Is this free money actually free?
Yes. Bank signup bonuses are real cash paid by financial institutions to acquire new customers. KOHO's $100 requires no monthly fee. Simplii's $400 requires no monthly fee. Scotiabank and TD bonuses require holding a paid account for 90 days (fees of ~$33–93 total), but the net bonus is still $250–$370 profit. The EQ Bank savings rate (3.75%) is simply interest earned on your existing savings — no conditions.
How long does it take to receive the bonuses?
KOHO: deposited within 2–4 weeks of qualifying purchase. Scotiabank/TD: deposited ~30–45 days after qualifying period ends (so ~4–5 months total). Simplii: varies by promotion, typically 3 months after qualifying. EQ Bank interest: credited monthly to your account. Wealthsimple bonus: within a few days of qualifying trade.
Do I need to pay tax on bank signup bonuses?
Generally, bank signup bonuses are not considered taxable income by CRA — they're treated as a rebate/discount on services, not employment or investment income. However, savings account interest (EQ Bank's 3.75%) IS taxable as interest income. You'll receive a T5 slip for interest over $50. Cashback (from KOHO) is generally not taxable as it's considered a rebate. Consult a tax professional if your amounts are significant.