Innovation Wealth Transfer Offer (May 1, 2022 – July 1, 2022) Terms & Conditions
Below are the terms and conditions that apply to the 2022 Innovation Wealth Transfer/Investing Special Offer (the "Offer") by Innovation Wealth.
The payment of the Cash Back Award will be made by Innovation Wealth Limited (“Innovation Wealth”) to qualifying transferors. Additional terms and conditions apply to opening an account with Credential Securities (“Account”). See Credential Securities Account Agreement & Disclosure Document for further details.
1. Qualifying Accounts:
Offer applies to Personal and Corporate Non-Registered Accounts, registered retirement savings plans (RRSPs), retirement income funds (RIFs), life income funds (LIF), locked-in retirement accounts (LIRA), spousal retirement savings plans (SRSPs), spousal retirement income funds (SRIFs) and tax-free savings accounts (TFSAs) (collectively, the “Qualifying Accounts”).
Registered education savings plans (RESPs) and registered disability savings plans (RDSPs) are not eligible.
The Offer is only available to new accounts for both new and existing Credential Securities clients.
The Offer is only applicable to a maximum of one (1) new eligible account per client (joint accounts have one ‘client’). In the event that a client opens multiple eligible accounts, the Offer will only be applied to the first eligible account approved by Innovation Wealth and Credential Securities.
2. Qualifying Products:
Offer applies to products and services offered through Private Wealth Solutions with Credential Securities or fully diversified portfolios transferred in kind. Qualified products consist of equities, mutual funds and exchange-traded funds (ETFs) (collectively, the “Qualifying Products”).
Guaranteed Investment Certificates (GICs), Term Deposits, cash or money market products may be transferred but do not qualify for or count towards Cash Back Award amounts.
3. The Offer - Eligibility Requirements
Offer is available to qualifying transferors who meet the following requirements:
- A Qualifying Account, as defined above, is opened between May 1, 2022, and July 1, 2022, at 11:59 p.m., Central Standard Time (the "Campaign Offer Period");
- A minimum of $75,000 CDN (the “Transfer Amount”) is transferred into a Qualifying Account and invested into a Qualifying Product on or before July 1, 2022.
- Transfer Amount must be maintained in the Qualifying Account until 11:59 pm Central Standard time on September 30, 2022. Any withdrawals or transfers out prior to this date will decrease the eligible assets that qualify for the Offer.
- Qualifying Accounts must be in good standing throughout the Offer Period and remain in good standing until the deposit of award.
- You must be a Canadian resident who is of the age of majority in your respective province or territory when submitting your new account application.
4. Calculation of the Award
Qualifying transferors will receive a cash back award (the “Cash Back Award”) from Innovation Wealth based on their total Transfer Amount. Cash Back Awards are tiered as follows:
- $200 cash back on transfers of $75,000 - $149,999
- $400 cash back on transfers of $150,000 - $299,999
- $800 cash back on transfers of $300,000 - $499,999
- $1,500 cash back on transfers of $500,000 or more.
The Cash Back Award will be calculated based on the aggregate book value of all contributions and/or transfers of Qualified Products at the time of transfer.
5. Deposit of the Award
For qualifying transferors, the one-time Cash Back Award will be paid on or about October 31, 2022. Cash Back Award deposits will be made to cash (nonregistered) accounts in the name of the qualifying transferor wherever applicable. In cases where this is not available, the Cash Back Award will be paid directly to the qualifying transferor.
6. Tax Implications
No tax receipt will be issued for the Cash Back Award. Qualifying transferors are solely responsible for ensuring that no contribution exceeds their contribution limits under the applicable tax legislation.
7. Transfer Fees
Innovation Wealth and Credential Securities are not responsible for any transfer fees. Any transfer fees incurred by qualifying transferors who transfer funds from another financial institution will not be reimbursed.
All currency referenced above is in Canadian dollars.
9. Offer Terms
Offer is subject to meeting Innovation Wealth and Credential Securities approval criteria. Offer expires July 1, 2022 but may be changed, extended, or withdrawn at any time and without notice and cannot be used in conjunction with any other offer. From time to time, and without notice, Innovation Wealth may change, supplement or amend these terms and conditions.
Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. OnPoint Pooled Investments, OnPoint Managed Portfolios, and the Credential Managed Accounts are distributed by Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. There can be no assurances that the money market fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated. Credential Securities is a registered mark owned by Aviso Wealth Inc. See Credential Securities Account Agreement & Disclosure Document for additional details.