Canada Savings Bonds Ending

End of the canada savings bonds program.

Canada savings bonds ending. What this means if you are currently enrolled in the program. But savings bonds that once paid double digit interest rates now yield a paltry 0 5 percent in today s low rate environment. Canada savings bonds are still a thing. It was a patriotic thing that makes just as much sense during events like the recent economic crisis although they haven t been used or sold that way.

In the latest federal budget released on 22 march 2017 the government of canada announced it will discontinue the sale of canada savings bonds csb and canada premium bonds cpb as of november 2017. The canada savings bonds program is ending. End of the canada savings bonds program. Bonds are a great way to finance specific things and not so great as a savings tool.

Finance minister bill morneau is seriously considering an end to the canada savings bond program in his next federal budget according to sources who spoke to radio canada. However the funds principal and interest in your payroll savings plan are safe guaranteed and will be honoured. Bond series in your plan will continue to earn interest until redemption or maturity whichever comes first. The recent federal budget was fairly uneventful with no new significant tax measures and limited new spending programs.

In the latest federal budget released on 22 march 2017 the government of canada announced it will discontinue the sale of canada savings bonds csb and canada premium bonds cpb as of november 2017. Canada savings bonds are no longer be available for purchase through the csb payroll savings program as of november 1 2017. One item that we have received several inquiries on was the announcement that the government would be ending the canada savings bond csb program that has been in effect since 1946. Why were csbs so popular.

War bonds helped fund the war and rewarded average people with a decent return for investing in the country. The legacy savings program that was built to fund the second world war is now in its 70th year of sales and costs the federal government 60 million per year to run.