Guaranteed Investment Certificates
GIC's provide guarantees that can be a very important part of our Financial Life Plan. These investments are usually made for terms of one to five years and the funds are generally locked in for the term selected. The interest rate is also guaranteed for the full term selected, regardless of subsequent changes in interest rates. Interest earned may be paid monthly, semi annually, annually or compound to maturity.
GIC's are available through most financial institutions. You should check with your financial planner to see which company is offering the best interest rate at a particular time.
GIC's offered through life insurance companies generally earn a competitive rate of interest, plus have the potential for creditor protection and, most importantly, provide Estate Planning benefits so your entire investment can pass quickly and privately to your heirs without probate, legal and estate administration fees.