FYI/Blog Archives - GIC Wealth Management

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    GIC Wealth Management Inc. is a proud member of the Registered Deposit Brokers Association.

    To learn more about the RDBA please click   www.rdba.ca for more information

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Special Rates
1 year 2.40% *
2 year 2.40% *
3 year 2.45% *
4 year 2.50% *
5 year 2.50% *
Minimum Investment $45,000 *

CDIC Deposits Insured up to $100,000 DICO Deposits Insured up to $250,000


Rates are subject to change without notice.
Certain minimums may apply. Call for details.
E&OE.

Today's Rates

As of 05 Jun 2020
TermGICRRSPRRIF
11.750%1.750%1.750%
21.900%1.850%1.850%
32.000%1.950%1.950%
42.100%2.050%2.050%
52.250%2.250%2.250%

For all our rates, click here to register or login.

Rates are subject to change without notice.
Certain minimums may apply. Call for details.
E&OE.

Proud Members of the RDBA

GIC Wealth Management Inc. is a member of the Registered Deposit Brokers Association. The RDBA is the professional standards Self-Regulatory Organization (SRO) for the Canadian Deposit Broker Industry. Membership in the organization includes Financial Institutions, Deposit Brokers and their representatives. The organization is a strong supporter of a regulated industry and strives to work closely with federal and provincial governments and other regulators to insure investor safety and compliance with regulatory mandates.With every deposit we make on your behalf, a Client Consent and Information Form issued by the RDBA and signed by the client is required. If you have any questions about the RDBA, or the required form, please contact us.

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FYI / Blog

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3 Reasons Why GIC Wealth Management Offers Higher GIC Rates than Banks and Credit Unions. Click here

FAQ: Understanding Depositor Insurance in Canada
There are four different types of depositor insurance programs in Canada. Read this FAQ for the basics on how they work and what they cover. Click here
 

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Testimonials

I have used the services of GIC Wealth Management Inc. for the past 8 years, and have found both Kevin and Brandon to be very helpful and knowledgeable in the investment industry. It has always been a quick and simple process to have my investments transferred to one of the institutions they represent. I will definitely keep my investments with GIC Wealth.”

– EA, Toronto

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Category: FYI/Blog

Small Canadian banks chase deposits to secure funding for troubled times

TORONTO (Reuters) – Canada’s small financial institutions are waging a war for deposits, offering customers higher interest rates as they try to shore up funding, despite a drop in official interest rates to a decade-low.

While Canada’s biggest banks have a variety of funding sources including wholesale markets, smaller players are more dependant on sticky customer deposits and earnings, particularly as credit spreads widen due to the economic fallout of the coronavirus pandemic.

Larger banks can also access government liquidity support including security purchases, and have capital buffers they can draw down, both of which are limited for smaller institutions.

To read full article click on the link below:

https://gicwealth.ca/small-canadian-banks-chase-deposits-to-secure-funding-for-troubled-times/

Humble GICs go from schlub to stud in just four weeks as stocks tumble

Guaranteed investment certificates are the investing world’s version of the Keep Calm and Carry On sign.

GICs have been their inert self during the coronavirus crisis, which is to say they have done nothing but pay interest. GICs at best today yield in the 2-per-cent range for terms of one through five years. Four weeks ago, while stock markets were peaking, those returns looked pathetic.

Today, not so much. The S&P/TSX Composite Index is off its late-February peak by about 30 per cent, and more declines are a real possibility. How can stocks not go lower when we don’t know how badly the economy will be affected by social-distancing measures meant to control the virus?

https://gicwealth.ca/humble-gics-go-from-schlub-to-stud-in-just-four-weeks-as-stocks-tumble/

Bank of Canada maintains interest rate: Read the official statement

Here’s the Bank of Canada’s official statement for its interest rate decision on Wednesday, October 30, 2019:

The Bank of Canada today maintained its target for the overnight rate at 1.75 per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1.5 per cent.

The outlook for the global economy has weakened further since the Bank’s July Monetary Policy Report ( MPR ). Ongoing trade conflicts and uncertainty are restraining business investment, trade, and global growth. A growing number of countries have responded with monetary and other policy measures to support their economies. Still, global growth is expected to slow to around 3 per cent this year before edging up over the next two years. Canada has not been immune to these developments. Commodity prices have fallen amid concerns about global demand. Despite this, the Canada-US exchange rate is still near its July level, and the Canadian dollar has strengthened against other currencies.

To read full article please click on the link below:

https://www.msn.com/en-ca/money/topstories/bank-of-canada-maintains-interest-rate-read-the-official-statement/ar-AAJzIwM?li=AAgh0dA

More Canadians have TFSAs than RRSPs — but they’re not using them to invest

More senior Canadians have Tax-Free Savings Accounts (TFSAs) than Registered Retirement Savings Plans (RRSPs), but they’re using them for “savings storage” rather than investments, according to a new RBC poll.

It was the first time the annual RBC Financial Independence in Retirement Poll — now in its 29th year — found more TFSAs (57%) than RRSPs (52%) among Canadians aged 55 and older. In fact, TFSAs are now the preferred savings option.

To read full article click on the link below:
https://www.lowestrates.ca/news/more-canadians-have-tfsas-rrsps-not-using-them-invest-25741

Bank of Canada maintains overnight rate target at 1 ¾ per cent

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.

Global economic growth has slowed by more than the Bank forecast in its January Monetary Policy Report (MPR). Ongoing uncertainty related to trade conflicts has undermined business sentiment and activity, contributing to a synchronous slowdown across many countries. In response, many central banks have signalled a slower pace of monetary policy normalization. Financial conditions and market sentiment have improved as a result, pushing up prices for oil and other commodities.

To read full article please click on the link below:

https://www.bankofcanada.ca/2019/04/fad-press-release-2019-04-24/?utm_source=RDBA+Email+List+May+2017&utm_campaign=258b439260-NEWS_2019_04_24&utm_medium=email&utm_term=0_2fb13e0136-258b439260-226120685


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