The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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The best GIC rates in Canada for 2026 + MORE Feb 17th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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Q. I am 51, single and have no dependents, with many working years ahead of me. I earn about $70,000 annually at my tech job. Due to life circumstances, my finances are not in the best shape.
I have $6,000 in emergency fund savings in a high-interest savings account, $16,000 in an RRSP ($70,000 contribution room still available), no TFSA contributions and no unregistered investments. I also have a company pension and no personal debt except for a mortgage of $239,643 (at a variable rate of 3.2%), with a bi-weekly payment of $868 ($768 payment plus an extra $100 towards principal).
I have between $1,500 and $1,800 per month in cash flow available after all expenses and commitments have been met.
My current financial goal is to build the emergency savings to $20,000 (six months’ worth of expenses) and not make any RRSP contributions or extra mortgage payments until the goal is met (eight months from now, by my estimation). Would this be wise?
–Sami
A. Thanks for your question, Sami—and congratulations on having no debt other than the mortgage; that is the cornerstone of good financial planning…
I have $6,000 in emergency fund savings in a high-interest savings account, $16,000 in an RRSP ($70,000 contribution room still available), no TFSA contributions and no unregistered investments. I also have a company pension and no personal debt except for a mortgage of $239,643 (at a variable rate of 3.2%), with a bi-weekly payment of $868 ($768 payment plus an extra $100 towards principal).
I have between $1,500 and $1,800 per month in cash flow available after all expenses and commitments have been met.
My current financial goal is to build the emergency savings to $20,000 (six months’ worth of expenses) and not make any RRSP contributions or extra mortgage payments until the goal is met (eight months from now, by my estimation). Would this be wise?
–Sami
A. Thanks for your question, Sami—and congratulations on having no debt other than the mortgage; that is the cornerstone of good financial planning…
