CIBC TO UNVEIL STOCK-LINKED GIC
By Adnews Staff
The Canadian Imperial Bank of Commerce will unveil a guaranteed investment certificate linked to the performance of the Toronto 35 Index later this week. Called the CIBC Stock Market Advantage GIC, the return on the new product is based on the increase of the Toronto 35. The principal of the GIC is guaranteed, so if there is a stock market slide, investors are protected. Available in three and five-year terms, the GICs can be used inside or outside of an RRSP. Unlike some stock market-indexed GICs, the final value is calculated by measuring the average monthly return of the Toronto 35 over the final year of the GIC. Many other such GICs base the return on the stock index level on the GIC's last day. A national print campaign touting the new GIC will kick off next week. Padulo Integrated Inc. of Toronto created the ads.