A Guaranteed Investment Certificate (GIC) is a low-risk investment option most commonly issued by trust companies or banks. Investing in a GIC means you invest a certain amount of money (called the “principal amount”) for a defined period of time and you are guaranteed a certain rate of interest on the money you put in. This means that once your GIC matures, you will receive the principal amount plus the guaranteed interest earned. CDIC (Canada Deposit Insurance Corporation) will guarantee eligible deposits up to a maximum of $100,000 (principal and interest combined) for financial institutions that are members of the CDIC. At Matchett Financial Services, we only deal with GIC companies that are CDIC members. We also track GIC rates for over 50 trust companies and banks every day covering the top rates in Canada.
A GIC is one of a variety of investment options. By working with us, we can explore which type of investment product(s) might be right for you and can help you build a suitable financial plan. Book your free consultation today.