GIC Calculator Canada
Calculate your GIC maturity value and compare returns from Canada's top banks and credit unions.
GIC Rate Calculator
Calculate the amount you can earn in interest from a GIC over a set amount of time.
Initial Investment
$5,000
Interest Earned
+$1,083.26
Value at Term End
$6,083.26
What is a GIC?
A Guaranteed Investment Certificate (GIC) is a secure investment that pays a fixed interest rate over a set term. Your principal is guaranteed — you can't lose money. GICs are offered by banks, credit unions, and trust companies. They can be held in a TFSA, RRSP, FHSA, or non-registered account.
GIC Interest Compounding
GIC interest can be paid out annually, semi-annually, or compounded. Compounded GICs earn interest on your interest, resulting in higher total returns. Non-redeemable GICs typically offer higher rates than redeemable/cashable GICs.
| $10,000 invested | 1-Year GIC at 4.5% | 3-Year at 4.2% | 5-Year at 4.0% |
|---|---|---|---|
| Interest Earned | $450 | $1,310 | $2,167 |
| Maturity Value | $10,450 | $11,310 | $12,167 |
Frequently Asked Questions
Are GICs CDIC insured?
Yes. GICs from CDIC member institutions are insured up to $100,000 per depositor category (non-registered, RRSP, TFSA, etc.) for terms of 5 years or less.
What is the best GIC rate in Canada?
Current best rates are typically offered by digital banks like EQ Bank, Oaken Financial, and Motive Financial, ranging from 4.2%–4.7% depending on the term. Credit unions often offer competitive rates as well.
Can I lose money in a GIC?
No — that's the "guaranteed" part. Your principal is protected. However, the interest you earn may not keep up with inflation.
Should I put my TFSA in a GIC?
A TFSA GIC lets you earn interest tax-free. It's a good option if you want safety and a guaranteed return within your TFSA. Compare TFSA GIC rates vs. TFSA high-interest savings accounts.