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CIBC

Investor's Edge up to $400 cash back

  • Last Updated:
  • Dec 20th, 2020 9:26 am
[OP]
Newbie
Nov 26, 2007
46 posts
39 upvotes
Calgary

[CIBC] Investor's Edge up to $400 cash back

Get $100/200/400 cash back when transferring $25k/50k/100k to Investor's Edge.
Same offer was available last year around this time. See thread: cibc-investors-edge-upto-400-cash-back-2244708/

This offer is best for "couch-potato" investors (like me) who don't trade often, and just need a place to park their investment accounts. The nice thing about this offer is, if you transfer $100k and maintain that balance, you can get a CIBC Smart Plus account for free. That means free all-inclusive chequing and annual fee waived on a premium credit card, without having to park $6000 in a no-interest (i.e. chequing) account.

Investors Edge Cash Back Offer Terms and Conditions:
1. The cash back offer (the “Offer”, described in paragraph 2 below) begins on November 1, 2019 and ends on March
4, 2020 (the “Offer Period”). The Offer applies to eligible transfers into a new or existing CIBC Investor’s Edge
account (the “Account”) with CIBC Investor’s Edge, a division of CIBC Investor Services Inc., that are initiated
during the Offer Period. The date on which the Transferred Assets are received in the Account is referred to as the
“Transfer-In Date”.

2. The Offer: If you transfer an eligible amount of cash and/or securities (the “Transferred Assets”) into your
Account(s) you are eligible to receive a cash credit to your Account(s), as outlined below:
a) Transferred Assets with a market value of $25,000 or more (but less than $50,000) are eligible for a
$100.00 cash credit applied to the Account
b) Transferred Assets with a market value of $50,000 or more (but less than $100,000) are eligible for a
$200.00 cash credit applied to the Account.
c) Transferred Assets with a market value of $100,000 or more are eligible to receive a $400.00 cash
credit applied to the Account.

3. Cash credits pursuant to the Offer will be applied to each Account that holds an eligible amount of Transferred
Assets during the week of May 18, 2020 for transfers received on or before November 30, 2019, during the week of
June 22, 2020 for transfers received between December 1, 2019 and December 31, 2019, during the week of July
20, 2020 for transfers received between January 1, 2020 and January 31, 2020, and during the week of September
17, 2020 for transfers received between February 1, 2020 and April 30, 2020.

4. In order to be eligible for the Offer:
a. The Transferred Assets must be transferred to CIBC Investor’s Edge from an account that is not held at
any of the CIBC group of companies. The CIBC group of companies includes but is not limited to:
Canadian Imperial Bank of Commerce (CIBC), CIBC Imperial Service, CIBC Imperial Investor Service,
CIBC Asset Management Inc., CIBC Securities Inc., CIBC Wood Gundy, CIBC Private Investment
Counsel, CIBC Trust Corporation, CIBC Private Wealth Management, or such other subsidiary or affiliated
company of CIBC from time to time;
b. The transfer of Transferred Assets must be either be:
i. initiated and the necessary transfer documentation must be in the possession of CIBC Investor’s
Edge, or
ii. you must notify CIBC Investor’s Edge that you have otherwise deposited Transferred Assets into
your Account, on or before March 4, 2020; and
c. The Transfer-In Date must be between November 1, 2019 and April 30, 2020 to be eligible for the Offer,
and deposits initiated after March 4, 2020 are not eligible for the Offer.
CIBC Investor’s Edge is not responsible for transfers that are not initiated, received or completed by these
dates due to technical problems or malfunctions. You are solely responsible for the payment of any fees,
penalties, charges or other amounts associated with the transfer of Transferred Assets to Account(s).

5. The Offer is non-transferable and cannot be combined with any other promotional offer.

6. For the purpose of the Offer, the value of the Transferred Assets will be based upon the market value of such
assets as of 4 p.m. (EST/EDT) on the Transfer-In Date, as determined by CIBC Investor’s Edge in its sole and
absolute discretion.

7. To qualify for the Offer, the value of the Transferred Assets held in the Account minus any withdrawals from the
Account on or after the Transfer-In Date must be at least $25,000 (where you would be entitled to receive aInvestor’s Edge Cash Back OffeOffer November2019 – March 4, 2020
$100.00 cash credit, $50,000 (where you would be entitled to receive a $200 cash credit) or at least $100,000
(where you would be entitled to receive a $400.00 cash credit). The value must remain above $25,000, $50,000 or
$100,000, as applicable, until the date that the cash credit is applied to the Account. During this period, if the value
of the Transferred-In Assets held in the Account, drops below $25,000, $50,000 or $100,000, as applicable, due to
withdrawals, the Offer shall immediately be void and any cash credits pursuant to the Offer will not be applied. If,
however, the value of the Transferred-In Assets held in the Account drops below $25,000, $50,000 or $100,000 as
applicable, due to market or currency fluctuations, the Offer will still be valid. The values/balances of Accounts,
Transferred Assets and withdrawals shall be determined by CIBC Investor’s Edge in its sole and absolute
discretion.

8. Securities that are not listed on a recognized exchange or quoted on a recognized quotation or trade reporting
system or other market recognized by CIBC Investor’s Edge, in its sole and absolute discretion, do not qualify as
Transferred Assets and will not be taken into consideration when determining whether the conditions of the Offer
are met.

9. All dollar amounts expressed herein refer to Canadian dollars. In order to determine whether the Account qualifies
for the Offer, the Canadian dollar value of any Transferred Assets denominated in a currency other than Canadian
dollars will be determined using currency rates established by CIBC Investor’s Edge from time to time. All cash
credits paid pursuant to the Offer will be paid in Canadian dollars only. Cash credits into a registered account will
not impact your contribution room if you have transferred in Transferred Assets to a registered account.

10. You are solely responsible for any tax consequences or other amounts which may be associated with the Offer, the
transfer of Transferred Assets into or trades placed in the Accounts.

11. Terms and conditions applicable to the Offer are subject to change without notice at the sole and absolute
discretion of CIBC Investor’s Edge.

12. You are deemed to have accepted the terms and conditions of this Offer upon transferring into an Account an
amount of Transferred Assets eligible for the Offer.

13. You may opt out of the Offer at any time by notifying CIBC Investor’s Edge at 1-800-567-3343 in which case any
credits made to your Account pursuant to the Offer will be reversed.

14. CIBC Investor’s Edge reserves the right, in its sole and absolute discretion, to withdraw the Offer or to disqualify,
limit or revoke the Offer in respect of any CIBC Investor’s Edge customer who it determines or believes is abusing
or manipulating the Offer.

15. Additional terms and conditions may apply to opening an account with CIBC Investor’s Edge and the transfer-in
and operation of accounts at CIBC Investor’s Edge. Details are available upon request.

16. All disputes arising out of this offer shall be subject to the exclusive jurisdiction of competent courts of the Province
of Ontario.
Thread Summary
Investment deal for baby boomers with extra cash lying around. Millennials need not apply.
51 replies
Sr. Member
Dec 9, 2001
666 posts
444 upvotes
Vancouver
There was a similar deal last year that I took advantage of.
They told me over the phone there was no practical way of transferring money directly into my Investor's Edge TFSA account.

Instead, they told me they will make note of my transfer from an outside bank.
In this case, I transferred $25,000 from Tangerine Savings Account to my CIBC checking account, and from there to my Investor's Edge account.
Then I had to call them again to confirm what I had done, because on their end, all they see is the CIBC transfer, not Tangerine.

Confusing indeed, but at least there is a form you can fill in this year.
Sr. Member
Mar 16, 2018
895 posts
985 upvotes
Hamilton
ShocWave wrote: There was a similar deal last year that I took advantage of.
They told me over the phone there was no practical way of transferring money directly into my Investor's Edge TFSA account.

Instead, they told me they will make note of my transfer from an outside bank.
In this case, I transferred $25,000 from Tangerine Savings Account to my CIBC checking account, and from there to my Investor's Edge account.
Then I had to call them again to confirm what I had done, because on their end, all they see is the CIBC transfer, not Tangerine.

Confusing indeed, but at least there is a form you can fill in this year.
Did you lose out on $25K TFSA room for the year? Sounds like the CRA would call this a withdrawal or was the TFSA —> chequing flagged as a TFSA transfer? Sounds super sketchy!
Sr. Member
Jul 26, 2011
508 posts
520 upvotes
NORTH YORK
ownthesky wrote: Did you lose out on $25K TFSA room for the year? Sounds like the CRA would call this a withdrawal or was the TFSA —> chequing flagged as a TFSA transfer? Sounds super sketchy!
Most likely he wasn't going to max his tfsa so the in and out wasn't really a big deal.
Deal Addict
Feb 19, 2017
4557 posts
3123 upvotes
Vancouver
ownthesky wrote: Did you lose out on $25K TFSA room for the year? Sounds like the CRA would call this a withdrawal or was the TFSA —> chequing flagged as a TFSA transfer? Sounds super sketchy!
From my understanding, as soon as you transfer from a TFSA to a non TFSA, then it’s considered a withdraw. Even if it’s the same bank if your bank screws up and sells an investment (then move it to the wrong account) instead of renewing. Of course if the bank screwed up, they could fix it pretty easily.
Deal Fanatic
Feb 4, 2015
7539 posts
3659 upvotes
Canada, Eh!!
So could you open CIBC IE non registered account and then just eft cash to it from non CIBC bank account?
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
Deal Addict
User avatar
Aug 10, 2006
1774 posts
951 upvotes
ShocWave wrote: There was a similar deal last year that I took advantage of.
They told me over the phone there was no practical way of transferring money directly into my Investor's Edge TFSA account.

Instead, they told me they will make note of my transfer from an outside bank.
In this case, I transferred $25,000 from Tangerine Savings Account to my CIBC checking account, and from there to my Investor's Edge account.
Then I had to call them again to confirm what I had done, because on their end, all they see is the CIBC transfer, not Tangerine.

Confusing indeed, but at least there is a form you can fill in this year.
That sounds like an inexperience rep. I had no issue transfer cash already in my tfsa account from another bank a few years back in a similar promo. I actually think this would be easier than fund or stock transfers.. what cibc screwed me was the promo money not showing up on my account at an expected timeframe I had to call them on it. Also the initial free trades that did not happen I had to call them on it too... it's best to get everything on writing.. they are like sales people..

I admit it was a hassle.. it was more about the 6.95 per trade than the 9.95 ry was charging and their site was getting sore on my eyes.

Oh.. I also got them to cover the transfer fees something that bmo would not do in their cash back promo.. not sure if cibc will do any of these extras now. This would be a deal breaker since transfer fees is like 140 ir something like that.
Last edited by wakka2u on Nov 14th, 2019 9:42 pm, edited 5 times in total.
Deal Addict
Nov 24, 2015
1287 posts
1098 upvotes
Durham Region
Is this really worth the hassle? I mean in any 5 min time frame a 100k account can go up and down $400 pretty easy
Member
Jan 18, 2005
202 posts
162 upvotes
Seems like a lot of hassle and risk for $400. As for the no fee account, Simplii is also no fee with no minimum and owned by CIBC so you can use the same machines. It better be one hell of a credit card to be worth the effort.
Member
May 18, 2017
451 posts
251 upvotes
Toronto, Ontario
I transferred my TFSA over to CIBC in 2017, gonna transfer my RRSP now. Hopefully i am egligble for this offer again. Didnt read about any restricitions

Think you just need to stay till May-Sept 2020 when the bonus is deposited. Doesnt say you need to stay for one year or anything?

From my last experience, was pretty straight forward. Filled out a form about which assets you want to transfer over from your old broker/bank. Your old bank will charge you about $150 for this transfer but CIBC will reimburse you!
Member
Aug 25, 2012
314 posts
540 upvotes
VANCOUVER
Lol do you know how much you would have earned on that 100k... better than 400!
If you like them, please be sure to up vote my posts! When you upvote my posts, this is what happens:
My wife loves me more😂, my car goes faster😎, my house becomes bigger😐, My boss gives me a raise😁.

Fact check, none of the above is valid.
Newbie
Jun 18, 2015
56 posts
11 upvotes
Ottawa, ON
Thanks, op. it seems a good deal to me if they cover the transfer out fee from TD.
Deal Addict
Sep 19, 2009
2104 posts
894 upvotes
Toronto
Any requirements on how long you have to stay with them after transfer? Just in case you are not happy with them ...
Deal Addict
Aug 11, 2008
1178 posts
327 upvotes
Can I just transfer as cash hold without investing in anything and then back to savings once bonus is added? manulife promo interest rate just over last last week, so looking for deal to transfer. This will do in meantime, i already have investors edge account
Deal Addict
User avatar
Mar 31, 2007
4954 posts
3032 upvotes
I was curious about this last time around, but I did NOT want to be forced to have a savings or chequing account with them. Is it possible to JUST have a TFSA investor account?
Deal Addict
Sep 19, 2009
2104 posts
894 upvotes
Toronto
andrew4321 wrote: Any requirements on how long you have to stay with them after transfer? Just in case you are not happy with them ...
Got my answer. There is a "Cash back dates" table on the offer, https://www.investorsedge.cibc.com/en/s ... -back.html, which basically says that the cash back payment is made, on average, six moths and 20 days after the transfer.


I cannot find any fine print for the offer and I am looking for someone who actually done it for feedback. How painful is it? How long does it take? As this kind of transfers are completely unregulated in Canada, many people discover that some times an account transfer between institutions takes 3 to 6 moths.

Any other unforeseen issues? Thanks.
[OP]
Newbie
Nov 26, 2007
46 posts
39 upvotes
Calgary
RiCHC3 wrote: I was curious about this last time around, but I did NOT want to be forced to have a savings or chequing account with them. Is it possible to JUST have a TFSA investor account?
I don't know the answer to your question, but assuming you transfer $100k, why wouldn't you want a free top-tier chequing account?
Sr. Member
Feb 8, 2015
590 posts
643 upvotes
Kanata
Are transfer-in deals really worth it?

1. If you transfer in kind -> You mess with your gain percentages, dividends, and cost basis calculations for tax calculations.
You also risk them messing up your TFSA room (e.g. counting it as withdrawal accidentally) and might get a call from the CRA

2. If you sell your investments into cash and transfer cash -> You risk a tax hit on your capital gains

3. If you just happen to have 100K cash sitting there doing nothing ready to transfer -> WTH were you thinking??

In the end, I've thought about this and maybe it is not worth it unless you hate your current broker and want to switch to begin with.
Deal Fanatic
Oct 7, 2007
8964 posts
4809 upvotes
Transfers between brokerages are a HUGE PITA. Anyone thinking of doing this just for the "bonus" may end up finding themselves that the "bonus" doesn't even close to make up for the stress and babysitting that often needs to be done to make sure all investments are transferred in a timely and seamless manner.

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