If you’re looking to invest your money in a safe and secure way, now is the perfect time to take advantage of high Guaranteed Investment Certificate (GIC) rates. GICs are a popular type of investment that offer fixed interest rates over a specific period of time, providing a guaranteed return on your investment.
With interest rates on the rise, financial institutions are offering higher GIC rates to attract investors. This means that if you invest in a GIC now, you can lock in a higher rate of return than you would have been able to a few months ago.
Investing in GICs can be a smart move for many reasons. They are low-risk investments, meaning that you are guaranteed to get back the full amount of your initial investment plus interest. This makes them a great option for investors who are looking for a safe way to grow their money.
GICs also offer a fixed rate of return, which can be a good way to hedge against inflation. With inflation on the rise, investing in a GIC with a high interest rate can help ensure that your money maintains its purchasing power over time.
Additionally, GICs are a flexible investment option. You can choose the term length that works best for you, whether it’s 1 year, 5 years, or anything in between. This allows you to tailor your investment to your specific financial goals and needs.
However, it’s important to keep in mind that GIC rates can change quickly. If interest rates continue to rise, financial institutions may adjust their rates accordingly, meaning that the high rates available now may not be around for long.
That’s why it’s crucial to act quickly and take advantage of high GIC rates before it’s too late. By locking in a high rate now, you can ensure that you get the most out of your investment while rates are still favorable.
In conclusion, investing in GICs can be a smart way to grow your money safely and securely. With interest rates on the rise, now is the perfect time to take advantage of high GIC rates before they potentially decrease. So don’t wait – start exploring your GIC options today and make the most of this investment opportunity while it lasts.
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GIC are great i locked in for a year @5.5% last June and I will reinvest the interest into an RRSP or TFSA.
How much do you need to invest?
got a 2 year GIC, 5.1% first year and 6.2% if I keep for a second year
just got a 10 year at 5.2% quite happy with that 🙂 oaken has 6% GICs until Nov 30th. Max 2 years though.
Questrade has 30 day term 4.33% GIC. Community Trust. Just trying to see if there’s a chance to lose all your money?
I was told to put any accrued interest from my GIC into a TFSA to avoid tax. Is this good advice and is it done every year?
7 months later, GICs are still same (higher).
Can we withdraw whole amount of gic at once because i want to go back to my country
you can find them as high as 5.5%. it's a perfect investment for my kid, who is only 5. Going to dump all his accumulated birthday and gift money into one. my CU only offers a 5.2% return but that's A OK!
In June we started seeing long term GICs with higher rate than short terms, inflation is not going to slow down…
I just don't understand how tax works with money generate with gic and dividend (regardless on depreciate or not on principle).
I’m convinced GICs will be 7-8% next year. Interest rates are not done going up
What's the tax implications on GIC outside TFSA?