Not sure how to make a savings plan? Read on…
Latest News
What it’s like to work with a financial advisor + MORE Apr 10th
If you’re like many Canadians, you’re probably weighing working with a financial advisor. Maybe you’ve just gotten married, started a business, expanded your family or come into an inheritance, or you’re planning your financial future as you approach retirement.
A financial advisor can be.... More »
In Your Corner: My house is my retirement plan. Am I doomed? + MORE Aug 29th
Owning a home is a great investment but we all should have other investments socked away for retirement — ideally inside a Registered Retirement Savings Plan (RRSP), says this week’s expert..... More »
How has inflation affected Canadians’ finances in recent years? + MORE Oct 15th
Inflation and higher interest rates have eroded Canadians’ purchasing power since 2022, particularly for lower-income households, a new report from the parliamentary budget officer has found.
But wealthier households have seen their purchasing power rise thanks in big part to their i.... More »
The scoop: What Canadian investors need to know now + MORE Sep 19th
For those who like surprises, the stock markets have not disappointed in 2020. The S&P 500 surged to new heights despite the economy-clenching COVID-19 pandemic powering around the globe, and individual investors’ participation in trading reached a 10-year high during the first half of this ye.... More »
How to Make RRSP Withdrawals Before and After Retirement + MORE Feb 29th
Whether you are nearing retirement or are just starting to make financial decisions for your future, Registered Retirement Savings Plans (RRSPs) may be a hot topic of conversation. In both circumstances, your savings grow tax-sheltered, and your contributions are tax-deductible. Where it differs â€.... More »
Your Guide to Guaranteed Investment Certificates in 2019
– ratesupermarket.ca
How do you find the best Guaranteed Investment Certificate rates? What even is a GIC anyway? Maybe a financial planner or someone at your bank told you to take a look at GICs as a way to save more money. But not everyone knows what a GIC is, how it accrues interest or how to shop for the best GIC interest rates. After sorting that out, you can look at the different types of GICs that are available for short-term and long-term investing. That way you can make a sound investment and have more confidence when you set up your new GIC account.
What is a GIC?
A guaranteed investment certificate (GIC) is a safe way for Canadians to invest money. While stock market investments have their fair share of risks, GIC’s don’t. They promise a return on your investment based on the interest rate you lock-in.
A GIC is similar to a savings account. You save a specific amount of money over a set term with an interest rate that’s locked in for that particular term. When the term ends, you will get all your original money back plus the interest that is accrued…
