What is a GIC - Guaranteed Investment Certificate?
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- Опубліковано 17 чер 2024
- What is a GIC?
GIC stands for Guaranteed Investment Certificate. There are many benefits to owning a GIC like guaranteed interest and principal protection. Generally, GICs are regarded as a low risk investment.
GICs can be purchased in a variety of accounts like your RRSP, TFSA and Spousal RRSP account for example.
This video explains the basics of what a GIC is and how they work.
Topics covered include:
- What is a GIC - Guaranteed Investment Certificate
- Understanding online and bank promotions
- The risks of owning a GIC
- Why companies issue GICs
- Important questions to ask before purchasing a GIC
- What are the benefits of owning a GIC
- How do you make money with a GIC
#gic #gicinvestment #investing
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Useful Links:
How interest from GICs and other investments are reported on your tax return:
www.canada.ca/en/revenue-agen...
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So glad i found this channel, this has been by far the most easiest to understand not like others channels that just blab and blab till you just shut off. Thank you so much !
Loved this explanation, thank you!
Great video!
Thanks!
If you liked this video, check out our other GIC video on Market-Linked GICs: ua-cam.com/video/HnnjL6NAUJE/v-deo.html
So helpful
Hi there, is gic opens on weekends such as Saturday or it has to be when market opens ?
Gics are high these days almost 5.2 percent annually is it a good idea to lock money in them for 5 years ? before they fall down ?
do you have tips on investing in market linked gics?
Hi mark, here is the link to our video we did previously on market linked GICs. Hopefully this helps: ua-cam.com/video/HnnjL6NAUJE/v-deo.html
if you lock in your money, can you add more money in later if you want? how does that affect your returns?
Hi samus aran, usually once you're locked in you're not able to add more money into that GIC, you would just buy a new one with a new term and rate. Hope that helps
@@TheIndependentDollar thanks for the reply :)
Wait. The bank said I could have all my money back if I wanted, I just have to give them 24 hours notice. But, if I heard correctly, you're saying it's locked in and I could break the contract and get charged a fee for it?
Hi Geek Squad, sounds like you purchased a Cashable GIC. Those can usually be accessed anytime. If you're not sure though, take a look at the paperwork they gave you when you purchased it. There is usually a section somewhere that breaks down the rules for breaking the GIC early. Hope that helps.
@@TheIndependentDollar, ok phew. I'll read that over. I'm still learning and there's so much. Thanks so much for your content!
Looks like I've invested into auto-renewing GICs without realizing :O I shot the bank a message asking this, but they'll probably take forever to respond. What do you think, am I screwed or do they usually let you turn off auto renewing?
If it happened recently, they may let you out. Sometimes the penalty is just a forfeit of interest earned. It really depends on the type of GIC you purchased. I would reach out to them, especially if it rolled over into a low rate.
@@TheIndependentDollar they just changed it to not auto renew for my :D thank you I was so worried haha
GIC is not the best investment vehicle.. inflation will always outrun the return on investment.
Guaranteed Income confiscation
😂
3%? That' it? That's nothing.
Waited 3 years and only made $90 😂
am I the only one here from school?