As a no-fee deposit broker, there are no fees for purchasing GIC type investments, however certain minimums are required. The following fees are levied to meet the expenses related to the transaction required.
Minimum deposit $25,000: It’s agreed that all other lesser amounts will have scheduled maturities to coincide with future or existing deposits, and/or will be consolidated into a savings account for future reinvestment.
No instructions (maturity cheques): If we have not received prior instructions and/or after four (4) business days of receiving the maturity proceeds from the issuer, maturity cheques will be deposited into the bank account we have on file or forwarded by Canada Post to your civic address. No interest is being accumulated under such circumstances.
Early unscheduled redemption, re-registration or transfer of GICs will carry the following service fees, plus other charge(s) imposed by the issuer.
Client commissioned closing out transfer of asset fees: GIC type registered accounts will attract a transfer (between institutions) fee of $45 per account per institution. This fee reflects the cost involved in processing and transferring assets between institutions.
Note: As of June 2018, transfer fees charged as an additional expense at TD were $75, CIBC $100, and Royal, Bank of Montreal and ScotiaBank $50.
Estate servicing fees
GICs – guaranteed return: Your GIC is locked in until the maturity date shown on your confirmation of investment, or in your renewal confirmation. This means the issuer agrees to pay interest on the investment amount until the maturity date, but you cannot redeem or withdraw any amount until the investment matures. Notwithstanding the foregoing, under certain duress circumstances, and at the discretion of the issuer, the issuer may permit an early redemption or withdrawal upon payment by you of a penalty amount, as determined by them or otherwise.
In those cases where such requests are acknowledged, and where the issuer proceeds to terminate the investment for you, or your beneficiaries or/and survivors, you are agreeing to hold harmless any member of the Fiscal Agents group of companies for any fees, costs or emolument charge-backs in relation to such a early investment termination.
| Certificate re-registration: | $45. thereafter $25 each |
| Certificate redemption: | $45 each |
| Transfer fees: | GIC type registered accounts below $25,000 will attract a transfer fee of $45 per account transfer between institutions. The fee reflects the cost involved in processing and moving the assets between institutions. Fees may change without notice. |
Disbursements and/or Miscellaneous expenses: Fees will be charged to you or the estate and subject to applicable government taxes.
| Postage and Photocopies (Minimum Charge) | $25.00 |
| Photocopies (per page) | $0.20 |
| Fax service: – first 4 pages: | $6.00 |
| Thereafter per page: | $1.00 |
| Archival research (per unit minimum) | $50.00 |
Emolument Claw-back recapture fees are determined by the issuer and can average .25 bases points of the outstanding balance, divided by each year remaining or any part thereof.
Please note: The above fees do not include any service fees separately imposed by the issuer directly
Service charges: We will charge where applicable, and you will pay, our current service charges for services that we perform for you at your request. You will pay the service charges of any other financial institutions that are imposed as a result of any service that you may use. We may issue you an account invoice/statement itemizing such service fees.
Use of services: You will not use any service for illegal, fraudulent or defamatory purposes or take any steps that could undermine the security or integrity of any service.
Costs and legal fees: You agree to pay us for any cost to recover amounts that you owe us. These costs include legal fees on a solicitor and his own client basis as well as reasonable legal fees charged by our legal counsel. If you fail to pay our costs, they may be sent to a collection agency or for court action.
All subject to change without notice.
