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 GICs in Canada
GICs (Guaranteed Investment Certificates) are well known and popular investment vehicles in Canada issued by financial institutions like Banks, Credit Unions and Trust Companies. When you purchase a Guaranteed Investment Certificate (GIC) from any of these financial institutions, you are basically lending your money for a predetermined period of time. This GIC is an investment that basically guarantees you 100% of the principal amount you invested. However certain restrictions do exist and some of these GICs are guaranteed by the Canadian Deposit Insurance Corporation (www.cdic.ca) and some deposits are guaranteed by Assuris (www.assuris.ca). Investors should check with CDIC and/or Assuris to see whether a financial institution’s deposits are covered by these insurers.
Types of GICs available in Canada
There are two types of Guaranteed Investment Certificates (GICs) available in Canada:
- Fixed Interest Rate GICs
- Variable Interest Rate GICs
Buying/ Investing in GICs
GICs are available at most local Canadian Banks and financial institutions. There is no transaction cost or commission associated with buying GICs. The charge or commission to buy products such as GICs is built into the actual interest rate on the GIC product itself. GICs typically mature on a set date which is knows at the maturity date. When GICs mature on this date, there are no associated fees or commissions charged to the investor. Different types of GIC products are available through the many different financial institutions in Canada. As GIC rates are extremely low, you may want to consider alternative secure investment products available at Guaranteedinvestments.com before you invest into GICs with your local bank or trust company.
GIC rate conditions in Canada
GIC rates in Canada are extremely competitive and the rates are quite low due to Canada’s current economic climate. Even the best GIC rate offered would not be significantly higher than the standard GICs available at most financial institutions. Due to this economic condition, investors are looking for alternatives and safer investment options also available at- Guaranteedinvestments.com
GIC rates also vary depending on the time period of the investment;
Example: You may obtain a GIC rate possibly of 1% higher if you are willing to lock up your investment money for a period of 5 years.
Due to the low interest rate gains on these GICs and similar products, investors have started looking for better alternatives and have started investing in other safe options that also provide some sort of capital guarantee and fixed or variable returns.
Products Preferred by Many Investors Today
Many investors in Canada have moved over to different guaranteed investment products such as Guaranteed Investment Funds, Guaranteed Minimum Withdrawal Benefit Plans, Guaranteed Lifetime Withdrawal Benefit Plans, Annuities and other types of secure investments.
Since Guaranteed Investment Certificates (GICs) have extremely low interest rates - you may be looking for better alternative investment options.
Consider safe and secure investment alternatives at Guaranteedinvestments.com
In Addition, Guaranteed Investment Certificates (GICs) are also available through Guaranteedinvestments.com and the advisors would be more than happy to help and assist you with choosing your investment product and answer all your questions you might have.
Consider GICs and GIC Alternatives at Guaranteedinvestments.com
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