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What is a GIC?

A Guaranteed Investment Certificate (GIC) is an investment that guarantees the return of your capital invested. Your investment earns interest, normally at a fixed rate.

A guaranteed investment certificate (GIC) is an investment that earns a certain amount of interest for a set number of months or years.

What is covered by the Canadian Deposit Insurance Corporation (CDIC)?

The CDIC covers eligible deposits at each member institution up to a maximum of $100,000 (principal and interest combined) per depositor per insured category.

Deposits must be payable in Canada and in Canadian currency.

Eligible deposits include:

* Savings accounts

* Chequing accounts

* GICs with original terms to maturity of five years or less

* Money orders and bank drafts issued by CDIC members

* Cheques certified by CDIC members

Uninsured financial products include:

* Mutual funds (including money market funds), stocks and bonds.

* Term deposits, such as GICs, with original terms to maturity greater than five years.

* Foreign currency deposits (e.g., U.S. dollars) treasury bills and bankers' acceptances.

* Debentures issued by banks, governments or corporations;

* Member institutions must notify depositors when a deposit (or deposit-like) product is not eligible for insurance. For example, if a term deposit is in a foreign currency, the deposit certificate or receipt must state that it is not insured by CDIC.

* Various other sparsely used certificates.

How do I pick a GIC?

Choose a term that fits with your other investments.

Will you want to cash out early?

Is there a chance you will want to get your money early? Most GICs lock your money in for the term and will not redeem.your money earlier. With a redeemable GIC, the interest rate will be lower.

Read and understand all of the information on this type of investment before making a decision.

Do you want a regular income?

To get regular income from GICs, you can do 1 of 2 things:

1. Buy a GIC that makes regular interest payments – For example, buy a 5-year GIC that automatically pays you interest each month.

2. Buy an annuity that will give a higher income benefits than laddering your GICs

Risks of GICs

Guaranteed Investment Certificates (GICs) are considered lower-risk investments. That’s because you are guaranteed to get back the amount you invest — the principal — when your GIC matures. Still, GICs have some risks.

Key risks to consider

1. Make sure your GICs are protected

2. Avoid penalties for cashing in early

10 details you should know about GICs

1. The minimum amount of a certificate is around $ 1000.


2. You earn more interest the longer your money is invested.


3. GICs pay a fixed rate of interest for a set period of time.


4. Some GICs offer variable interest rates.


5. Your interest can be paid monthly, quarterly, semi-annually or annually.


6. You can buy a cashable GIC.


7. Your money is protected by the Canada Deposit

Insurance Corporation (CDIC) up to a certain amount.


8. You can hold GICs in registered investment

accounts like RRSPs, RRIFs and TFSAs.


9. You can buy cashable GICs .


10. A GIC is protected from loss as you life annuity is protected.

GIC Investment Form

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