H ere's W hat Y ou Need to K now W hat is a C anadian G IC
0 1 www.tripleibusiness.com @tripleibusiness / What is GIC GIC is a financial product offered by banks and credit unions in Canada. It is a low-risk investment option that provides a fixed rate of return over a set term
H ow does G IC work in C anada?
In Canada, a GIC offers a fixed rate of return over a predetermined time with low risk. A certain amount of money is deposited by investors, and it is subsequently locked in for a specified amount of time. Investors receive their initial deposit plus interest at the end of the term.
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Although it is not common, some financial institutions may provide GICs with monthly interest payments.
0 3 www.tripleibusiness.com @tripleibusiness / Do G IC pa y monthly?
don't
GICs often
pay monthly. They offer a fixed rate of return for a predetermined period, and interest is normally paid out at the end of the period or once a year.
Can I withdraw money from GIC?
In general, you must pay a penalty if you remove money from a GIC before the end of the predetermined term. However, some GICs may have features that permit early withdrawals with penalties, while others may have flexible terms or clauses that permit partial withdrawals. It's crucial to review your GIC's terms before making any investments.
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A fixed rate of return over a predetermined duration, low risk investing, and insured protection by the CDIC for up to $100,000 per depositor per covered category are some advantages of GICs. For people who want to protect their savings and obtain a guaranteed return, GICs can be a smart choice. www.tripleibusiness.com @tripleibusiness / 05
W hat are the B enefit of G IC
