The answer to this question will largely depend on your financial goals. One of the first things you should think about when shopping for a GIC (aside from the rate itself) is whether you’re interested in a short or long-term investment. GIC terms can vary anywhere from as little as 30 days up to ten years, and typically, the longer you’re willing to invest your money, the higher the interest rate you’ll receive.

With a GIC, you deposit your money at a bank or other financial institution for a specific period of time (known as the “term”), and they will guarantee you a return of the principal (the initial amount you invested) plus pay you in the form of interest. It is deemed to be a safe and extremely low-risk type of investment. What is a GIC?Ī GIC, guaranteed investment certificate, is an investment product that has a guaranteed rate of return for a specified duration of time. There are many things to consider when shopping around for GICs - and we have broken it all down for you.

Canadian’s interest in GICs have been on the rise in recent years as they are considered to be safe investments.

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