◊You will not pay income taxes on any interest amount earned unless you deliberately over-contributed. Contributions in excess of your personal contribution room will be subject to a penalty tax. Contributions withdrawn are added to your contribution room for the next calendar year, except for withdrawals to correct over-contributions.
1 Funds are taxable upon withdrawal. RRSP Savings Account is not eligible for withdrawals through bank machine or INTERAC Direct payment transactions. A transfer fee applies if you transfer funds to another financial institution, other than CIBC.
2 Funds are not taxable even when withdrawn. Any withdrawals made from your account during the year will be added to your contribution room for the next calendar year, other than withdrawals to correct over-contributions. Transfers between Tax-Free Savings Accounts will leave your annual contribution room unchanged. The Tax-Free Savings Account is not eligible for withdrawals through bank machine or Interac® Debit transactions. A transfer [go to] fee applies if you transfer funds to another financial institution, other than CIBC.
3 Transfers in are considered contributions unless the transfer is from another RRSP of yours or, in certain circumstances, your spouse or common-law partner.
4 Transfers in are considered contributions unless the transfer is from another Tax-Free Savings Account of yours or, in certain circumstances, your spouse or common-law partner.
*The Simplii FinancialTM promotional interest offer (the “Offer”) is available between November 1, 2018 – February 28, 2019 (the “Offer Period”) to savings accounts: Eligible Savings Accounts and Eligible Registered Savings Accounts (as defined below). For existing savings account holders, to participate in the Offer, the primary account holder must enrol during the Offer Period by accepting the online offer through online banking, by selecting the “accept” button for e-mail offers or by calling 1-888-236-5999 to complete enrolment. Account holders who do not have a Simplii Financial savings account as at October 31, 2018 will be automatically enrolled for the Offer if they open a Simplii Financial savings account during the Offer Period. The special annual interest rate of 3.15% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Savings Account or Eligible Registered Savings Account balance (“Regular Interest”), plus promotional interest (“Promotional Interest”) that is calculated for the Offer Period on the Additional Balance or Registered Additional Balance, as applicable.
A. Non-Registered Savings Offer
“Eligible Savings Account” means a High Interest Savings Account and/or Savings Account. Only primary account holders are eligible for the Offer.
- The Promotional Interest is calculated on the portion of an Eligible Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2018 (the “Additional Balance”) to a maximum of $500,000 in Additional Balances across all of an account holder’s Eligible Savings Accounts. If an Eligible Savings Account is overdrawn as at October 31, 2018, the closing balance is deemed to be $0.00. Promotional Interest will not be paid on existing funds that were in any Simplii Financial deposit account as at October 31, 2018 and are transferred to an Eligible Savings Account during the Offer Period.
- Promotional Interest will be paid in March 2019 into a single Eligible Savings Account held by a primary account holder. Promotional Interest will not be paid unless at least one of the primary account holder’s Eligible Savings Accounts is active and in good standing as at February 28, 2019. If a primary account holder holds more than one Eligible Savings Account, Promotional Interest will be paid to an Eligible Savings account in the following priority sequence:
a) to the primary account holder’s High Interest Savings Account, if it is active and in good standing; otherwise
b) to the primary account holder’s Savings Account, if it is active and in good standing.
In the event the primary account holder has more than one of the same account type, Promotional Interest will be paid to the account with the most recent date of activity.
B. Registered Savings Offer
“Eligible Registered Savings Account” means a Simplii Financial Daily Interest RRSP Account, RRSP Savings Account and/or Tax -Free Savings Account.
- The Promotional Interest is calculated on the portion of an Eligible Registered Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2018 (the “Registered Additional Balance”) to a maximum of $500,000 in Registered Additional Balances across all of an account holder’s Eligible Registered Savings Accounts. If an Eligible Registered Savings Account is overdrawn as at October 31, 2018, the closing balance is deemed to be $0.00. You can contribute up to your personal contribution limit. A penalty tax applies to all excess contributions. Please contact CRA for your TFSA contribution room or RRSP deduction limit.
- All Promotional Interest will be paid in March 2019 into a single Eligible Registered Savings Account held by a primary account holder. If an account holder has multiple Eligible Registered Savings Accounts, the Promotional Interest for each Eligible Registered Savings Account will be paid separately into that Eligible Registered Savings Account. Promotional Interest will not be paid into any Eligible Registered Savings Account that is not active and in good standing as at February 28, 2019.
PLEASE NOTE: Eligible Savings Accounts and Eligible Registered Savings Accounts will continue to earn Regular Interest on balances, calculated daily and paid monthly. Promotional Interest and Regular Interest rates are subject to change at any time without notice; visit https://www.simplii.com/en/rates.html for current regular rates.
Additional terms, conditions and limitations apply to the opening of and making deposits into an Eligible Savings Account or Eligible Registered Savings Account. Individuals must meet the criteria set by Simplii Financial to open or hold an Eligible Savings Account or Eligible Registered Savings Account in order to qualify for the Offer. Promotional Interest recipient is solely responsible for any tax consequences associated with the receipt of Promotional Interest. The Promotional Interest cannot be substituted or transferred to a third party. Details are available upon request.
The Offer is non-transferable and cannot be combined with other promotional rate offers. Simplii Financial, reserves the right to cancel or change the terms of the Offer at any time, for any reason, and revoke the Offer for any customer who appears to be manipulating or abusing the Offer, or is engaged in any suspicious/fraudulent activity. The Offer is subject to the terms and conditions of the Simplii Financial Products and Services Agreement.
“SIMPLII FINANCIAL” and the SIMPLII FINANCIAL DESIGNS are trademarks of CIBC.
Simplii Financial is a division of CIBC. Banking services are not available in Quebec.
