CIBC LIF GIC

A Life Income Fund (LIF) lets you convert locked-in RRSPs or Locked-In Retirement Accounts (LIRA) to income, offering a more flexible alternative to a life annuity. These plans contain "locked-in funds", meaning money that was withdrawn from a company pension plan when a pension plan member left the plan prior to retirement; locked-in funds are subject to limitations on withdrawals.

A LIF operates like a RRIF in that you must withdraw a minimum amount from your LIF each year. But unlike a RRIF, there is a limit placed on the maximum amount you can withdraw each year. The aim of this legislated amount is to ensure that the LIF provides income for life.

The CIBC LIF GIC allows you to safely lock in your investment for 6 months to 5 years, with guaranteed principal and interest, as well as to access your funds any time (subject to the legislated limits on how much may be withdrawn each year).

		Call Telephone Banking or visit your branch.

Minimum investment	$500 per LIF GIC (minimum balance of $5,000 is required to open a LIF account)
Terms available	6 months to 5 years - View terms and interest rates available now
Access to funds	Cashable, in whole or in part, with no interest penalty in order to make scheduled payments or lump-sum cash withdrawals1 LIF Payments can be received: annually, semi-annually, quarterly, or monthly
Interest	For terms of 1 year or less, interest is paid at maturity For terms over a year, interest is compounded on each anniversary and paid at maturity
Fees	There are no fees, unless you transfer all or part of your LIF funds to another financial institution, in which case a $100 fee will apply

		Consider a CIBC Short-Term GIC or CIBC Long-Term GIC.

		Consider a CIBC TFSA GIC (Non-Redeemable).

Is it for you?

The CIBC LIF GIC could be for you if any of the following apply:

• You want the safety and security of a fixed rate of return
• You prefer to manage your own investments
• You want to be able to change the amount you withdraw at any time, or take out a large lump sum if you wish (subject to the legislated minimum and maximum annual amounts)

Key benefits

Saves you money	You earn tax-sheltered, compound interest Compound interest can be renewed with maturing principal. Or, when the GIC matures, compounded interest can be put into a LIF Daily Interest Savings Account Existing CIBC locked-in RRSPs can be transferred "intact" before maturity to a CIBC LIF
Convenient	Automatically renews into a CIBC LIF GIC of the same term, unless alternate instructions are provided prior to maturity Easily keep track of your account with quarterly statements sent to you

Useful information

• Income payments are first drawn from your LIF Daily Interest Savings Account, then from the CIBC LIF GIC (Redeemable) or CIBC Bonus Rate LIF GIC that has the lowest rate of interest, without an interest rate penalty.

  Income payments will then be drawn from CIBC Escalating Rate LIF GICs, beginning with the GIC that has the lowest effective yield of the remaining term based on the number of days left to maturity.

  Stock Market Advantage LIF GICs will be redeemed last; if there is more than one such GIC, the GIC with the shortest term to maturity is redeemed first; no interest or earnings will be paid on the portion of any Stock Market Advantage LIF GIC that is redeemed before maturity.

• If an income payment would result in any CIBC LIF GIC having a remaining balance below $500, then the full remaining balance will be redeemed and transferred into your LIF Daily Interest Savings Account.

Disclaimers

Products and their features may change at any time. This is a general description only. For more information and product terms and conditions, consult product brochures or call 1-866-525-8622.

1 LIF GICs cannot be cashed prior to maturity to change investment options, to purchase another GIC or to transfer funds to a LIF at another financial institution. LIFs are subject to a maximum annual payment amount set by law.

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