To open a tax-free savings account (TFSA) with CIBC, visit their website.
Donating is as simple as entering your account number and clicking "Continue." "
Looking to open a new tax-advantaged savings account with CIBC?
Please read the information below before clicking "Continue" to proceed with the online application. In no more than 5 minutes.
If you want to create a new account, you must:
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† Monthly interest is based on the total amount of the previous day's closing balance. Rates shown are annual percentages. Anytime and without warning, the Regular Interest Rate is subject to change.
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- Date your payment to reflect today's or tomorrow's business day. However, it may take up to 2 business days for the funds to appear in your TFSA account after being deposited into your checking account. When calculating a date for a contribution, provincial holidays are counted as regular business days. We do not conduct business on the weekends or on federal holidays.
- Any applications received by 11:59 p m The deadline for making a 2018 TFSA contribution is 11:59 p.m. ET on December 31.
Please keep in mind that all of the deadlines for making contributions to your TFSA or TASA via Online Banking 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.
In order to register your plan with the Canadian government, you will need your nine-digit Social Insurance Number (SIN).
Everything you receive in the mail from CIBC will be written in the language you specify.
However, the email address you provide here will be used in addition to the one CIBC already has on file to send you confirmations and updates.
Please do not include a P.O. Box in your address. O Box number Please contact us at if you need to change your mailing address. 1-888-872-2422 or drop by the branch nearest you
If you want to apply, you need to tell us what you do now. First, choose an employment category before making any changes or additions.
If you're paying with a check, look for the transit number on the back of the check or in your online banking.
Your account number can be found on the back of your check or in your online banking.
Add money to a preexisting Tax-Free Savings Account
The account number associated with your current TFSA is where your certificates will be stored.
Please review the CIBC Tax-Free Savings Account Agreement before proceeding with your application to open a TFSA or make a contribution to an existing TFSA.
Agreement for a Tax-Exempt Savings Account at CIBC
- HOLDER: When I say "Original Holder," I mean myself; when I say "Successor Holder," I mean my legal heir as defined in section 146. Whom I appoint as the holder (as defined in subsection 146(1) of the Income Tax Act (Canada) ("Tax Act"), and who is hereby appointed as the holder My estate will be the Plan Holder (as defined in subsection 2(1) of the Tax Act) after my passing.
- PLAN DEVELOPMENT: In accordance with 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. to set aside the funds contributed for investment or use in accordance with the Plan and the Tax Act, including distributions to the Holder under the Plan.
- MY PLAN REGISTRATION: If I am eligible for a tax-free savings account under the Tax Act and the income tax legislation of the Province or Territory in which I reside, as indicated on the Application, CIBC will make the appropriate election with the Minister of National Revenue to have the Plan registered as such. It is important that the Holder's full legal name be provided to CIBC in the Application for the 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.
- DONATIONS TO THE PLAN: Periodically, I, or in the event of my death, my Successor Holder, may make monetary deposits into the Plan ("Deposits"). The Holder is solely responsible for calculating the amount of any Deposits or contributions that can be made to the Plan at any given time or otherwise determining the tax effect, if any, of any Deposits or contributions to the Plan, whether on the Holder or anyone else.
- Account Choices Available to the Holder:
- The "Account Options" that the Holder chooses at any given time constitute the Plan. (The term "Account Option" refers to the Tax-Free Savings Account ("TFSA"), the Guaranteed Investment Certificates ("GICs") listed below (the "TFSA GICs"), and any other investment vehicle CIBC may make available from time to time.)
- 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. TFSA GICs cannot be redeemed for cash. In the event of the maturity of a TFSA GIC, CIBC will reinvest the funds in accordance with the Holder's written instructions or instructions given via CIBC Telephone Banking (if the Holder has arranged for access to same) on the terms and options that are available from CIBC on the maturity date. If CIBC has not received such directions from the Holder by the Maturity Date (or such later date as CIBC may permit in its sole discretion), then the Notes will mature as scheduled. Except when reinvesting for a different term is in CIBC's sole discretion, the TFSA GIC amount (including accrued interest) will be reinvested for the same or a similar term. When a TFSA GIC matures, CIBC will reinvest the funds into a similar type of TFSA GIC or for a term if the original choice is no longer available.
- Some TFSA GICs have restrictions on when they can be cashed in, including NonRedeemable TFSA GICs ("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:
- Holder dies before reaching adulthood;
- Distribution under paragraph 8 is requested by the Holder;
- CIBC determines, on a case-by-case basis, that the Holder is experiencing personal hardship; or
- A transfer per paragraph 12 is requested by the Holder.
In the event of an early redemption due to (i), (ii), or (iii), Interest on the TFSA GIC or applicable TFSA GIC portion redeemed will be paid at a rate and in accordance with a formula determined by CIBC in its sole discretion as of the redemption date. In the event of (iv), there will be no interest due on the TFSA GIC or applicable redeemed portion of the TFSA GIC redeemed prior to maturity. A Bonus Rate TFSA GIC purchased or renewed into by the Holder has the same terms as a GICNR except 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.
- You can cash in your TFSA GIC (Redeemable) at any time. CIBC may require several days' notice of an early redemption, and the Holder must provide such notice in writing and in a form acceptable to CIBC. 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.
- Interest is paid at maturity; TSFA GIC with liquidity All accrued interest up to the date of redemption is paid within 30 days of an early withdrawal. No interest is accrued on funds that are withdrawn or transferred within the first 29 days.
- In the case of Cashable Escalating Rate TFSA GICs and Escalating Rate TFSA GICs, the annual interest rate will increase in the second and subsequent years of the GIC's term if purchased by or renewed into the Holder. The Cashable Escalating Rate Tax-Free Savings Account GIC 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. date of early redemption and most recent anniversary date; date of partial redemption if applicable. A minimum amount, as determined by CIBC, must be withdrawn from or left invested by the Holder.
- LOWEST POSSIBLE DOWN PAYMENT: CIBC reserves the right to set and modify its minimum Deposit amount at any time.
- STATEMENTS REGARDING THE HOLDER'S ACCOUNT AND PLAN: All Deposits and interest credited to the Plan will be held by CIBC in an account for the Holder (the "Account"). At least once a year, CIBC or its agent will send the Holder an Account statement.
- EXCESS DEPOSITS AND CASH WITHDRAWALS:
- By providing written notice to CIBC, the Holder may request payment of all or a portion of the funds held in the Plan at any time. However, the Account Option or Options in which Plan funds are held may place restrictions on payments.
- Where permitted by the Income Tax Act, the 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 and non-resident contributions. Tax Act Section 001 That instruction is binding on CIBC. CIBC reserves the right to liquidate any GIC it deems appropriate to cover the refund. CIBC has no say in the amount of the distribution.
- DEATH BENEFIT: When used in this Agreement, "Estate Representative" refers to the person who has proven to CIBC (via letters probate or other court documentation) that the Holder has passed away and that they are the legal personal representative of the Holder's Estate. 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"). , as of the Holder's date of death, is effective in the Holder's jurisdiction such that a TFSA or proceeds from a TFSA can pass outside of the Holder's estate, then Paragraphs 10 and 11 of this Agreement shall be deemed to be subject to such provision.
- DESIGNATION OF BENEFICIARY: A successor holder or beneficiary may be named on the TFSA Application in accordance with this paragraph to receive an amount or amounts from the Plan upon the Holder's death, subject to paragraph 9 of this Agreement.
- 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.
- Beneficiary of Lump Sum: Alternatively, the Holder may designate one or more individuals to receive the Plan Proceeds in a lump sum payment ("Beneficiary" or "Beneficiaries").
Each designation may be made, changed, or revoked by the Holder in a Will or by a written instrument in a form acceptable to CIBC that adequately identifies the Plan and is signed and dated by the Holder (an "Instrument").
- BODILY HARM TO HOLDER: Upon the Holder's death, as provided in Paragraph 9 of this Agreement Upon receipt of satisfactory evidence of the Holder's death and any other documents which CIBC may require, CIBC will pay in accordance with the most recently dated Instrument it has notice of in its records, and CIBC 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 postpone payment for such time as it deems appropriate in its sole discretion. 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 arises upon the Holder's death, the designated successor holder or beneficiary is deemed to have predeceased the Holder. If more than one Beneficiary was named, and all of them survive the Holder, the Plan Proceeds will be distributed to them in accordance with the Holder's designation of the percentage each will receive (or, if no designation of percentage was made, equally). If more than one Beneficiary survives the Holder, their respective percentage shares will be divided equally; if only one Beneficiary survives the Holder, then the entire amount of the Plan Proceeds will be paid to that Beneficiary. In the event that neither a successor holder nor a beneficiary is designated, or if the designated successor holder or all beneficiaries predecease the Holder, the Plan Proceeds shall be paid to the Holder's estate. CIBC will only transfer the Plan into the name of the designated successor holder, pay the Beneficiary or Beneficiaries, or the Estate Representative, as applicable, or pay the Plan Proceeds to the Beneficiary or Beneficiaries, as applicable. if it receives evidence of death and any other documents it may require, such as letters probate or similar documents, 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.
- PARTING WITH 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. Amounts payable to the Holder shall be reduced by the amount of any fees or charges payable hereunder and by the amount of any taxes, interest, or penalties required to be withheld under the Tax Act and, if applicable, the income tax legislation in the province or territory in which the Holder resides. if the transfer meets the criteria for a "qualifying transfer" under paragraph 207, then the funds may be moved to another of the Holder's TFSAs in the manner and to the designated recipient indicated in the direction. Tax Act subsection 01(1)(a)
- FEES: The fees disclosed in writing to me by CIBC at the time my Plan was opened, and any new or increased fee(s) in respect of which CIBC has given me written notice at least 30 days before it (they) are effective, are CIBC's rightful dues, and may be charged to my Account. Any taxes, interest, or penalties due in connection with my Plan will be paid to CIBC and may be deducted from my Account at their discretion. Any taxes, interest, or penalties that may be assessed against CIBC under the Income Tax Act are not reimbursable by the Plan.
- BIRTH DATE OF FIRST HOLDER: In order to establish eligibility to establish the Plan, the Original Holder certifies that the date of birth listed on the Application is accurate and agrees to provide any additional evidence or proof of age that may be required. In order for the Plan to qualify as a Tax-Free Savings Account (TFSA), the Original Holder must be at least 18 years old at the time of Plan entry.
- NOTICES AND ACCOUNT BRANCHES:
- 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.
- Statement, Receipt, or Other Notice to Holder 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 such legal representative has changed his or her address, notice to the legal representative of the Holder, to the Successor Holder, or to any Beneficiary will be effective if sent to the address of the Original Holder. CIBC has been notified of a new notice address for a Successor Holder or Beneficiary who is entitled to receive Plan Proceeds or who is otherwise entitled to information about the Plan.
- Any 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. at any CIBC branch or any branch of a CIBC affiliate The Plan may be used to pay for any costs incurred by CIBC or a CIBC affiliate in response to a legal notice or document served on CIBC by a third party. Before CIBC complies with any legal notice or document, CIBC may, but is not obligated to, notify the Holder that CIBC has received such notice or document. 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. Any amount paid in good faith by CIBC or any CIBC affiliate to a third party claimant pursuant to any legal process shall be deemed to satisfy CIBC's obligations under this Agreement and with respect to the Plan. The Holder's branch of account for purposes of the Bank Act is the branch specified in the Application. Any other Canadian CIBC branch that CIBC or the Holder designates in writing is acceptable.
- REVISIONS TO THE PLAN: CIBC may amend this Agreement and the Plan from time to time at CIBC's discretion by giving the Holder 30 days prior notice Plans may not be amended in a way that makes them ineligible as TFSAs under the Tax Act, and no amendment may be retroactive. CIBC reserves the right to make any changes it deems appropriate to the Plan, including replacing this Agreement with a Declaration of Trust and assigning its obligations and rights as Plan issuer to a trust company. is a CIBC subsidiary, and the Declaration of Trust will be consistent with Declarations of Trust for tax-free savings accounts offered by a CIBC subsidiary at the time.
- HOLDER ONLY BENEFIT
- The Holder shall be the sole beneficiary of the Plan.
- No one other than the Holder or CIBC shall have any rights under the Plan with respect to the amount or timing of distributions or investments made from the Plan while there is a Holder.
- Contributions to the Plan may only be made by the Holder. Notwithstanding subsections 17a) and 17b), 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.
- REPRESENTATIVE IN LAW: CIBC may deal with the Holder's legal representative while the Holder is still alive 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, which may require a court order.
- Effectual against successors, heirs, etc. : The Holder's heirs, assigns, and legal representatives are bound by this Agreement.
- APPLICABLE LAW: If I do not reside in Canada, then the laws of the Province of Ontario, Canada will apply to this Agreement and govern its interpretation. 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. ONLY IN QUEBEC I require that this Agreement and all related documents (including the Application) be written in English. / J'ai exigé que la présente formule et tous les documents s'y rattachant soient rédigés en anglais.
- The right to offset: CIBC may offset any debt or liability the Holder owes to CIBC or any affiliate of CIBC with a credit (positive) balance in the Plan. Without first notifying the Holder, CIBC may take any action it deems appropriate. No third-party demands will affect the operation of this right. 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.
- SCHEDULE FOR REGULAR INVESTMENTS: Both the Original Holder and each Joint Accountholder signing above are referred to as "I" and "my" throughout this section. The funds in my Financial Institution account will be transferred to my CIBC Tax-Free Savings Account via a preauthorized debit ("PAD") drawn by me. Since CIBC does not verify PADs, it is my responsibility to review my Account statements to ensure that all PADs have been 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.
If I notify CIBC at least 5 business days before the next PAD payment is due, I can revoke this authorization to make PAD payments at any time. My ongoing payment obligations under any other agreement will remain in full force and effect despite my cancellation of this PAD authorization.
If I have any questions or want more details about my PAD, I can call or stop by the local office. CIBC is a good resource for finding the location of a branch. com, or by dialing the toll-free number within Canada and the U.S., 1800-465-CIBC (2422). S If a debit does not follow these guidelines, I have recourse. Any PAD that is not approved or is not in accordance with this PAD authorization, for instance, is subject to reimbursement. I can call CIBC at 1800465CIBC (2422) or go to their website, www.cdnpay.ca, to learn more about my cancellation rights and to get a sample cancellation form.
The Financial Institution is not responsible for confirming that PADs have been made in accordance with this authorization, and delivery of this authorization to CIBC will serve as delivery to the Financial Institution. To the extent that the information in this PAD authorization pertains to a PAD, I agree that it may be disclosed to the Financial Institution. This authorization is sufficient to authorize debits from my Account, and I represent, warrant, and guarantee that all information provided herein is accurate.
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