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Frequently Asked Questions

Guaranteed Investment Certificates or GICs are exactly that, an investment of capital where your principal and interest is guaranteed. Simple, safe and secure. However, there are questions about GICs that we frequently hear.

We have compiled a list of the most frequently asked questions, the process of purchasing GICs through a Deposit Broker, along with other pertinent information about GIC interest rates, plans and requirements of the industry. Check the short menus first to drill down to your specific answer or scroll the page for the entire FAQ list.

If you don’t find what you are looking for, please give us a call at 877-551-7283 or 250-592-7707.

What is a deposit broker?

A deposit broker helps clients (both individual and corporate) select guaranteed investment products (GICs) and strive to offer the best available rates from various Canadian financial institutions (Credit Unions, Banks and Trust Companies).

GIC products include Non-Registered and Registered (RSP, RIF and TFSA) plans and are available in Short Term GICs (30-365 Days), Long Term GICs (1-5 years) and Cashable GICs with several interest payment options available.

Clients benefit from the higher rates, expertise and choice offered through the deposit brokers at no cost. Clients do not pay for the service they receive because deposit brokers are paid by the financial institutions the GICs are placed.

Financial institutions benefit for the low-cost way to distribute deposits (GICs), attain deposit targets and increase market share, low-cost because they can reduce staff and other operational costs by using a deposit broker.

Click here for the video: What is a Deposit Broker?

Why use a Deposit Broker?

Personal Service, Best GIC Rates and No Fees!

Personal Service

You benefit from dealing with a GIC specialist who keeps your conservative needs at the forefront, always.

Why purchase a GIC?

Often overlooked or under-appreciated, Guaranteed Investment Certificates (GICs) offer unique benefits and play an important role in many investment plans. On their own, they provide security and predictable income. As part of a diversified portfolio they also deliver stability and growth, especially when interest is compounded within tax-sheltered plans such as TFSAs, RRSPs, RRIFs and LIFs.

How is my GIC Protected?

All Canadian Financial Institutions (Banks, Trust Companies and Credit Unions) are members of Deposit Insurance Corporations and coverage amounts depend on the Financial Institution. Banks and Trust Companies (including Mortgage Corporations) are members of the Canadian Deposit Insurance Corporation (CDIC). Credit Unions are covered by provincial insurance corporations.  

Click here for the video: How is my GIC protected?

What is a GIC Laddering Strategy?

A Guaranteed Investment Certificate or a GIC ladder or laddering strategy is a long term investment strategy and can enhance returns in the GIC component of your portfolio, achieving greater growth while reducing risk.