No. Depositing money into Money Plus does not count toward qualifying for the 3% Boosted cashback rate.
What counts toward the $500 requirement?
Only eligible Beacon transactions count, including:
UPI transfers to India.
Indian bill payments and mobile recharges.
Beacon Visa card purchases.
Philippines bill payments.
What doesn't count?
Money Plus deposits.
Money Plus withdrawals.
Adding money to your Beacon Money Account.
Interac or peer-to-peer transfers.