Debt, Investing, Real Estate

Best Mortgage Cash Back Offers And Bonuses in Canada 2023

There are many factors to consider when looking to take out a mortgage, including interest rates, cash back bonuses, fees and more. 

There are many different types of mortgages available in Canada, and each one comes with a list of costs. This can really add up if you don’t know how much they cost in advance. 

The best way to lower your costs is by finding good deals and getting cash back offers and bonuses on your mortgage payments.

Fortunately, there are lots of great deals and mortgage cash back bonuses currently available in Canada. 

Therefore, you have to be on the lookout not to miss out on the ones that will work best for you.

To help ensure you’re getting a great deal on your new mortgage, we’ve put together a list of some of the best mortgage cash back offers and bonuses currently available in Canada.

Continue reading to find out what the best mortgage deals are for both first-time home buyers and those looking to refinance their homes!

Best Mortgage Cash Back Bonuses And Offers in Canada

Overview of Mortgage Cash Back Offers

Mortgage cash back offers are a great way to get some extra money when you’re buying a new home. 

These mortgage cash back offers are discounts that lenders offer when you take out a new mortgage from them.

Depending on your lender and mortgage size, the cash back amount can vary significantly, but it can be substantial.

For example, if you were to get a $200,000 mortgage, you could potentially receive a $2,000 cash back bonus. 

Mortgage cash back bonuses can be used for a variety of purposes, such as paying down debt or making home improvements. 

This can be a great way to save money on your new home, and it’s something that you might want to consider when shopping for a new mortgage.

5 Best Mortgage Cash Back Offers and Bonuses in Canada

Mortgage cash back bonuses are a great way to get some extra money when you’re buying a new home. 

There are several mortgage cash back bonuses in Canada but there are some that stand out from the crowd. Here are some of the best mortgage cash back bonuses and offers in Canada:

1. RBC Mortgage Offers

  • Cash Back: up to $3,000
  • Minimum Amount To Quality: $100,000

RBC is one of the biggest financial institutions in Canada. The bank offers several banking products including mortgages.

Switching your mortgage usually attracts fees but with RBC, you can easily switch your mortgage without worrying about the fees.

If you switch a qualified mortgage to RBC, the bank will cover your switch fees of up to $1,100.

Also, if you get a qualified RBC mortgage, you will get $3,000 in cash. You should note however that this offer is for a limited period.

To get this mortgage cash bonus from RBC, you have to get a qualified mortgage between October 7th, 2022 and November 9th, 2022.

Therefore, if you want to benefit from this RBC mortgage cash back, you have to get a mortgage before the offer expires.

The RBC mortgage cash back offer is determined by your mortgage value. This means the higher your mortgage, the higher your bonus.

Here is how RBC group its mortgage bonus according to the amount of mortgage you get:

Qualified Mortgage ValueCash Back Amount
$750,000 – $999,999.99$2,500
$500,000 – $749,999.99$1,500
$300,000 – $499,999.99$1,000
$100,000 – $299,999.99$500

From the above table, you can see that for you to get a mortgage cash bonus of up to $3,000 from RBC, you must get a mortgage of up to $1,000,000.

Learn more: RBC Mortgage Promotions

2. CIBC Mortgage Offer

  • Cash Back: $4,100
  • Minimum Amount To Quality: $100,000

CIBC is also one of the leading banks in Canada. You can count on CIBC to fulfill your mortgage needs, whether you are a new homebuyer or relocating to a new area. 

The bank offers one of the highest cash back bonuses in the country. When you get a qualified mortgage from CIBC, you will earn up to $4,100 in cash back. 

You should note however that the CIBC mortgage cash bonus you will get depends on the amount of the mortgage you take.

For you to get up to $4,100 cash back, you must take a CIBC mortgage of up to $1,000,000.

The table below shows how CIBC group its mortgage cash bonus according to mortgage value:

Mortgage ValueCashback Amount
$100,000,000 and above$4,100

Learn more: CIBC Mortgage Cash Back

3. Simplii Mortgage Offer

  • Cash Back: $3,000
  • Minimum Amount To Quality: $100,000

Simplii Financial is another financial institution in Canada that offers one of the best mortgage cash back bonuses.

When you switch your mortgage to Simplii or get a qualified mortgage with the bank, you will get a cash back of up to $3000.

Of course the amount of mortgage cash back you can get from Simplii Financial also depends on mortgage value.

So how do you get the Simplii Financial mortgage offer? Let’s look at how you can benefit from this great offer:

First, the bank offers you a cash bonus of $2,750 if you get a Simplii qualified variable or fixed mortgage of up to 5 years and use a new or existing Simplii chequing account to set and complete pre-approved mortgage payments.

To get an additional mortgage cash back bonus of $250 from Simplii, you have to ensure that your direct deposits from payroll or pensions are deposited into your Simplii chequing account.

Also, you have to get approved for a Cash Back Visa Card from Simplii. If you already have the card then you are good to go.

Once you complete the above requirements, you can expect to get your cash back at any time.

You have to note however that, just like the mortgage cash back from the other banks, the Simplii mortgage cash back bonus also depends on the amount you borrow.

Here is how Simplii groups its qualified mortgage cash back bonus according to the amount borrowed:

Mortgage ValueCashback Amount
$750,000 and above$3,000

You should note however that the Simplii Financial mortgage cash back expires on October 31, 2023. 

Therefore if you want to take advantage of the offer, you have to get a quarter mortgage with the bank before the offer expires.

Check it out

4. Vancity Mortgage Cash Back

  • Cash Back: Up to $3,000
  • Minimum Amount To Quality: $100,000

Vancity is a leading financial institution in Canada. It is one of the biggest credit unions in the country.

When you apply and get a qualified mortgage from Vancity, you can get a cash back of up to $3,000.

To get the Vancity mortgage cash back, you must switch your mortgage to Vancity or get a new one from the company.

Also, the mortgage must be a 4-year fixed one of up to $100,000 and must be funded within 90 days by Vancity.

The credit union groups its mortgage cash back based on the mortgage value as follows:

Mortgage ValueCash Back Amount
$100,000 to $299,999.99$1,000
$300,000 to $499,999.99$1,200
$500,000 to $749,999.99$2,000
$750,000 and up$3,000

Note: There is no cash back bonus available to Vancity members who are renewing or refinancing their mortgages.

This means you can only get the mortgage cash back bonus from Vancity if you switch or get a new mortgage from the company.

Check it out

5. Scotiabank Switch Mortgage Offer

  • Cash Back: $1,200
  • Minimum Amount To Quality: $100,000

As you already know, switching your mortgage from one financial company to another usually comes with switching fees.

If you are looking to save on switching fees, the Scotiabank switch mortgage might be a great option for you.

Your mortgage switching fee can be covered by up to $1,200 if you switch your mortgage to Scotiabank.

To get this mortgage switch offer from Scotiabank, you must get a qualified mortgage of up to $100,000 from the bank.

It is essential to note that the Scotiabank mortgage switch offer applies to any closed fixed-rate mortgage with a term of three years or higher.

The offer is also applicable to any closed variable rate mortgage with a term of five years.

Check it out

How to Find the Best Mortgage Cash Back Offer

A mortgage cash back bonus is a great way to get some extra money when you’re buying a home. 

But with so many different offers out there, how do you know which one is the best for you? Here are a few things to keep in mind:

The first thing to do is compare different lenders. Taking out a mortgage is a big financial decision, so it’s important to shop around and compare offers from different lenders.

Not all lenders offer mortgage cash back bonuses, so you’ll need to find one that does. 

Once you’ve found the right lender, pay attention to the terms of their offers. Some offers will only be available for a limited time, so make sure you are aware of the offer expiry date. 

And finally, make sure you understand the terms and conditions of the offer itself. Some financial institutions will require you to meet certain requirements to receive the cash back.

As a result, it is important to read the fine print of the mortgage offer before you decide whether to take the mortgage or not.

By following these simple tips, you can be sure to find the best mortgage cash back bonus for your home financing needs.

Is a Cash Back Mortgage Worth it?

A cash back mortgage is a type of home loan that allows borrowers to receive a lump sum of cash at closing. 

The amount of cash back varies, but it typically equals a percentage of the loan amount. 

While a cash back mortgage can be helpful in covering closing costs or making home improvements, it is essential to be aware of the potential cons before taking one. 

Cash back mortgages typically come with higher interest rates than other types of home loans. As a result, you might end up paying more in interest on the loan. 

Additionally, cash back mortgages are usually only available at fixed mortgage rates. This means that if interest rates drop during your repayment period, you won’t be able to take advantage of lower payments.

For these reasons, it is important to weigh the pros and cons of a cash back mortgage before making a decision.

However, if you’re confident that you can afford the higher interest rates and are comfortable with having a fixed-rate mortgage, a cash back mortgage could be worth considering.

Final Thoughts 

Applying for a mortgage is a huge decision and one that takes time and careful consideration. 

To get the best mortgage cash back offers and bonuses in Canada, you will need to do some research and compare different offers.

In order to help you out in your search, this article has discussed some of the best cash back offers and bonuses in Canada.

All you have to do is compare each one to find the best cash back bonus offer for your individual needs. 

Hopefully, with this guide, you should be able to make an informed decision about which offer is best for you. 

If you found this article helpful, please share it with others who may also be looking for a great deal on their next mortgage.

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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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