1 Your interest on these GICs depends on if, and how, the related indices (index) increase(s) over your GIC's term. Interest will be calculated in accordance with the formula set out on the Information Statement (issued at time of purchase but also available on request at any CIBC branch or through 1-800-465-CIBC (2422)). Interest is not guaranteed; if the index(es) falls, there may be no interest. Interest is subject to a participation rate, which means that you will receive a percentage of any increase; the participation rate is set when you buy the GIC. Principal is repaid at maturity.
2 With the CIBC Cashable Escalating Rate GIC, you may redeem only on the anniversary dates or within 7 days after. If you redeem within 7 days after an anniversary date, you get interest to the redemption date based on the preceding year's(s') interest rate(s) disclosed at the time of purchase.
The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.