TORONTO, Dec. 4 /CNW/ - CIBC (CM: TSX; NYSE) - A mortgage cashback offer
from CIBC gives homebuyers in Toronto the flexibility to allocate these funds
to pay the new Toronto Land Transfer Tax - or to offset other closing expenses
related to purchasing their home.
    Clients want a choice when it comes to their mortgage cashback offer.
Some may use it to pay the new city tax, while the significant number of
Torontonians who are not affected by this levy can put it towards lawyers'
fees or household purchases such as furniture or appliances.
    Buyers with certain closing or purchase agreement dates and first-time
homebuyers may not have to pay the new city tax in full or at all, said Raza
Hasan, Senior Vice President, Mortgages and Lending, CIBC Retail Markets.
    "These buyers are more likely to require cash back on closing for
household purchases instead of the new land transfer tax and want the
flexibility to use the funds based on their individual needs," he said.
    CIBC advises all homebuyers to take a broad view of their closing costs
and the expenses related to moving into their new home before deciding which
mortgage offer is right for them, since each person's situation is unique.
    For more information on CIBC's mortgage lineup and cashback offers for
clients, visit
http://www.cibc.com/ca/mortgages/article-tools/up-to-5prct-csh-bck.html

    CIBC is a leading North American financial institution with nearly
11 million personal banking and business clients. CIBC offers a full range of
products and services through its comprehensive electronic banking network,
branches and offices across Canada, in the United States and around the world.
You can find other news releases and information about CIBC in our Press
Centre on our corporate website at www.cibc.com.