Canada Savings Bond program no longer available
As of November 1, 2017, the Government of Canada has discontinued the sale of Canada Savings Bonds (CSB) and Canada Premium Bonds (CPB).
Like many Canadians, you may have used the CSB program as a short term saving method to put money aside for things like holiday expenses, special occassions, family or weekend getaways or other extra expenses.
What this means for you
If you have recently purchased a bond or paid into a program through your work, your money is safe and will continue to earn interest.It will continue to earn interest until you redeem your bond or it reaches maturity, meaning it will not earn anymore interest and can be redeemed for the full amount.If you own a bond that has matured, it can be redeemed at CUA or another banking institution. For more information about what the end of the program means for you, please visitthis Government of Canada websiteor click here for Frequently Asked Questions.
How CUA can help
If you have taken advantage of the CSB program in the past, you may now be wondering what your options are for short term saving methods. The CUA team would be pleased to help find a solution that will work best for you and your individual needs.
If you would like to explore alternative savingmethods, please contact a member of the CUA team at 902.492.6500 or at info@cua.com.
