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How GIC returns are taxed in Canada
With some GICs now offering over 5% interest per year, investors are paying attention—especially since North American stock markets saw corrections of 15% to 30% in 2022, depending on which major index you track. If you’re in the market for GICs, read on to learn how they work and how they are generally taxed—plus how you can save money by holding GICs in a registered account.
What are GICs?
A guaranteed investment certificate is an investment that guarantees the return of your capital plus an annual interest rate that is generally pre-determined…
What types of GICs are available in Canada?
What are GICs? What benefits do they offer?
GICs are a type of investment designed to protect your money while paying interest. When you buy a GIC, you typically lock in your investment for a set period of time, known as the term. In exchange for your capital, the issuing financial institution guarantees you an interest rate up front. When the GIC reaches its maturity date (the end of its term), you get your principal back plus interest. (Some GICs can be redeemed early—more on this below.)
Some of the benefits of GICs include:
1. Guaranteed returns
For GICs that pay a fixed interest rate, you know exactly how much your investment will make—and when you will be paid—no matter what happens in the financial markets…
Why GICs are a good addition to an RRSP or a TFSA
How GICs work
When you purchase a GIC, you agree to leave a deposit with the bank for a certain amount of time—the term—and in return, the bank agrees to pay you a guaranteed interest rate. The key word here is “guaranteed,” meaning that you aren’t at the mercy of market fluctuations, and 100% of your principal is protected.
As long as you don’t withdraw your money during the term, you’ll earn that rate when the GIC reaches its “maturity date,” or the end of its term. The exception is redeemable (or cashable) GICs, which you can cash in earlier—more on that below…
Can an executor borrow money to cover probate costs?
Responsibilities of an executor during probate
I assume that your husband is named as executor of the estate of the deceased, Bonnie. An executor (or estate trustee) is typically named in a will, but it can apply to the court to be appointed if there is no will.
It is the responsibility of the executor to pay all debts (including funeral and testamentary expenses), inheritance (plus succession duties), taxes, as well as other related liabilities of the deceased in Canada and abroad. If the estate has more liabilities than assets, the estate could be considered insolvent.
Creditors are to be paid in a particular order, and the executor can be personally liable for not adhering to the correct sequence. That said, neither the executor nor the beneficiaries needs to personally pay off the debts of the deceased if the estate is insolvent…
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