What You Need to Know
- Canada Savings Bonds (CSBs) are no longer available for purchase as of November 2017. The bonds you own are safe, guaranteed and will continue to earn interest until maturity or redemption, whichever comes first. Refer to the Questions and Answers to find out more.
- If you are a Payroll Savings Plan owner, as bonds in your plan reach maturity they will automatically be paid out to you. Find out more.
- If you own a certificated CSB that has matured, it no longer earns interest and should be redeemed at your financial institution.
- All bond owners should validate their mailing address and/or banking information.
How to Redeem
All certificated CSBs can be redeemed by presenting the bond certificate at any time at your financial institution. If the CSB is redeemed prior to its maturity date, you will receive the face value of the bond plus interest earned up to the previous month. If the bond is redeemed on or past the maturity date, you will receive the face value and all the accumulated interest.
If you have a co-owned bond: a bond purchased in your name together with the name of another individual, whether adult or minor, requires the signatures of both owners at the time of redemption. This process is in place to protect all owners of multiple registered bonds.
If the bond owner is a minor: A bond registered in the name of a minor (under 18 years of age), who is unable to sign his/her name, may be redeemed against the signature of a parent or guardian who has legal custody of the bond owner. The birth certificate (or other proof of age document) of the bond owner will be needed as evidence of age.
If you purchased a bond for someone else: a bond purchased in the name of another individual, whether adult or minor, does not allow the purchaser access to the funds. Only the registered owner has access to the funds.
CSBs purchased through financial institutions, investment dealers and by phone will earn interest up until the maturity date. After that date, no additional interest will be paid out and bonds should be redeemed where you bank or invest.
To report a lost, stolen or destroyed certificated bond, you must contact Customer Service and provide the following information:
- Your Customer ID
- Your address at the time of purchase
- The bond certificate serial number(s) - if available
- The exact name of the registered owner as it appears on the certificate
A surety fee will be charged to guarantee the value of the lost bond(s). A Bond of Indemnity form will be mailed to you, which will need to be completed by all bond owners and signed in the presence of a Commissioner or a Notary Public.
Matured lost, stolen or destroyed certificated bonds will not be replaced. The face value of the bond and all the accumulated interest will be paid to the registered owner(s) by cheque or direct deposit.
Unmatured lost, stolen or destroyed certificated bonds may either be redeemed or retained. If you choose to maintain ownership of your bond, it will continue to earn interest until maturity. Lost, stolen or destroyed certificated bonds that have not matured will not be reprinted and replaced with a physical bond. Instead, you will receive a confirmation letter in the mail containing all relevant information about your bond.
Allow 6 to 8 weeks from the time the documentation and the surety fee has been received for your letter confirming ownership or payment to be issued.
For more information, go to Lost, Stolen or Destroyed Certificated Bonds.
Regular Interest Bonds
Regular interest bonds accrue simple interest at the rates determined by the Minister of Finance until the earlier of maturity or redemption by the registered owner. Simple interest is accumulated monthly and is paid to the registered owner by cheque or through direct deposit on each annual anniversary date until maturity. You should ensure your mailing address is up-to-date to receive your annual interest payment by cheque. To receive annual interest payments by Direct Deposit, you must complete the Change of Address and Direct Deposit (COADD) Form. This will replace payment instructions the owner has given the Bank of Canada for previously purchased regular interest bonds.
As interest payments are prepared and issued during the 11th and 12th months following the issue date and annual anniversary dates, if regular interest bonds are redeemed during these months, an amount equal to the interest earned since the last anniversary date will be deducted from the proceeds of redemption as that amount will be included in the registered owner’s annual interest payment.
Compound Interest Bonds
Compound interest bonds accrue, in addition to simple interest, compound interest at the rates determined by the Minister of Finance until the earlier of maturity or redemption by the registered owner. Accrued interest will be credited on each annual anniversary date for a particular series until maturity. At the time of maturity, you may redeem your bond where you bank or invest and will receive the full face value of the bond plus all interest earned.
See interest rates for unmatured and matured CSBs.
Services for CSB Owners
Find out about address and legal name changes, bond exchange and other services for CSB owners.