A Guaranteed Investment Certificate (GIC) is a low-risk investment option offered by financial institutions in Canada. GICs provide a fixed rate of return over a set term and are insured by the Canada Deposit Insurance Corporation for up to $100,000 per depositor per insured category, making them a safe investment option. Learn more about what GICs are and how they work.

1. Here's What You Need to Know
What is a Canadian GIC

2. 01
What is GIC
GIC is a financial product
offered by banks and
credit unions in Canada.
It is a low-risk investment
option that provides a
fixed rate of return over a
set term
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3. 02
In Canada, a GIC offers a fixed rate of return over a
predetermined time with low risk. A certain amount of
money is deposited by investors, and it is subsequently
locked in for a specified amount of time. Investors
receive their initial deposit plus interest at the end of the
term.
How does GIC
work in Canada?
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4. 03
Do GIC pay
monthly?
GICs often don't pay monthly.
They offer a fixed rate of
return for a predetermined
period, and interest is
normally paid out at the end
of the period or once a year.
Although it is not common,
some financial institutions
may provide GICs with
monthly interest payments.
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5. 04 Can I withdraw money
from GIC?
In general, you must pay a penalty if you
remove money from a GIC before the end of
the predetermined term. However, some GICs
may have features that permit early
withdrawals with penalties, while others may
have flexible terms or clauses that permit
partial withdrawals. It's crucial to review your
GIC's terms before making any investments.
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6. What are the
Benefit of GIC
A fixed rate of return over a predetermined duration, low risk
investing, and insured protection by the CDIC for up to $100,000
per depositor per covered category are some advantages of
GICs. For people who want to protect their savings and obtain a
guaranteed return, GICs can be a smart choice.
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