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GIC basics

A guaranteed investment certificate (GIC) is an investment that works like a special kind of deposit. When you buy a GIC offered by Assurancia, you are agreeing to lend your moneyto a financial institution  for a set number of months or years (the term). You are guaranteed to get the amount you deposited back at the end of the term. For this reason, GICs are one of the safest ways to invest. 9 things to know about GICs
  1. The minimum amount you can invest is typically $500.
  2. You don't pay any fees when you buy a GIC.
  3. Most GICs pay a fixed interest rate for a set term, such as 6 months, 1 year, 2 years or up to 10 years. The term ends on the maturity date.
  4. Some GICs offer variable interest rates, based on the performance of a benchmark such as a stock exchange index.
  5. In general, the longer the term, the higher the interest rate you will earn.
  6. You may get paid interest on your GIC monthly, every 3 months, every 6 months, once a year or only on the maturity date.
  7. With some GICs, if you need to get your money back sooner, you will have to pay a penalty. Other GICs — called cashable or redeemable GICs — allow you to get your money back at any time with no penalty.
  8. Your money is protected, up to set limits, through the Canada Deposit Insurance Corporation (CDIC). This doesn't apply to US dollar GICs or GICs with terms over 5 years.
  9. You can hold GICs in registered investment accounts like RRSPs, RRIFs and TFSAs.

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