Open a CIBC Tax-Free Savings Account (TFSA) today!

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• Dated today or the following business day, your payment will be accepted. Transferring money from your checking account to your TFSA account can take up to 2 business days. When calculating a date for a contribution, weekends and provincial holidays are treated as regular business days. No official business is conducted on weekends or federal holidays.
• Requests received by 11:59 p m The deadline for making a 2018 TFSA contribution is 11:59 p.m. ET on December 31.

Please take into consideration that all TFSA TASA online banking contribution due dates are based on Eastern Time. If you make a donation at 10:00 p.m. PST, it won't be counted until 1:00 a.m. ET the following day.

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To open a TFSA or make an additional contribution to an existing TFSA with CIBC, you must first read the CIBC Tax-Free Savings Account Agreement and click "I Agree" to continue.

The Agreement for a Tax-Exempt Savings Account at CIBC

1. HOLDER: The term "Original Holder" refers to me, the current holder, and "Successor Holder" refers to my successor as defined in section 146. My designee and subsequent holder (as defined in subsection 146(1) of the Income Tax Act (Canada) ("Tax Act")) My estate will be the Plan Holder (as defined in subsection 2(1) of the Tax Act) after my passing.
2. INITIAL PLAN DEVELOPMENT: According to the Tax Act, Canadian Imperial Bank of Commerce ("CIBC") agrees to open a CIBC Tax Free Savings Account ("Plan") and accept contributions from the Original Holder named on the Plan application ("me/I") and, after my death, from any Holder of the Plan. for the purpose of CIBC making distributions under the Plan to the Holder or otherwise in accordance with the Plan and the Tax Act, to deposit such contributions and use, invest, or apply them as necessary
3. MY PLAN REGISTRATION: By submitting this Application, I authorize CIBC to make an election with the Minister of National Revenue to have the Plan registered as a Tax Free Savings Account under the Tax Act and, if applicable, the income tax legislation of the Province or Territory in which I reside. Please be aware that CIBC requires the Holder's full legal last name on the Application in order to register this as a TFSA. In order to avoid having any earnings taxed by the Canada Revenue Agency, the Holder's date of birth and social insurance number must be entered exactly as they appear on the Holder's personal tax return.
4. AMOUNTS PAID INTO THE PLAN: Periodically, I, or in the event of my death, my Successor Holder, may make monetary deposits into the Plan ("Deposits"). Any tax consequences for the Holder or anyone else as a result of Deposits or contributions to the Plan will be the sole responsibility of the Holder and not the Plan Administrator.
5. THE HOLDER MAY CHOOSE FROM THE FOLLOWING ACCOUNT TYPES:
   1. The Plan will include the "Account Options" chosen by the Holder at various times. (The TFSA Tax Advantage Savings Account, the Guaranteed Investment Certificates (GICs) listed below (the "TFSA GICs"), and any other option CIBC may make available from time to time are all included in the term "Account Option").
   2. Interest on TFSA GICs is credited to the Plan annually on the anniversary date of the GIC's purchase or, if the GIC's term is longer than 12 months, the GIC's maturity date. Savings bonds purchased with a TFSA cannot be resold. CIBC will reinvest a TFSA GIC upon maturity in accordance with the Holder's written instructions or through CIBC Telephone Banking (if the Holder has arranged for access to same) for the terms and options which CIBC makes available on the maturity date. In the event CIBC does not receive such instructions from the Holder by the Maturity Date (or such later date as CIBC may permit in its sole discretion), the Notes will automatically mature. If CIBC decides to reinvest the TFSA GIC amount (including interest) for a different term, it will notify you in writing of the reason why. When a TFSA GIC matures, CIBC will reinvest the funds into a similar TFSA GIC or for a term if the original option is no longer available.
   3. The following types of TFSA GICs are not liquid until they reach maturity: TFSA GICs (NonRedeemable) ("GICNRs"), Bonus Rate TFSA GICs, Escalating Rate TFSA GICs, and Cashable Escalating Rate TFSA GICs. Cashable Escalating Rate Tax-Free Savings Account Guaranteed Investment Certificates may not be redeemed except as provided in paragraph 5 (f) below unless:
      1. Holder dies before reaching adulthood;
      2. The Holder has requested a distribution per paragraph 8;
      3. CIBC has determined that the Holder is experiencing exceptional personal hardship on a case-by-case basis; or
      4. The Holder has requested a transfer per Paragraph 12 below.

      In the event of an early redemption due to (i), (ii), or (iii), When a TFSA GIC is redeemed, or a portion of a TFSA GIC is redeemed, interest is paid on the amount redeemed at a rate and according to a formula determined by CIBC, in its sole discretion, as of the date of redemption. There will be no interest due on a TFSA GIC or applicable redeemed portion of a TFSA GIC redeemed prior to maturity if event (iv) occurs. A Bonus Rate TFSA GIC purchased or renewed into by the Holder has the same terms as a GICNR, with the exception that, absent the Holder's instructions to the contrary, the GIC will automatically renew at maturity as a standard GICNR. The TFSA GIC Bonus Rate will convert to a standard GICNR at renewal.

   4. Individual Retirement Account Guaranteed Investment Certificates (Redeemable) ("GICRs") are exchangeable for cash at any time. The Holder must provide CIBC with written instructions in a form acceptable to the bank in order to redeem a GICR; the bank may request several days' notice of an early redemption. Interest on the GICR or the redeemed portion of the GICR will be payable at a rate and in accordance with the formula CIBC establishes in its sole discretion at the time the GICR is acquired in the event of redemption prior to maturity for any reason other than the Holder's death. Holder may redeem in part, but must withdraw or continue to hold at least the minimum amount CIBC may require.
   5. Interest is paid at maturity; TSFA GIC with liquidity Interest accrued up to the date of redemption is paid in full if the investment is redeemed prior to the normal term of 60 days. Within the first 29 days, no interest is paid if the money is taken out or moved.
   6. Escalating Rate TFSA GICs: The Holder's annual interest rate will increase in the second and each subsequent year of the GIC's term if the Holder purchases or renews into a Cashable Escalating Rate TFSA GIC or Escalating Rate TFSA GIC. Investment Certificate with a Increasing Rate That Can Be Withdrawn Early and Contributed to a Tax-Free Savings Account Except as provided in paragraph 5(c), early redemption is only permitted on the anniversary date or within seven days after the anniversary date; the Interest rate applicable to the last full year prior to the redemption will apply for the period between the redemption date and the redemption date. and for partial redemptions, the most recent anniversary date and the early redemption date The Holder is obligated to withdraw or maintain an investment balance at least equal to that which CIBC may require.
6. CASH DEPOSIT MINIMUM: The minimum amount of each Deposit will be set by CIBC, and may be adjusted at any time.
7. Statements of Account and Plan for Holder: All deposits and interest earned under the Plan will be deposited into an account ("Account") at CIBC in the name of the Holder. Once per year, at the very latest, CIBC or its agent will send the Holder a statement detailing the Account's activity.
8. REFUNDS AND OVERDRAFT DEPOSITS:
   1. In order to withdraw funds from the Plan, the Holder must submit a written request to CIBC. However, the Account Option or Options in which Plan funds are held may place limitations on payments.
   2. Where permitted by the Income Tax Act, a Holder may direct CIBC in writing to distribute from the Account balance an amount to reduce the tax that would otherwise be payable under Part XI of the Act due to excess contributions or contributions from a non-resident. of the Income Tax Act Section 01 That instruction is binding on CIBC. CIBC reserves the right to liquidate any GIC it deems appropriate to cover the refund. Amount of distribution is not CIBC's responsibility.
9. DEATH BENEFIT: Anyone who proves to CIBC's satisfaction (via letters probate or other court documents) that the Holder has passed away and that they are the legal personal representative of the Holder's Estate is referred to as the "Estate Representative" for purposes of this Agreement. and such proof may come in the form of probate letters or other judicial records Upon the Holder's death, CIBC will pay the Plan amount (less any applicable taxes and any CIBC fees) to the Holder's Estate Representative and not in accordance with any designation of successor holder or other beneficiary (the "Plan Proceeds"). paragraphs 10 and 11 of this Agreement are subject to any law that, as of the Holder's date of death, permits a TFSA or the proceeds of a TFSA to pass outside of the Holder's estate.
10. ASSIGNMENT OF BENEFICIARY: Subject to paragraph 9 of this Agreement, the Holder may designate a successor holder or beneficiary on the TFSA Application in order to receive a distribution from the Plan upon the Holder's death.
    1. If the Holder has a spouse or common-law partner, that person may be named as the Plan's successor holder in the event of the Holder's death.
    2. Alternative: the Holder may designate one or more individuals to receive the Plan Proceeds in a lump sum payment ("Beneficiary" or "Beneficiaries").

    To make, change, or revoke either designation, the Holder need only execute and date a written instrument (an "Instrument") in a form acceptable to CIBC that adequately identifies the Plan.

11. HOLDER'S DEATH: Upon the Holder's death, as provided in Paragraph 9 of this Agreement Upon receiving evidence of the Holder's death and any other documents CIBC may require, CIBC will pay in accordance with the most recently dated Instrument it has notice of in its records and will be discharged upon such payment. If CIBC believes that a delay is necessary or advisable to determine the proper recipient of the Plan Proceeds or under any applicable law, it may, in its sole discretion, postpone payment for such period as it may deem appropriate. In the event of a delay, CIBC shall not be held liable for any damages. CIBC will make payment in accordance with the most recently executed Instrument if it receives more than one Instrument or evidence of it, as determined by CIBC in its sole discretion. If the Holder's designated successor holder or Beneficiary renounces, or is deemed by a court of law to have renounced, the interest in the Plan that would have been vested in them upon the Holder's death, the Holder will be treated as having predeceased the renouncer. If the Holder designates more than one Beneficiary, the Plan Proceeds will be distributed to the surviving Beneficiaries in accordance with the Holder's specified percentage share (or, if no percentage is specified, equally). If more than one Beneficiary survives the Holder, their respective percentage shares will be split evenly; if only one Beneficiary survives the Holder, then the entire amount of the Plan Proceeds will be paid to that Beneficiary. The Holder's estate will receive the Plan Proceeds if neither a successor holder nor a beneficiary has been designated, or if the designated successor holder and all beneficiaries predecease the Holder. As such, CIBC will only transfer the Plan into the name of the designated successor holder, make payments from the Plan to the designated successor holder, or pay the Plan Proceeds to the Beneficiary or Beneficiaries, or the Estate Representative, as appropriate. if it receives evidence of death and any other documentation it may require, such as letters probate or similar documentation, to prove that the Holder did not change the designation of successor holder or Beneficiary after his or her death. Proof that the designated successor holder was the Holder's Spouse/Commonlaw Partner at the time of the Holder's death may also be required by CIBC.
12. WITHDRAWALS FROM THE PLAN: All or part of the value of the Plan will be transferred, subject to any interest penalties for redeeming any GICR or GICNR because of the transfer, within a reasonable time after CIBC receives written direction and all documents which CIBC reasonably requests from the Holder. offset by any amounts required to be withheld by CIBC pursuant to the Tax Act and, if applicable, the income tax legislation of the province or territory in which the Holder resides. if the transfer meets the requirements of paragraph 207's definition of "qualifying transfer," then the funds may be moved to another of the Holder's TFSAs in the manner and to the person designated in the direction. Article 01(1)(a) of the Income Tax Act
13. FEES: With respect to my Account, CIBC is entitled to receive and may charge the fees disclosed in writing to me at the time my Plan was opened, as well as any new or increased fee(s) with respect to which CIBC has given me written notice at least 30 days before it (they) are effective. Moreover, CIBC is entitled to receive and may charge against the Account any taxes, interest, or penalties due in connection with my Plan. Any taxes, interest, or penalties that may be levied against CIBC under the Income Tax Act will not be covered by the Plan.
14. NAME OF ORIGINAL HOLDER'S PARENTS' BIRTHDAYS: Original Holder verifies that the birthdate listed on the Application is accurate and agrees to provide any additional evidence or proof of age that may be requested to establish eligibility for the Plan. This Plan will not qualify as a Tax-Free Savings Account (TFSA) for the Original Holder unless the Original Holder is at least 18 years old at the time of entry.
15. ALERTS AND ACCOUNT DIVISION:
    1. Delivered or mailed (postage prepaid) to CIBC at Commerce Court Postal Station, Toronto, Ontario, M5L 1A2 or such other address as CIBC may advise in writing, any notice or instructions given by the Holder to CIBC shall be deemed to have been duly given and received. delivery to or receipt by CIBC will be deemed to have occurred on the day actually delivered to or received by CIBC.
    2. Any written or oral communication, including but not limited to a notice, statement, or receipt, any notice, communication, or advice given by CIBC to the Holder shall be delivered or sent (postage prepaid) to the Holder at the address recorded in CIBC's books with respect to the Original Holder of the Plan and shall be deemed to have been received when actually delivered or, if mailed, when actually received. after five days of postage Until CIBC is notified of the Holder's death and that a legal representative has been appointed, notice to the legal representative of the Holder, the Successor Holder, or any Beneficiary may be sent to the Holder's address. If you have a Successor Holder or Beneficiary who has notified CIBC of a change in contact information, they will receive notices related to the Plan at the new address provided by the Successor Holder or Beneficiary.
    3. Third-party legal notice or document issued in connection with the Plan shall be deemed to have been duly served on CIBC if served at the address set forth in paragraph 15(a), but service may be accepted, at CIBC's discretion, at any address. anywhere CIBC or a CIBC subsidiary is present Any costs incurred by CIBC or an affiliate in responding to a third party's legal notice or document may be assessed against the Plan. Before acting in response to any notice or document from a governmental or regulatory body, CIBC may, but is not obligated to, inform the Holder that it has done so. In accordance with paragraph 15(b), CIBC may serve the Holder with any notice or document by mailing it to the Holder via regular mail. If CIBC or an affiliate of CIBC makes a payment to a third party claimant pursuant to any legal process, and such payment is made in good faith, then such payment shall be deemed to discharge CIBC's obligations under this Agreement and with respect to the Plan to the extent of the amount paid. Holder's branch of account is the branch specified in the Application for purposes of the Bank Act. Any other CIBC branch in Canada that CIBC or the Holder designates in writing is acceptable.
16. SCHEDULE CHANGES: Upon 30 days' notice to the Holder, CIBC may, at its discretion, amend this Agreement and the Plan. To maintain the Plan's eligibility as a TFSA under the Tax Act, no amendment may be retroactive or render the Plan ineligible for TFSA treatment. CIBC may, in its sole discretion, make changes to the Plan, including changing it to a trusteed Plan under a Declaration of Trust instead of this Agreement, and assigning its obligations and rights as Plan issuer to a trust company. is an affiliate of CIBC, and the Declaration of Trust will be consistent with Declarations of Trust for tax-exempt savings accounts offered by CIBC affiliates at the time.
17. ADVANTAGE TO THE HOLDER ONLY
    1. The Holder shall be the sole beneficiary of the Plan.
    2. Until the Plan has a new Holder, only the current Holder and CIBC will have the ability to make decisions about the Plan's investments and distributions.
    3. No one else besides the Holder may make payments into the Plan. Notwithstanding subsections 17a) and 17b) above, the Holder may only use the Plan or the Holder's interest in the Plan as security for a loan or other indebtedness with the prior written consent of CIBC.
18. PERSON REPRESENTED IN COURT: While the Holder is still alive, CIBC may deal with the Holder's legal representative if the legal representative can prove to CIBC's satisfaction that he or she has the legal authority to act on behalf of the Holder.
19. Effectual against successors, heirs, etc. : All of the Holder's heirs, successors, and assigns are required to abide by the terms of this Agreement.
20. The Law That Will Be Followed The laws of the province or territory in which I currently reside in Canada (or, if I do not currently reside in Canada, the laws of Ontario, Canada) shall govern and control the interpretation and enforcement of this Agreement. Any reference in this Agreement to a section of the Tax Act that is later renumbered as a result of an amendment to that Act shall be deemed to be a reference to the section as so renumbered. STRICTLY LIMITED TO THE PROVINCE OF QUEBEC J'ai exigé que la présente formule et tous les documents s'y rattachant soient rédigés en anglais. (I specifically request that the Application and this Agreement be written in English.)
21. THE RIGHT OF SETOFF: Credit (positive) balances in the Plan are available for offset against any debt or liability the Holder may owe CIBC or any affiliate of CIBC, regardless of the age of the debt or liability. No prior notice to the Holder is required for CIBC to take any action it deems appropriate. This privilege remains in effect regardless of any other party's demands. The Holder agrees that CIBC or its affiliate, as applicable, may immediately exercise this right of setoff without prior notice to the Holder upon receipt of notice of the Holder's bankruptcy, insolvency, or similar arrangement. CIBC's right to setoff or consolidate accounts is in addition to any other rights it may have at law or in equity.
22. PLAN FOR CONSTANT INVESTMENTS: Both the Original Holder and each Joint Accountholder signing above are referred to as "I" and "my" throughout this section. With this document, I am authorizing a preauthorized debit ("PAD") from the Financial Institution to transfer funds to my CIBC Tax-Free Savings Account. CIBC will not verify PADs for me, so I must check my Account records to make sure they were all paid on time and in the correct amount. If a PAD is not debited on the scheduled date, or if there are any other problems or errors with respect to this service, CIBC is not responsible for any loss, expense, damage, or liability that may result, even if such loss, expense, damage, or liability results from CIBC's negligence.

In the event that I no longer wish to have this PAD authorization in effect, I understand that I must give CIBC at least 5 business days' notice before the next PAD payment is due in order to do so. My ongoing payment obligations under any other agreement will remain in full force and effect despite my cancellation of this PAD authorization.

When I have questions or need more details about my PAD, I can call or visit my local branch. CIBC is a good source for branch contact details. com, or by dialing the toll-free number within Canada and the U.S., 1800-465-CIBC (2422). S If any debit does not meet these requirements, I will be entitled to certain remedies. If I receive PAD that is not approved or is not in accordance with this PAD authorization, for instance, I am entitled to a reimbursement. I can call CIBC at 1800465CIBC (2422) or go to their website, www.cdnpay.ca, for more details on my cancellation rights and to get a sample cancellation form.

Delivering this authorization to CIBC will also serve as delivery to the Financial Institution, and the Financial Institution is exempt from checking to ensure that the PADs have been made in accordance with this authorization. To the extent that this authorization relates to a PAD, I agree that the Financial Institution may disclose the information contained herein. All information provided is true and complete, and I hereby authorize any and all debits from my Account as specified herein.