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Ottawa, November 28, 1997
1997-109
Series 53 CSB Sales Period Ends Monday, December 1
Finance Minister Paul Martin announced today that Series 53 Canada Savings Bonds will be withdrawn from sale at the close of business on Monday, December 1, 1997.
Series 53 is available only for transfers of registered funds into The Canada RSP and The Canada RIF. The 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.
Series 53 features minimum guaranteed annual interest rates for seven years. The first year rate is 3.00 per cent and the rate increases to 6.50 per cent in the seventh year. Holders of Series 53 Compound Interest Bonds will receive $419.93 for each $1000 held until the end of the seventh year with an annual compound rate of return of 5.14 per cent, based on the minimum guaranteed rates.
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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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