We're not kidding.
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Update: Well, as you'd expect with a deal this good, Canon has sold out of its existing stock of the refurbished Rebel SL1. There is good news, though! Canon has refurbished versions of the newer Canon Rebel T5 marked down to $249.99 right now. You'll have to nab it in a separate transaction, but you can then combine that with the refurbished 75-300mm zoom lens for $49.99 and get everything for less than our original deal.
If refurbished isn't your thing then we also recommend this kit at Amazon.com, which includes the newer Canon Rebel T5, the 75-300mm f/4-5.6 III lens, and a camera bag for $449. It's a little more money, but everything with that bundle is brand-new.
While Black Friday and Cyber Monday are behind us, Canon's own store has been saving its best deal for last. For just $309 right now you can get the Canon Rebel SL1 with an 18-55mm f/3.5-5.6 kit lens and the Canon 75-300mm f/4-5.6 III zoom lens.
The only catch? They're both refurbished. Frankly, we don't think that's a reason to hesitate. Canon's product service is legendary and the whole kit comes with a 1-year manufacturer warranty anyway. With some companies we would think twice about this, but not with Canon.
We were blown away by this deal just last week when it was available for $369, but at $60 cheaper it really is the best deal we've seen on a Canon DSLR in recent memory. The Rebel SL1 is about on par with the company's newest entry-level Rebel T5, except it's just about the smallest conventional DSLR you can buy. The zoom lens is an ideal complement for someone who wants a bit more reach.
The total savings here are incredible. The SL1 with just the 18-55mm kit lens retailed for $799.99 when it debuted. It's fallen a bit in price since then, but even now a similar bundle will cost you $499 brand-new at Amazon with a camera bag. If you don't mind a refurb, but don't need the bundle then you can pick up the SL1 for $279.99 on its own while the lens will set you back $49.99 separately.
If you're giving this is a gift, you should know that the refurbished box may be pretty plain. One easy way around this is to get an affordable camera bag like the AmazonBasics one we linked to here and pack it up in that.