Redemptions
| Q. | I have bonds maturing on June 21st, what should I do with them? |
| A. |
Bonds that are maturing on June 21st or have already matured can be redeemed anytime at a financial institution where you bank or invest. Bonds that have matured will no longer earn interest. |
| Q. | Do I need to redeem my Ontario Savings Bonds now that future sales are discontinued? |
| A. |
No, you do not need to redeem your OSBs. Your bonds will continue to earn interest until its maturity date. |
| Q. | What is the redemption window for redeeming Ontario Savings Bonds that have not matured? |
| A. |
Step-Up Bonds may be redeemed on either June 21 or December 21. Variable-Rate Bonds are redeemable annually only, on June 21. All bondholders have an additional 14 calendar days to redeem their unmatured Bonds following a redemption date. 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. | 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. | 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 and 10-year Fixed-Rate Bonds are redeemable only on or after the Maturity Date. They are not redeemable during their respective terms. |
| 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. 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. |
