FISCAL AGENTS
TREASURY DIVISION

 

EARLY REDEMPTION OF GUARANTEED INVESTMENT CERTIFICATES

Sometimes you require funds from your deposit before it matures. Fiscal Agents offers an exclusive secondary market service for GICs.

SUPPORT SERVICE

Fiscal Agents offer you support facilities for clients who wish to encash their investment Certificates prior to maturity

PROCEDURES

Request for pre-encashment can be made in two ways, namely: (1) In the case of institutions, by their Branch personnel telephoning our Head Office Bond Trading Desk on behalf of the customer requesting a bid value for the Certificate. Any resulting transaction would subsequently be conducted through the institution or directly with the client. (2) By the client calling our Bond Trading Desk directly to ascertain a bid value for his Certificate with any resulting transaction being conducted directly with him or his authorized representative.

CERTIFICATE VALUES

Bid values quoted by Fiscal Agents are dependent on money market conditions.

DATA REQUIREMENTS

The following data is required by Fiscal Agents Treasury Division in order for them to render a bid valuation: 1) Name of Issuer 2) Face Value of Certificate 3) Interest Rates payable 4) Frequency of interest payment 5) Issue date of Certificate 6) Maturity date of Certificate

MARKET BIDS

Fiscal Agents Bond Trading Desk undertakes to render a firm market bid within 24 hours from receipt of bid request.

ENCASHMENT OF CERTIFICATES

The Certificate upon completion of the applicable transfer forms, may be delivered against payment at our banker’s Securities Cage, Toronto, Ontario

INCOME TAX TREATMENT

It should be noted that dependent on the interest rate attaching to the Certificate offered, a Capital Loss may be available to the client under the provisions of the income Tax Act, Canada. To submit a request for the sale of a Guaranteed Investment Certificate or Debenture please fill out this form.