Guaranteed Investment Certificates (GICs)
- guarantee interest and principal
- terms up to 10 years
- redeemability
- redeemable
- non-redeemable: can't cash before maturity except upon death or extreme financial hardship
- transferable
- CDIC protection for term no longer than five years
- RRSP eligible
- can use as collateral for loans
- return taxed as interest income at the marginal tax rate
page revision: 2, last edited: 27 Jul 2007 03:26