How to earn SUPER HIGH interest with GICs in Canada

If you have some money saved up in your checking or savings account, you may want to consider opening a GIC. GICs currently offer super high interest rates that you can profit from! In this video, I'll walk you through what GICs are, what they can do for you and how they work, how to open them, things to consider, as well as the GIC ladder. #GIC #personalfinance #livingincanada

***DISCLAIMER: I am not a financial advisor, consultant, or real estate agent. This video is for entertainment purposes only and should not be considered as financial advice***

// Laptop stands in video

// Support my channel
Hey, if you’ve enjoyed my content, you can
- Contribute a ’SUPER THANKS’ to this video

// My Book!

// ABOUT Getting ahead financially in Canada while enjoying life!

License code: EVLELLR6ELKAH3JE

// AMAZON AFFILIATE LINKS (Canada)
DISCLAIMER: Links included in this description may be affiliate links. If you click on one of them and make an eligible purchase, I may receive a small commission at no additional cost to you.

Office

Kitchen

Entryway

Bathroom

*** DISCLAIMER ***
I am not a lawyer, not an immigration agent, and not a financial advisor or tax consultant. I'm just sharing my experience and knowledge in the hopes it can be useful to you. Please always do your own due diligence and research before deciding to purchase or sign up for any financial product or service!

[androth]

i've been doing 6 month $5000 GICs, staggered maturity over a couple months. interest rates are pretty good even for 6 months right now, able to get ~4.5-5.1%.

[OriharaKaoru]

Oaken Financial has a 6% 1 or 2 year GIC right now until Nov 30 for anyone interested. I just got a 10 year GIC for 5.2% at iA financial and I’m pretty happy with that.

[stancoleshill]

Don't forget how much tax there is on interest. It adds on to the top of your earnings and is the highest taxed of three investments of dividends, capital gains and then interest. Capital gains are taxed at 50% of the gain, which would be half the tax. You also have the potential of making two gains with only one investment, being a capital gain on sale of the security along with the dividends paid out over time.

[coolmusicfoundhere]

Thank you for the information and your work on this video! A suggestion if you didn't know, if you press Ctrl+Shift+B while in your browser, it will hide your bookmark bar that is currently visible on your screen recordings and then you can use the same shortcut to turn it back on once you're done.

[Its_Just_Garrett]

My girlfriend and I keep our emergency savings in GICs and we have them structured so that we have one mature every month. It's total financial wizardry lol 🤟🏽

[patthomas]

You can invest your TFSA into GIC and you do not pay tax on the earnings.

[KwokLeung-qu]

Thanks for the information. If I have $160K to invest in GIC, since insurance only covers $100K, should I separate the $160 into 2 - $80K and invest in 2 different banks, so insurance will cover both $80K?

[andybea]

You are very good at explaining things. Thanks for the great video

[BESTMUSICHITSS]

I was reading comments, and only one person commented smart idea and got ahead of time. Canadian banks are strong and they grow when people when people investing in GIC or other investments products they take your money and give another person or businesses for higher interests rates . So if you
planning long investment 6 to 1 year

TD is up for %7.93 for 6 month
RBC%22.12 6 month %34 year
Cibc %23. 6 month. %51.71 year

[porkchop]

Yes, yes and yes. GICs are the first investment tool I started with a few years back and it’s made me thousands of dollars in interest with the higher payouts

[unityorelse]

I knew of GICs but I just decided to really delve into it. Thank you for the explanation. :)

[craftycrabhobby]

really good video I have share this video with a dozen of my friends.

[mokkay]

Thanks a lot for the good information.Very helpful

[sunnybizz]

Is Tangerine online bank as easy to use and navigate as EQ Bank? Specifically for GICs

[DobesVandermeer]

Why not buy the money market funds directly using an investment account?

[MarthellaBondett]

So if I have a significant amount of money in a regular savings account, does the bank not use that money anyway, with no benefit to me? I have a serious trust issue with banks as I feel the employees selling these products to us are under stress to make profits, not to do things in their clients best interests.

[g]

GIC's are really tax unfriendly, so if you get 6% GIC rate, be prepared to REALLY see only 3%-4% gain after tax. Unless you do it in registered accounts, which obviously have no tax implications or whatsoever.

[anonymousmouse]

I like how you explain in detail, i am your new subscriber, can you please tell me through tfsa what amount gic can you buy, is there a certain limit.

[MahaSaber-ngzs]

Do u pay tax on the interset amount build when u decide to not renew another term

[erniemyers]

I am thinking of open a Gic or a Tsfa at RBC Bank for a year which is you is best for me