Whats a GIC (guaranteed investment certificate)?
A GIC is a security issued by most financial establishments attesting that a certain amount of money has been invested, usually at a predetermined interest rate, for a given period. There are other types of GICs, such as index-linked GICs, for which the final return is not known at the time of issue. These type of investments are protected by the CDIC to a maximum of $100,000 per institution.
A GIC is a security issued by a financial institution certifying that a certain amount of money has been invested at a certain interest rate for a given period or time and will yield a specific amount (the final return). There are other types of GICs, such as index-linked GICs, for which the final return is not known at time of issue. GICs are protected by the CDIC to a maximum of $100,000 per institution.
