FAQ

Often $500 or $1,000, depending on the lender and the GIC. For example, one bank asks for at least $500 for all its GICs¹. Some special offers ask for more.

The amount you put in is guaranteed, so it won't go down³. Deposit insurance also protects eligible GICs if the bank or credit union fails (see Is my money safe?). What you can lose is the chance to earn more elsewhere if rates go up after you lock in.

Usually not: a non-redeemable (non-cashable) GIC locks in your money for the whole term². If you might need it sooner, a redeemable (cashable) GIC or a savings account is a better fit. See Redeemable vs non-redeemable.

You can take the money out or put it into a new GIC at the rates of the day. Some banks renew it automatically if you don't tell them otherwise, at their renewal rates⁴, so mark the date and compare rates before it comes up.

It depends on the GIC: yearly, more often, or all at the end². Compound GICs add the interest on and pay it all at the end. See How the interest adds up.

Yes. At CDIC member banks, eligible GICs are covered up to $100,000 per category, including interest⁵. Credit unions are covered by their province. See Is my money safe?.

In a regular account, yes: interest counts as income, and you report it every year even if you only get it at the end⁶. In a TFSA it's generally tax-free. See Tax and TFSAs.

Yes. Many banks offer their GICs in TFSAs, RRSPs, RRIFs, RESPs and FHSAs as well as regular accounts². Rates can differ between them, so check.

A GIC whose return depends on how a stock market or a group of shares does. Your money is still protected, but the interest isn't known in advance³. This site only compares regular fixed-rate GICs.

This site shows each lender's advertised rate for a regular, non-registered GIC, and the special-offer rate when the lender lists one. Rates for TFSAs, RRSPs, big deposits or other GICs can be different. Always confirm with the lender.