GIC questions Canadians often ask
What is a GIC?
A Guaranteed Investment Certificate is a deposit product offered for a set term and rate, subject to the provider's terms and conditions.
Are GIC rates guaranteed?
The rate on a fixed-rate GIC is generally set for the term once the GIC is purchased, but availability of advertised rates can change before purchase and depends on provider criteria.
Does GICRateCompare.com show every GIC in Canada?
No. The website compares available or listed GIC options from the data sources and providers included on the platform.
Are deposits insured?
Deposit insurance or protection depends on the financial institution, account structure, product type, and applicable coverage rules. Review the provider's protection details before proceeding.
Can I hold a GIC in a TFSA or RRSP?
Many providers offer GICs for registered accounts such as TFSAs, RRSPs, RRIFs, RESPs, or FHSAs, but availability depends on the provider and account type.
What is the difference between cashable and non-redeemable GICs?
Cashable or redeemable GICs may offer more access to funds, while non-redeemable GICs usually require funds to remain invested for the full term. Rates and conditions vary.
Is there a fee to use GICRateCompare.com?
The rate comparison and inquiry process is free for users. If compensation is received from providers, brokers, or partners, a disclosure will be provided.
Will I receive financial advice?
Information on this site is general in nature and does not constitute personal financial, tax, or legal advice. Speak with an appropriately qualified professional where needed.
How often are rates updated?
Each rate shows a last-updated date. Rates must be verified with the provider before proceeding.
What happens after I request a rate?
Your inquiry is reviewed and, where suitable, you may receive information or be connected with a relevant provider, broker, deposit specialist, or rate opportunity.