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A Guaranteed Investment Certificate (GIC) is a deposit investment issued by financial institutions such as chartered banks, trust companies and mortgage and loan companies. They guarantee your original investment—plus a specific rate of return for a term that you choose—and offer a reliable, low-risk investment over a set period of time.
Many GICs are guaranteed by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000 (this includes both principal and interest), provided that certain criteria are met. Each individual issuer can provide full CDIC coverage, which means that you could invest, for example, $100,000 each (including principal and interest) with four different issuers — all CDIC-insured. Visit the CDIC website to learn more about coverage.
While many GICs cannot be sold prior to maturity, RBC Direct Investing offers cashable GICs that can be redeemed after 30 days.