Guaranteed Investment Certificates (GICs) are savings investments issued by banks, trust companies and credit unions. When you invest in a GIC, in effect, you loan the institution a set amount of money, which it then invests in securities or loans. For the use of your money, you are ensured of the return of your principal at maturity and interest over the term of the GIC.
GICs offer a fixed rate of return so you know exactly how much income you will receive each year until maturity. GICs with a term of five years or less are insured up to $100,000 by the Canada Deposit Insurance Corporation (CDIC). This investment is not redeemable prior to maturity. GICs cannot be sold prior to maturity.
30-day Cashable GICs are cashable 30 days after the date, 90-day Cashable GICs are cashable 90 days after the dated date and 120-day Cashable GICs are cashable 120 days after the dated date. Redemptions are not same day settlement; funds may be available in three to five business days.
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