If the client had instead parked her cash in the Bank of Nova Scotia HISA, there would have been
no early redemption penalty.
In the majority of cases, there are
no early redemption penalties, so a mortgage can be cleared at any time during the term agreement.
Partial withdrawals for members over the age 59 1/2 (including Required Minimum Distributions) and qualified distributions regardless of age (including Disability) may be processed from IRA certificates without incurring
an early redemption penalty.
If the client had instead parked her cash in the Bank of Nova Scotia HISA, there would have been
no early redemption penalty.