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  • A Guaranteed Investment Certificate (also known as a GIC or a Term Deposit) is a secure way to invest your savings as the interest rate is fixed for the term of the GIC.
  • The term is the length of time that the funds will be invested. Generally, the longer the term of the GIC, the higher the interest rate.
  • The interest rate is set on the date you make the investment and will not change for the duration of the term of the GIC therefore your return is guaranteed.
  • A Caisse Financial Group GIC is also guaranteed without limit, principal and interest, by the Deposit Guarantee Corporation of Manitoba.
  • Regular GIC: used for regular investment purposes. The interest earned is taxable as per Canada Revenue Agency regulations.
  • RRSP GIC or RRIF GIC: used for retirement savings purposes. The income earned is not taxable so long as it stays in the RRSP or the RRIF. Withdrawals will be taxed in the year of the withdrawal.
  • TFSA GIC: used to invest for any purpose. The interest earned will not be taxed.
  • U.S. GIC: used to earn interest on your U.S. funds.
  • Non-Redeemable: the funds cannot be withdrawn until the end of the term of the GIC.
  • Redeemable: the funds can be withdrawn whenever you choose, however, depending on the GIC product, there may be an interest penalty.
  • Convertible: during the term of the GIC, the funds can be transferred to another GIC according to the conditions of the product.
  • Anyone can invest in a GIC however youth may require a parent or guardian to be joint on the account.
  • The return on a GIC is paid in the form of interest.
  • The interest rate varies according to the term of the GIC. Generally, the longer the term, the higher the interest rate.
  • You can increase your return by laddering different GIC terms. For example, you can divide your investment between a short term GIC (less than one year), a medium term GIC (1-2 years) and long term GIC (3 years or more). This would give you a higher overall return as longer terms typically offer higher interest rates.
  • If the GIC term is one year or less, interest is paid at maturity.
  • If the GIC term is longer than one year, interest is paid annually.
  • Interest is ‘compounded’ when you earn interest on your interest.
  • If the interest earned is left in the GIC, the interest rate is applied to the original deposit as well as to the amount of interest earned, therefore you would be earning interest on interest. For example, if the GIC is for a 2-year term, at the end of Year 1, you could choose to add the interest earned to your GIC (compound the interest). If so, interest for Year 2 will be calculated on your original principal and on the interest earned in Year 1 (interest on the interest).
  • Compound interest can make a big difference in the amount of return that you earn over time.

• There are no fees for investing in a GIC.

  • Yes you can use a GIC to invest for your retirement. Investors who prefer the GIC like knowing that their investment is not at risk and the funds will be available when they retire. They also like that there no fees associated with a GIC.
  • A GIC can be held in a RRSP or RRIF for retirement purposes. The interest earned will not be taxed while held in the RRSP or RRIF. Withdrawals will be taxed in the year of the withdrawal.
  • A GIC can be held in a TFSA and the interest earned will not be taxed and neither will the funds when they are withdrawn from the TFSA.
  • It is important to consult with a Financial Services Advisor to review the investment options for your retirement, ensuring that you are accumulating the required amount and minimizing taxes.
  • It is easy to invest in a GIC. You choose the term you want and you deposit the funds in the GIC.
  • There is no maximum amount you can invest in a GIC and you can have as many GICs as you like.
  • At Caisse Financial Group, the minimum investment amount for a GIC is $1,000.
  • Click “Open Account” above and complete the online form or visit any of our branch locations to set up a GIC.