Best 1-year GIC Rates in Canada

As the name suggests, the GIC guarantees that you’ll receive the principal you invest along with the agreed interest amount. However, when browsing around for the right instruments, you should know that different financial institutions offer individual rates of interest and other terms and conditions. Check out our page on offerhub.ca for detailed information about the best GIC rates available before making your choice.

1-Year Guaranteed Investment Certificates (GIC) 

Term

1 Year

Type

TFSA

Minimum investment

$1

Interest paid

annually

Term

1 Year

Type

TFSA

Minimum investment

$100

Interest paid

at maturity

Term

1 Year

Type

TFSA

Minimum investment

$1,000

Interest paid

annually

Term

1 Year

Type

USD

Minimum investment

$5,000

Interest paid

annually

Term

1 Year

Type

USD

Minimum investment

$1

Interest paid

annually

Term

1 Year

Type

USD

Minimum investment

$1,000

Interest paid

annually

Term

1 Year

Type

Non-registered

Minimum investment

$1,000

Interest paid

annually

Term

1 Year

Type

Non-registered

Minimum investment

$100

Interest paid

at maturity

Term

1 Year

Type

Non-registered

Minimum investment

$1,000

Interest paid

annually

Term

1 Year

Type

Non-registered

Minimum investment

$1,000

Interest paid

at maturity

Choosing the Right Guaranteed Investment Certificates

You can choose from different GICs depending on your wealth-building strategy like, for instance, short-term redeemable GICs or long-term redeemable GIC.

Given a choice between a guaranteed and non-guaranteed investment certificate, you could consider choosing the option with a guarantee. That’s because non-guaranteed or non-registered GICs, as they are also called, are not invested in any of the existing registered savings deposits including RDSP, RESP. RIR, and RESP. You’ll invest your money for a specific time, or “term” against assurance that you’ll receive a specified amount of interest subject to the condition that you don’t redeem the certificate before the maturity date. This interest amount varies directly with the term. The longer you keep your money invested, the higher will be the interest you earn.

Should you choose to invest in the redeemable GIC, expect to receive a lower rate of interest because of the flexibility to redeem the certificate at any time. Investing in market-linked GICs is another option. These certificates are connected to the movements of the stock market. While you may not get any assurance of receiving returns, you do have the possibility of getting much higher Return on Investment (ROI) as compared to the regular non-registered GIC investment option.

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