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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What to expect for GICs in 2024 + MORE Nov 20th
In late 2020, major banks were offering 5-year guaranteed investment certificates (GICs) with rates of less than 1%. Now, just three years later, bank GIC rates for 5-year terms are over 4%. Some credit unions and trust companies are offering rates over 6% for short-term GICs, though 4- and 5-ye.... More »
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– theglobeandmail.com
Chief financial officer Bob Shanks said record profit in North America isn’t enough to offset trouble in global markets
90 days – 1.75%
– ratesupermarket.ca
This GIC rate is offered by Oaken Financial and was updated on 2014-06-06. Click on the link above to get more details or apply online.
One of the more unusual trials to come out of the 2008 financial crisis is set to begin on Monday, when a federal judge will consider whether the U.S. government’s rescue of American International Group Inc was, in fact, legal.
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GICs: The problem with playing it safe
– moneysense.ca
Heather Walker, 59 (Photo by Philip Cheung)The problem
As a 59-year-old training administrator for a mining company, Heather is a member of her company’s defined contribution pension plan. She’s also mortgage-free. But in 2008 she suffered a 40% loss in her stock portfolio and has since slowly sold off all her high-fee mutual funds, putting her 100% in cash. “I have to pay more attention,” says Heather, who has started managing her own finances. After reading up on investing, she’s ready to rebuild her $200,000 portfolio—split evenly between registered and non-registered investments. She plans to add corporate bonds, but isn’t sure what to do about equities. “I have a low risk tolerance.”
The fix
Vancouver money coach Annie Kvick says losing 40% of your portfolio when you’re five to 10 years from retirement is stressful. But investing her entire portfolio in GICs and bonds is risky because Heather could lose her nest egg to inflation, or even outlive her money entirely…
