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Credit Unions offer the best GIC rates in Quebec. Their rates are much higher than what large banks offer. For example, Equitable Bank’s 1.10% rate is much lower than Oaken Financial’s 1.80% over a period of three months.
So it’s much better to compare the interest rates from a number of financial institutions. Don’t just settle with your trusted lender. There could be others that offer much higher rates. Check [company website] for more details on the best GIC rates.
The GIC rates may be different depending on the investment amount and term period. Investment amount is acceptable for as low as $100 and can go up to $50,000.
Registered GIC Vs Non-Registered GIC
A non-registered GIC on the other hand, can either be Personal or Commercial. It is still taxed by the government, but the only taxable part is the capital gains earned. It is most of the time at 50% of the highest marginal tax rate.
Both of these GICs have their own benefits. Your choice will just really depend on your preferred benefits. Here are the ones that Redeemable GICs can offer:
As for the non-redeemable GIC, the best benefit that you can get is higher investment return. Just make sure that you have enough money other than your investment because you can only get your investment fund once it matures.
Whether you choose a redeemable or non-redeemable GIC, the investment return is guaranteed. The principal is also guaranteed. Both GICs have renewable and varied investment terms but non-redeemable GIC has much higher return rate.
If you have a redeemable GIC, it is inadvisable for you to redeem before the investment matures. But if you wish to do so, a much lower interest rate will be given instead of the original one.