• Best GIC Rates in Canada

Best GIC Rates in Canada

Are you looking to purchase a Guaranteed Investment Certificate (GIC)? Canada has quite an impressive range of options when it comes to investments, with many financial institutions offering only the best GIC rates. Across the country, you will find a variety of products that provide short-term or long-term gains for the Canadian citizen.

Looking into these service providers and their many offers won’t be a problem. Find some of the best GIC rates today. Browse CompareMyRates.ca—the country’s first rate and price comparison website—to make the selection process fast and easy.

Quick Read:

What are Guaranteed Investment Certificates?

Canadians have what is called a Guaranteed Investment Certificate, which is a fixed income investment that is typically issued at banks and trust companies within the country. The GIC provides one of the safest ways of investing your money as it guarantees the protection of the principal or original investment as well as the rate of return or interest rate.

Banks usually require a minimum deposit of $500. Investors who apply for GICs agree to lend the bank the money for a fixed period of time, which can range from 30 days to 10 years. The interest you’ll receive at maturity will be based on that agreed term—so the longer the term, the higher the rate of return. Of course, your investments can double when you secure the best GIC rates.

Types of Guaranteed Investment Certificates

There are different types of GICs that cater to the specific needs of investors. Whether you only intend to save up for short-term needs or you want to invest for your family’s future, there’s a specific type of GIC for you. Listed below are three Registered GICs you should look into:

  • Registered Retirement Education Plans GICs are government-approved savings accounts for Canadians’ future retirement. Investors can add certain amounts of money to this account until they are 71 years old.
  • Registered Education Savings Plan GICs are government-approved savings accounts that parents can purchase for their children’s education, particularly for post-secondary learning.
  • Tax-Free Savings Account GICs are meant to aid Canadians who want to increase and withdraw their investments tax-free.

When you purchase a Guaranteed Investment Certificate, you can opt to hold a non-registered or registered account. Though they both run on similar principles, they also have significant differences.

What are Non-Registered Guaranteed Investment Certificates?

A non-registered GIC is much like your registered GIC in that it ensures the return of your initial investment and its interest at maturity. However, when it comes to non-registered GICs, the money isn’t invested in any of the registered savings deposits within Canada. Since non-registered accounts aren’t tax-sheltered, investors will have to pay tax on their interest income.

Types of Non-Registered Guaranteed Investment Certificate

Several types of non-registered GICs are available to Canadians—the redeemable GIC, non-redeemable GIC, and the market-linked GIC, among others. Much like the registered GICs, these come with their own perks and disadvantages.

  • Redeemable GICs offer lesser interest rates. On the other hand, investors are given the opportunity to redeem the money prior to maturity.
  • Non-redeemable GICs typically come with the best GIC rates, to entice more Canadians into investing in longer periods of time.
  • Market-linked GICs are more unstable as they depend on the performance of the equity market, stock, and bond indexes. While there is potential to earn more than the other two non-registered GIC types, there is also potential to lose all that you’ve invested.

Did you know that you can get the best GIC rates in Canada from credit unions? Visit CompareMyRates.ca to discover the best GIC rates today and all that there is to know about making a great investment.

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