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Ottawa, October 31, 1997
1997-098
Seven Year Guaranteed Rates Announced for Series 53 Issue of Canada Savings Bonds
Finance Minister Paul Martin today announced the interest rates for the Series 53 issue of the Canada Savings Bond.
Series 53, with an issue date of December 1, 1997, is available only for transfers of registered funds into The Canada RSP and The Canada RIF. This series was created to accommodate the time involved in the registered funds transfer process, especially with the introduction of the new RRIF option this year.
Interest rates for Series 53 are the same as for Series 52. They are as follows:
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| For the Year Beginning | Annual Interest Rate | Annual Compound Rate of Return for a C-Bond if held to December 1 of the following year | Growth of $1,000 C-Bond if held until December 1 of the following year |
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| Per cent (%) | Per cent (%) | Dollars ($) | |
| December 1, 1997 | 3.00 | 3.00 | 1030.00 |
| December 1, 1998 | 4.00 | 3.50 | 1071.20 |
| December 1, 1999 | 5.00 | 4.00 | 1124.76 |
| December 1, 2000 | 5.25 | 4.31 | 1183.81 |
| December 1, 2001 | 6.00 | 4.65 | 1254.84 |
| December 1, 2002 | 6.25 | 4.91 | 1333.27 |
| December 1, 2003 | 6.50 | 5.14 | 1419.93 |
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"The new RRIF option is a logical extension to the Canada Investment and Savings (CI&S) line of products," noted the Minister. "CI&S is continuing to respond to the needs of their customers."
"Saving for retirement is a top concern for Canadians," said Jacqueline Orange, President of Canada Investment and Savings. "It naturally follows that in the post-retirement world, this new RRIF option is a relevant and excellent companion to our RRSP option and we are excited to have it join the family of products."
Holders of Series 53 Compound Interest Bonds will receive $419.93 for each $1,000 held until the end of the seventh year with an annual compound rate of return of 5.14 per cent, based on these minimum guaranteed rates.
Transfers into The Canada RSP and The Canada RIF must be completed by December 1, 1997.
The Minister of Finance reserves the right to terminate sales at any time.
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For further information:
Canada Investment and Savings Media Relations
(613) 943-1299
(613) 992-2550
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| Last Updated: 2005-01-04 |
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