Bond Term Extension Announced

The series of Canada Savings Bonds and Canada Premium Bonds originally set to mature over the course of the 2009-2010 campaign (starting in November 2009), will now be extended for an additional ten years according to the dates outlined in the tables below.

You can also find out more by viewing the list of most Frequently Asked Questions :

Why is the Government extending the maturity of the Canada Savings Bonds (series S60-S65) as well as the Canada Premium Bonds (series P9-P14)?

The ten-year extension of maturity is intended to offer bond owners additional options such as :

• No paperwork or actions on your part are required. Your bonds will automatically continue to earn interest throughout the new term extension.
• No need to redeem and reinvest immediately in another product in order to ensure you don't lose any interest after the maturity date.
• Redemption remains available to bond owners, now or in the future, to access money for personal use or to reinvest it.

How do I know if my bonds have been extended?

All bond owners that own one or multiple series of the bonds listed in the table above, will be sent a letter to their address we have on file, indicating which bonds have been extended and what should they do.

I did not receive a letter because I recently moved and I did not advise you of my new address. How do I know if I own these bond series?

You should check the series numbers on your bond certificate or statements to see if these extended series apply to you.

What does it mean if my bond has been extended?

The maturity date is the date at which your stops earning interest. An extension of this maturity date simply means your bond will continue to earn interest beyond the original maturity date and up until the new extended maturity date. All Terms and Conditions of your original purchase remain unchanged.

What actions do I need to take if I own bonds that have been extended?

If you are the owner of any of the above-mentioned series, you have the following options available to you :

• Do nothing - Take advantage of the extended term and your Canada Savings Bonds or your Canada Premium Bonds will continue to earn interest for an additional ten years.
• If you have a bond certificate and wish to redeem your Canada Savings Bonds or your Canada Premium Bonds, present your bond at any financial institution during the time specified in the tables above.
• If you purchased a CSB S60 through the Payroll Savings Program and you wish to redeem all or a portion of your Canada Savings Bonds, go online at www.mybonds.gc.ca or call Customer Service at 1‐800‐575‐5151.
• If you are a Payroll Savings Plan owner and purchased a CSB within the Canada RSP/RIF and you wish to redeem all or a portion of your bonds, you can do so by contacting Customer Service at 1‐800‐575‐5151 anytime. Those who purchased a CSB or CPB within the Canada RSP/RIF, but not within the Payroll Program and wish to redeem all or a portion of your bonds, you can do so by contacting Customer Service at 1-800-575-5151 during the period specified in the table below. Please note, however, that withdrawals from your RSP/RIF account are subject to withholding tax as determined by the Canada Revenue Agency and/or Revenu Québec.

Does this mean that my other bond series will also be extended?

No, the Minister of Finance has authorized a maturity extension only for the Canada Savings Bonds Series S60-S65 as well as Canada Premium Bonds Series P9-P14. The decision on whether or not to offer maturity extension for future bond issues will made on a case-by-case basis, at the discretion of the Minister of Finance.

With no paperwork required for my CSB or CPB series maturity extension, and no need to send in my certificate, what proof will I have for my records?

If you wish to ensure that you have an official record of the maturity extension in your files, you can save the copy of the letter you received from us, which shows your unique Customer ID Number. You can also print out the information on this page or view the official press release announcing the maturity extension.

Do the Terms and Conditions of my bonds change?

All Terms and Conditions of your original purchase remain unchanged.

My Canada Savings Bond / Canada Premium Bond is held in an RRSP (RRIF). How does the maturity extension affect me?

Normally your CSB/CPB Series would have been rolled over automatically at the original maturity date into the new respective CSB or CPB Series. This year, with the extension, you will simply continue to hold the existing CSB or CPB into the same series, which will carry the announced interest rate.

For media inquiries about Canada Savings Bonds, contact Media Relations.