holding out in RBC eSAVINGS until the tfsa kickstart is out.
M

August 13, 2014
6:41 pm
Loonie
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the last time they had an offer of this type, I asked and they said, as I recall, that CPP and/or OAS could be used for the purpose of getting the bonus. It would be a significant bump up for either of these, neither of which pay very well. I didn't do it at the time, but this is a better offer.

August 14, 2014
5:44 am
musicalmaestro
Montreal
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In the terms and conditions, once again it looks like pension plans DO count, so go for it Loonie!

August 14, 2014
7:23 am
xxxx
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Is this $120 "bonus" taxable? If taxable, I would not get too excited.

August 14, 2014
8:45 am
Jon
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Brian said

Is this $120 "bonus" taxable? If taxable, I would not get too excited.

Oh come on Brian, nobody say no to free money, even it is taxed :)

August 14, 2014
2:13 pm
Jack Manning
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Jon, I wish they would do such a bonus promotion for TFSA's which would make it income tax free. For example, $5,500 invested for 5 years at 2.55% GIC+ $120 would equate to a rate of 3.12% after compound interest.

I understand what Brian is saying because if someone is in a higher tax bracket say 35% to 40%, it would eat up $42 to $48 of the $120 leaving much less of $72 to $78.

August 14, 2014
10:29 pm
Rick
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JustMe said

I do not exactly understand this offer. Very few companies allow you to choose bank where they deposit your salary. At least not big companies like department stores, banks, etc.
If you work for mom-and-pop store then there is a possibility, otherwise???

Really?!? I've never worked for anybody that wouldn"t deposit my cheque to the bank of my choice. Changed from Coast Capital to Canadian Direct in the last year. Fill out the form and my cheques are now deposited to CDF. Same with wife's company. Are you saying your company picked your bank for you??

August 14, 2014
10:35 pm
Loonie
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This deal is best for low income earners or seniors, or someone receiving EI (which is also eligible) etc. (Who knew there could be a bonus from getting EI?)
Worth looking at the list of eligible deposits http://www.tangerine.ca/en/lan.....onditions/

Any senior living on the minimum government income will not likely pay any income tax at all.
If you are in the no or lowest tax bracket, this is a worthwhile offer, and even if your tax bracket is higher, you can still net a "profit" if you want to spend the time to set it up but you may not feel it is worth your while.

Note: Only available to people who have not used a bonus offer related to switching payroll deposits on any of their accounts before. Presumably this will also exclude offers redeemed while this bank was called ING, but I haven't confirmed.

I doubt you could avoid the tax through TFSA deposit because they would not be able to put the bonus into the TFSA, as that would put you beyond the deposit limit and also you have to deposit it yourself, not through a third party, as I understand it. Good idea though!

August 14, 2014
10:36 pm
Loonie
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P.S. Note to moderator: This should be added to the "Promos" page.

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