Redemptions
| Q. | What is the redemption window for redeeming Ontario Savings Bonds? |
| A. |
Variable-Rate Bonds issued prior to 2009 and Step-Up Bonds may be redeemed on either June 21 or December 21. 2011, 2010 and 2009 Variable-Rate Bonds are redeemable annually only, on June 21. All bondholders have up to 14 calendar days to redeem their Bonds. Fixed-Rate Bonds can only be redeemed at maturity. |
| Q. | Where can Ontario Savings Bonds be redeemed? |
| A. |
OSBs can be redeemed at any Canadian financial institution or investment dealer in which a bondholder has an account. |
| Q. | Which type of Ontario Savings Bonds can be redeemed prior to maturity? |
| A. |
Variable-Rate Bonds issued prior to 2009 and Step-Up Bonds can be redeemed semi-annually prior to maturity, at the option of the bondholder(s), on either June 21 or December 21. 2011, 2010 and 2009 Variable-Rate Bonds can only be redeemed annually on June 21. Bondholders have an additional 14 calendar days from the redemption date to redeem their bonds. |
| Q. | Can a portion of an Ontario Savings Bond be redeemed? |
| A. |
Yes. In order to redeem a portion of the principal amount of a single OSB, the OSB certificate must first be submitted to the Registrar. The Registrar will exchange the OSB for the equivalent principal amount of smaller authorized denominations which will include the amounts to be redeemed. The Registrar will then return the certificates in the new denominations to the bondholder(s), which can then be surrendered at a financial institution for redemption. Exchanges are not permitted on a Redemption Date or during the 15 days immediately preceding. |
| Q. | Can arrangements be made prior to the redemption date to redeem an Ontario Savings Bond upon Maturity? |
| A. |
Yes. Arrangements may be made, with a Canadian financial institution where a bondholder has an account, to have an OSB held until the Maturity Date. Please note, not all financial institutions offer this service to their clients. |
| Q. | What happens if a Redemption Date falls on a Saturday, Sunday or a holiday? |
| A. |
If a Redemption Date falls on a Saturday, Sunday or a holiday, the redemption will be processed on the first business date following the redemption date. Interest will only be paid up to and including the redemption date. |
| Q. | If the Bondholder is a minor, how can the Ontario Savings Bonds be redeemed? |
| A. |
If the OSBs are registered in the name of a minor and the minor has a bank account in his/her name, he/she will be able to redeem the bonds. If the bonds are registered in the name of the parent or guardian, the parent or guardian may redeem the bonds on behalf of the minor. |
| Q. | When are Fixed-Rate Bonds redeemable? |
| A. |
3-year, 7-year, and 10-year Fixed-Rate Bonds are redeemable only on or after the Maturity Date. They are not redeemable during their respective terms. The 3-year Fixed-Rate Bond will mature on June 21, 2014; the 7 year Fixed-Rate Bond will mature June 21, 2018, and the 10-year Fixed-Rate Bond will mature on June 21, 2021. |
| Q. | If I move out of Ontario, how do I redeem my Ontario Savings Bond? |
| A. |
If you move out of Ontario, you are not obligated to redeem your OSB, as you were an Ontario resident at the time of purchase. However, if you wish to redeem the OSB, you may do so by presenting the OSB certificate to a Canadian financial institution in which you have an account. Variable-Rate Bonds issued prior to 2009 and Step-Up Bonds may be presented for redemption semi-annually on each redemption date. 2011, 2010 and 2009 Variable-Rate Bonds may be presented for redemption annually only, on June 21 and the 14 days immediately following each redemption date. Fixed-Rate Bonds are not redeemable prior to their maturity date. If you no longer have an account in a Canadian financial institution, you can request redemption of your OSB through the Registrar. The OSB certificate must be submitted to the Registrar along with a written request for redemption, signed by all bondholders. |
