US Residents and GIC Deposits

To: All GIC Agents

Re: US Residents and GIC Deposits


Due to regulatory restrictions, we are no longer able to offer GICs from the following issuers (“Other Issuers”) to residents of the United States (“U.S. Residents”):
• Montreal Trust Company of Canada (“MTCC”)
• National Trust Company (“NTC”)
• Scotia Mortgage Corporation (“SMC”)
• Hollis Canadian Bank (“HCB”)

GICs issued by The Bank of Nova Scotia (“BNS”) continue to be available to U.S. Residents, without interruption.

For US Residents currently holding a GIC(s) issued by one of the Other Issuers, the GIC(s) will remain in place until maturity. Upon maturity, the GIC(s) will be redeemed or renewed according to the instructions we have on file; or if your customer’s instructions were to renew the GIC(s), they will be renewed as a BNS issued GIC. Of course, at any time prior to the maturity date of your customers’ GIC(s); you may contact our office to provide alternate maturity instructions.

We appreciate your business and we look forward to continuing to meet your needs. Should you have any questions regarding this change, please contact one of our Customer Service Representatives at 1-800-268-8661 or 416-933-3200.

Thank you for choosing Scotiabank.