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GIC Process Files

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.

What is the difference between a registered and a non-registered investment?

RRSPs are registered with the federal government for tax purposes. New RRSP contributions can be claimed against your income during a calendar year. Individuals contribute to registered plans during their peak earning years (limits depending on income), while in the highest tax bracket. The benefit of an RRSP is to defer tax on income earned to a later date when one is presumably in a lower tax bracket.

What ID is valid for investing with GICdirect.com?

To purchase a Guaranteed Investment Certificate (GIC) through a deposit broker, you will need two pieces of primary ID, such as:

  • Driver’s license
  • Current Canadian passport
  • Certificate of Canadian Citizenship
  • Certificate of Naturalization

Why do I need two pieces of ID and my Social Insurance Number (SIN) to buy a GIC?

GICdirect.com must comply, as all deposit brokers, with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) regulations, which state that each client file must include the Registered Deposit Brokers Association (RDBA) Client Information & Consent Form with two valid pieces of ID, parallel to each investment.

Why is the Client Information and Consent Form required to buy a GIC?

The completed and up to date Client Information and Consent Form satisfies the requirements within the compliance procedures for all Canadian financial entities (Schedule I, II, III Banks, Credit Unions, Caisse Populaires, Trust and Loan Companies) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and it’s supporting Regulations.

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.