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

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