How to earn SUPER HIGH interest with GICs in Canada

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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
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3 окт 2024

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Комментарии : 217

@androth1502 8 месяцев назад

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%.

@ShennaWerner Месяц назад

Where is this 6 months from? Interested.

@androth1502 Месяц назад

@@ShennaWerner Scotiabank. I didn't see anymore 5+% recently. they are closer to the lower 4-4.5% now.

@samljer 29 дней назад

@@ShennaWerner Tangerine is and has always been the highest % interest for small term GICs

@CademanLillywhite 7 дней назад

Hey! So what kinda profit do you see after the 6 months?

@androth1502 7 дней назад

@@CademanLillywhite for $5000 @5.0%, it brings in about $20/month. unfortunately, the interest rates have gone down to about 3-4%, so investing now will earn a little less.

@stancoleshill8925 8 месяцев назад

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.

@gcoates7 7 месяцев назад

If you are worried about tax, buy them in your TFSA

@MetalSStar196 Месяц назад

@@gcoates7 Agreed.

@andybea6352 4 месяца назад

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

@coolmusicfoundhere 8 месяцев назад

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.

@nielgoh 6 месяцев назад

agreed... hiding bookmarks is essential or just use a secondary browser with no imported history/bookmarks on it

@BESTMUSICHITSS 13 дней назад

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

@Its_Just_Garrett 11 месяцев назад

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 🤟🏽

@raymanlegy 10 месяцев назад

I do 100 days 4.05% per anum or 1.095% and keep renewing until I have to cash out for safety funds. I also save my annual fixed expense which is about about $5000/year (prop tax,home insurance, car insurance... etc). Invest those fixed expenses make some cash off of them before paying them out fully during the year. Right now is the perfect time to compound long term on those 5 year @ 4.95%.

@Its_Just_Garrett 10 месяцев назад

@@raymanlegy that fixed expense structure is a really good idea. Thanks for sharing that!

@vhateverlie 10 месяцев назад

So how does this work? Can you just cash out at anytime when you need that emergency fund? I thought you had to have it locked in for the full 6 months?

@raymanlegy 10 месяцев назад

@@vhateverlie read cashable gic. They provide less interest but are cashable after 30 days.

@Its_Just_Garrett 10 месяцев назад

@@vhateverlie I have them structured so that one matures at least every month in case I need to use the money. The way I have them set up is I have 1 at 30 days at 2.15%, 1 at 60 days at 2.4%, and 1 at 90 days at 2.75%. If you shop around you can probably find better rates too. Hope this helps.

@OriharaKaoru 10 месяцев назад

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.

@parkerbohnn 10 месяцев назад

They just fell today a lot, that ended at the end of November. Motive Financial is the only bank left that hasn't cut their GIC rates. CDIC insurance is only 100 thousand.

@OriharaKaoru 10 месяцев назад

@@parkerbohnn iA Financial is a little different because they are an insurance company. You're actually insured for 90% of the principal no matter what, so I'm not worried about having more than 100k in a GIC there. I agree rates are coming down everywhere.

@unityorelse2375 2 месяца назад

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

@patthomas9041 6 месяцев назад

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

@bobsmith3983 6 месяцев назад

Yes. That's what a TFSA is all about. You can invest in GICs, stocks, etc. however if you are day trading with the monies in the TFSA there are rules and potential penalties. Do some research if you are going to be day trading.

@riyasubedi4928 21 день назад

So basically one has to open TFSA with a respective institution and invest via them??? I'm new to investment so please help me

@KwokLeung-q6u 8 месяцев назад

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?

@FaizaKhalid-Khan 8 месяцев назад

yes, that’s what i did

@jeanraymond9114 8 месяцев назад

My view is you don’t need to worry about 100K limit with the big 5 Canadian banks . If any of those go bankrupt it’s doubtful the insurance will pay out anyway . Ie would mean whole banking system has collapsed. For smaller banks like oaken , eq… for sure stay within 100$ k including expected interest. If you really want to spread money around with big banks get a trading account . I use Itrade and can buy gics from different banks . I also use TD direct and can do same .

@Redneckboy991 7 месяцев назад

My twin brother and I have been investing since we were teenagers. We're both in the same line of work and have had close to the same incomes. We're now 58. He went the GIC route because as he says he "likes to sleep at night and not worry about volatility". I invested in stocks and mutuals and even with the ups and downs of the market I now have 3 times the amount he has. His only worry now is if he'll have enough to retire on. GIC's are good over the short term but if you have time on your side stocks and mutuals are a better bet.

@Mikemathews33 7 месяцев назад

Do you get paid monthly payments?

@jeffbryan3224 7 месяцев назад

just purchase some gold and relax...@hunantrain5683

@mokkay905 6 месяцев назад

Thanks a lot for the good information.Very helpful

@porkchop9024 6 месяцев назад

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

@kyliam80 Месяц назад

Her example of 1000 and 5% over a year is just $50. How are you making thousands in a couple years?. Do you have thousands invested in the GICs so that the interest rates equate to those thousands each year?.

@ShennaWerner Месяц назад

@@kyliam80Well ya, say she invested 100k at 5%, that’s 50k annual gain if let’s say she’s locked into that GIC for say 10yrs. More if compounding interest.

@MarthellaBondett 8 месяцев назад

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.

@LHLK-q2v 7 месяцев назад

they make a wage there is no fee to buy a GIC

@sktoh4469 6 месяцев назад

Bank employees do tend to make decisions that benefit the employer, not the longsuffering bank customer.

@tricksinmyhand704 7 месяцев назад

Thank you for this information beautiful lady, i need to invest in the next 6 months potentially

@DobesVandermeer 6 месяцев назад

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

@kathyerb3134 8 месяцев назад

Yes many times. Have 1 Gic now

@g59490155 6 месяцев назад

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.

@itwins3517 4 месяца назад

Only if you interest is $500,000 or more, then yes, 3%. But if your interest is only $50,000, then you only need to pay $7,288 if you live in B.C. So, maybe 4.5% or 5% gain after tax? Play with a tax calculator for more info.

@ariannaechanique1939 9 месяцев назад

This has been extremely helpful! 😅

@parkerbohnn 10 месяцев назад

Government of Canada 30 day T-bills have the least amount of risk.

@kevinmac6508 8 месяцев назад

I've heard of these. Do you buy these from the bank or online?

@parkerbohnn 8 месяцев назад

@@kevinmac6508 GIC yields have collapsed while long bond yields have increased. Just buy the Rogers bond out to the year 2040 its still paying around 5.35 percent. GIC's are no good because when they renew interest rates will be lower. The last good GIC yield was 5.2 percent for a ten year GIC and 5.3 percent for a 107 month GIC at Motive Financial about 3 weeks ago.

@Robck27 11 месяцев назад

Amazing video, this is just what I was looking for. I also invest in the "zero risk" federal deposits of my country but since I am moving to Canada I was going to look for the similar financial instruments. Thks for the info

@LivinginCanada 11 месяцев назад

Glad it was useful! Cheers!

@amelia-rose2992 9 месяцев назад

A GIC ladder? hmmm that sounds kinda smart! I've always had my big lump locked into one GIC and then move it in and out of mutual funds at maturity. this is interesting. something to consider for sure.

@funtimes7305 5 месяцев назад

I could be wrong but correct me on this. If you put a $10k after one year in GIC you get $500, that's around $3.5 a day. In the future you'd be lucky to buy a coffee with that. The banks make way more from your money

@itwins3517 4 месяца назад

$500 a year, it's $1.37 a day. 😂 Dont forget you need to pay taxes too. Maybe not at $500 but if your interest is $50,000 for example, you need to pay $7,288 in taxes if you live in BC.

@pjm3005 3 месяца назад

then start a private mortgage lending business? the real draw with GIC is the NO RISK part. but, you'd be better off putting most of your money into a broad market etf like XEQT or one that tracks the s&p 500 (like HXS). but there's risk involved.

@parkerbohnn 10 месяцев назад

GIC rates are in the process of tanking even at the GIC brokers. I put what I could into Government of Canada 30 year treasury bonds and long term corporate bonds. but most of my money comes due at the start of next month. It could be worse I did hedge in the futures market knowing rates would fall al the end of this year.

@LivinginCanada 10 месяцев назад

Yup, certainly the rates will not last forever. As we are all hoping for lower mortgage interest rates-along with that all rates will drop and in a few years GICs will perhaps pay only 1-2%. So enjoy while it lasts!

@indianmilitary 10 месяцев назад

@@LivinginCanada Rate cuts cannot happen due to hyperinflation created by mindless printing of trillions of dollars/euros out of thin air all these decades by all western nations. What prevented hyperinflation all these decades despite printing 'fiat" currencies out of thin air? Reserve currency status which is going to come to an end due to impending currency reset (fiat to pegged). All western currencies are "isotopes" of USD. If the USD devalues, all currencies including CAD cannot escape. Capital trimming is the only way out. CBDC could be enforced for earning and spending control. CBDC cannot pay any interest or central banks cannot have programs like 'GIC"

@rps1689 9 месяцев назад

@@LivinginCanada Milking it while I can. My last two 3 year terms, which matured recently did well. One with a return of 18 percent and the other 15.

@armchairtraveler131 4 месяца назад

I think that better than buying the banks GIC'S it would be better to buy the banks stocks

@BESTMUSICHITSS 13 дней назад

I was reading comments, and finally, someone smart like you did write best idea , of course that's best to do 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

@sunnybizz4857 6 месяцев назад

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

@116Swimmer 6 месяцев назад

Yes

@sithradevigovindan1371 Месяц назад

Thank you so much

@youngpark5084 Месяц назад

I invested 100k in GIC from TFSA . Its locked for 2years. Interest return 4.5%.

@MrJonasr12345 25 дней назад

You’re getting $4500 over 2 years. No offense, but that isn’t that good. I think it would be more worth it to invest that into a 3 or 6 month term at like 3-4% and do that twice or even 3-4 times a year! Sure, you are paying tax on the gains but you could make way more than $4500 over two years. At 3.8% including tax rate of 23% here in my province, you could earn about $10500 a year by investing 100k with his method :)

@riyasubedi4928 21 день назад

Did you opened your TFSA account first and invested in GIC later? I'm new to this😢 so don't mind if this sounds stupid

@CamiloDominguezH 4 месяца назад

Is the $3000 for WealthSimple on your description is still going? I think it is 25 dollars.

@phorn_khann 7 месяцев назад

I’m a woman living in Canada too. Learn about Investing (Beginner)

@MahaSaber-ng1zs 4 месяца назад

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

@pjm3005 3 месяца назад

depends - in an RRSP taxes are deferred, in a TFSA it's tax free and in a non-registered account you pay taxes on the interest accumulation at maturity.

@danag812 11 месяцев назад

Thank you for this thorough video! Nice wirk 😊

@LivinginCanada 11 месяцев назад

Thank you!

@friendsforever5012 8 месяцев назад

Inflation is still over 5 percent don't kid yourself... so even at 5.95 percent your real rate of return is one percent minus taxes . Your lucky to make less than half a percent in the end ...😮

@hagbard72 4 месяца назад

Here's a question I have. Let's say I buy a EQ Bank GIC but I buy it from TD InvestDirect? Who does the insurance apply, to TD or EQ Bank should either go bankrupt?

@CharlesBarrett-m5r Месяц назад

Dudley Passage

@reveryart 2 месяца назад

Interest are payed annual instead of monthly, right?

@richardli5530 8 месяцев назад

Buy ENB or BNS pay 7% and they will always be there.

@goldguilder9554 7 месяцев назад

GICs are virtually risk free in the sense that your money will come back with interest. The issue is if you lose your job you will need access to the funds

@116Swimmer 6 месяцев назад

You can just ask for it back. It’s not actually locked in.

@loudc8651 6 месяцев назад

Laddering GIC when averaged come below the one yr offered rate by about 1/2 a percentage point …I have had a few of them .

@ProfessionalCleancutguy 6 месяцев назад

You can't win on all fronts... something has to give in every case. I'll give 0.5% to not have to wait 1yr to have access to my money in case of an emergency.

@raymanlegy 10 месяцев назад

The auto renewal is cool but also very inconvenient. I hate calling the bank 30 days prior to maturity and letting them know my instruction. Then come maturity day... It auto renews anyways and I have to call the bank again. But luckily you have the option to cash out. But very very! Inconvenient.

@LivinginCanada 10 месяцев назад

It is! I tend to (almost) forget that. I wish they'd turn the process around and reach out to us to confirm if we want to continue.

@OriharaKaoru 10 месяцев назад

@@LivinginCanada You can have it mature into your bank account so you don’t get caught with a bad rate. Put a reminder on your calendar a few weeks before so you can check out the rates and decide what to do.

@parkerbohnn 10 месяцев назад

@@OriharaKaoru If you can get anyone on the phone at Saven or Motive Financial. You pay for horrible service with higher rates.

@misclin 10 месяцев назад

Is Neo a Master card or Visa card? As Costco only accepts Master cards. Thx for the useful video!

@ILoveTinfoilHats 2 месяца назад

It's not a very good card. If you already have a Costco membership get the Costco MasterCard

@Kevin-g3g1v 9 месяцев назад

NICE!

@LivinginCanada 9 месяцев назад

Thanks!

@JAMGAR369 11 месяцев назад

I used to have a GIC ladder but since 2017 I’m in stocks,they are taxed more efficiently. You shouldn’t have everything in stocks,you also need fixed income like GICS so I’m going to buy some soon. Good video but you didn’t mention market growth GICS where your principal is guaranteed and the interest fluctuates 😊

@danag812 11 месяцев назад

Yes I am also curious about market growth GICs. From what I recall looking at the list of options, the terms are longer. I'll have to do some research into this.

@LivinginCanada 11 месяцев назад

@JAMGAR369 good point! Yes, I didn't mention those, definitely something to consider!

@utoobp20 8 месяцев назад

What do you mean taxed more efficiently? So gics are taxed less efficiently? In what way

@gianthills 8 месяцев назад

@@utoobp20 If you don't invest from a tax free account ( like tfsa or rrsp) the interest your earn from the GIC will be taxed as income, so just make sure your money is first in a tax free account before buying the GIC.

@JamesWilliam-md3qw 3 месяца назад

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@ChristopherChristian-ni3pd 3 месяца назад

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@lexis5302 3 месяца назад

I think.Its really needful for beginners not to settle for videos alone or they will see themselves losing all their money just like me when I newly started trading with this videos here on RU-vid.

@OgaPilot 3 месяца назад

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@JamesWilliam-tq5zh 3 месяца назад

Mary smith special strategy is in her realistic approach and that's sets her far above other brokers who sets outrageous targets and fails to get it.

@BellaBella-jw9ef 11 месяцев назад

Would you recommend investing in more than one bank GIC to be covered by the CDIC?

@LivinginCanada 11 месяцев назад

(Especially) if it's a relatively larger sum, then yes, I'd definitely consider doing that!

@parkerbohnn 10 месяцев назад

The only place in Canada is the Manitoba credit unions for large sums Like 50 or 100 million dollars. Hopefully their claim to no limit on the insured sums will be honoured.

@itwins3517 4 месяца назад

Originally I was doing that but after talking to a financial advisor, they recommended I invest in insurance company's GIC or Market Link GIC. The reason is because all insurance companies in Canada are required to join Assuris. If one insurance company go belly-up, Assuris members will take over your policy and recover up to 90%. $10m investment for example, you can recover up to $9m. Much better than CDIC's measely $100,000.

@offnl_ 8 месяцев назад

Will it affect my credit score if I open a new account for GIC purposes? Looking to buy a new house soon so keeping a close watch on my credit score

@Sanjeev-z9m6x 8 месяцев назад

U can invest in FHSA

@robertyoung406 2 месяца назад

as far as i know, your credit score is affected by how much you are currently borrowing, if you pay your bills/credit cards debts on time, and if you can stay below your 30% credit card usage Investments like GICs wouldnt affect your credit.

@MahaSaber-ng1zs 4 месяца назад

Can i invest rdsp account in a Gic.

@DomenicMuoio 7 месяцев назад

how do you get around the taxable income part?

@GG_99_GG_99 7 месяцев назад

Invest in GIC's and other investment products within a TFSA.

@chadlineage 5 месяцев назад

i really thought the rates of GIC is not a fixed rate guarantee it flactuates... so is the rates really fixed depending how long is the locked in terms? interesting tia... back home im familiar with time deposits but interest rates flactuates each month theres no fixed rate.

@itwins3517 4 месяца назад

Unless you buy Variable Rate GIC, all GIC are mostly fixed.

@InfinityDz 7 месяцев назад

what's the difference between GICs and bonds?

@rb239rtr 6 месяцев назад

a Guaranteed Investment Certificate is sold by a bank, with an interest rate, and protected against loss by the government. You will get the principal and the interest upon maturity. Bonds are more complicated and are not guaruanteed. You can lose prinicipal with a bond. A bond is a product sold by a company that pays an interest rate for a specific term, usually renewable on a fixed term, say 5 years. Typically a bond is sold at a $25 face value, with the interest based on the $25 face value. The bond may be called back by the seller on the maturirty date for the face value of the bond. Where things go bad are- 1. company does not perform- the bond may lose value because bond interest may not be paid- 2. interest rates rise, in 2020, bonds paid 4% interest, GICs paid 2%. Now GICs pay 5%, the value of the bond has fallen from $25 to say $18 in order to compete with GIC interest rates. So, you lost value, unless you keep the bond to maturity ($25). If you buy that bond today at $18 to get that 5% rate, as interest rates fall, the value of the bond will increase again and you will get capital appreciation. Now is a good time to buy bonds, becasue there should be some capital appreciation, although that is not guaranteed. GICs are better for short term savings, especially if buying a house, Bonds are better for long term savings, say in a retirement plan. Typically, during a bad recession, bond values increase, people then sell some to buy depressed stocks, so they are an important product to consider. You can get GICs at the bank, Bonds are purchased through your stock broker.

@utoobp20 8 месяцев назад

Is is just me or does your video start mid-sentence? I notice this a lot on youtube videos, where videos just start in the middle of a sentence?

@leesmith3917 7 месяцев назад

YOU PUT 1000 INTO GIC FOR 1 YEAR AT 5 % YOU GET 50 DOLLARS AS RETURN FOR 1 YEAR .. YOU MAY AS WELL BET OILERS 100 DOLARS TO WIN THIER NEXT GAME TO WIN 90 DOLLARS

@pjm3005 3 месяца назад

well, no sh!t that's what 5% is. How much do you think that $1000 is going to generate otherwise? Also, with a GIC there is zero risk.

@EthelBowe-p9j 27 дней назад

Ibrahim Roads

@AdriaPatel-m6x 12 дней назад

Bergnaum Oval

@tinatangli 11 месяцев назад

I am Chinese, can I apply for PR directly after studying in Canada? Or still need to work for a year after graduation for apply PR？ thanks

@LivinginCanada 11 месяцев назад

You can apply for PR anytime, you don't even need to be in Canada. Anytime you can set up what's called an 'express entry profile', within which there are different streams. If you have foreign work experience, you may be able to apply under the Federal Skilled Workers stream. Once you have 1 year work experience in Canada, you can apply through the CEC stream.

@tinatangli 11 месяцев назад

@@LivinginCanada I am in China now. How can I apply for PR? The most cost-effective way to get PR quickly?

@teekbooy4467 9 месяцев назад

@@tinatanglimarry a canadian citizen

@CurtisaHarris-g9h День назад

Eda Port

@mazedar_tv 9 месяцев назад

is Wealthone good bank for GIC?

@emilyc1988 9 месяцев назад

No. Wealth One fined $676500 for failing to comply with anti-money laundering law

@robertk5441 9 месяцев назад

😢There's one more risk when you invest in GICs. It's an opportunity cost. Buy shares of Bell Canada, Scotiabank, and Enbridge for average dividend above 7%. It's not guaranteed and more risky than GIC. But consider their dividend payment records and history of raising dividend payments. Also, the stock price may go up. When you have 1000 dol. to invest ,it's GIC. But even 20 000 dol. I'd consider 10 000 in GIC and another 10 000 into dividend paying stocks. Dividends are taxed preferably compared to GICs in non registered accounts. Therefore, another risk worth mentioning is taxation.

@gianthills 8 месяцев назад

thats why you use a TFSA account to invest.

@robertk5441 8 месяцев назад

@gianthills Correct. But, only to some degree. I'm sure you're aware of the limits.

@chikadim1477 11 месяцев назад

What kind of investment can I do as a student in Canada, like a short term investment I can do?

@LivinginCanada 11 месяцев назад

If you're looking something that's principle-guaranteed, there are shorter-term GICs, e.g. 6 months. Just makes sure to check if it automatically renews or not, and if you don't want that to happen, let your bank know in advance that you don't want to renew. Cheers!

@parkerbohnn 10 месяцев назад

Rates are falling lock in longest term.

@BlueToronto 9 месяцев назад

If you're old enough, you'll know that these rates are nowhere near "super high." Yes, compared to the last 15 years they are, but you used get much more than that even in just a basic savings account.

@pjm3005 3 месяца назад

sure but the flip side is that money was basically free to borrow for the last 20 years.

@MrLabradorwildman 10 месяцев назад

Hi just found your Channel! i have Eq Banking Acount Thinking about an GIC in my TFSA account, can i get the monthly interest but back into my TFSA account, so i can use the Interest to make a Emergency Fund with it! or is it lock in for the full year then gose back into my TFSA Account??

@DavidWhitaker-l5e 23 дня назад

Robel Ranch

@azharmuhammad2190 Месяц назад

GIC is not good at all. Better do trading or e-commerce to speed up your money 💰 .

@Brayden-c9o 6 месяцев назад

I don't understand the interest rates. How come all these calculators say that if I invest 10k at 5% I'll only earn like $268 over the term? Is 5% of 10k not 500? Help me!

@royalotfi231 3 месяца назад

@iggydc8034 You get 5% interest per year not per month.

@TimKeachie-o2e 6 месяцев назад

we should be paid a lot more the banks make so much money from us

@pjm3005 3 месяца назад

you could make the same returns, just get an MBA and make investing your money your full time job. it's possible that the bank lost money on the 10k i loaned them (bad mortgage maybe) but they're still going to pay me the 5% interest on the GIC i bought. That's the draw. at 5% it still beats inflation. no one is going to get filthy rich off of a no-risk investment.

@nielgoh 6 месяцев назад

Low key Constance Wu look XD

@Topaz2022 7 месяцев назад

In this day and age, the more money you have the more you stand to loose. You become a target. Never trust a bank and NEVER trust anything that is government issued such as RRSP's, GIC;s, TFSA's. The interest you save is nothing compared to the interest you will pay whenever that time comes!!!

@pjm3005 3 месяца назад

lol, what?

@Joy-to-the-world308 6 месяцев назад

I Gic’s were taxable by 50%. Please correct me if I am wrong. If so would that not mean that your 5% interest is really only 2 1/2%. After paying tax.

@globetrotterca 5 месяцев назад

Best to keep it in your TFSA

@beckwilde 4 месяца назад

@@globetrotterca or FHSA

@itwins3517 4 месяца назад

Not 50% unless you make ridiculous amount in interests, like $500,000 for example where you are taxed $220,434 if you live in B.C. Play around with a tax calculator and you will understand more.

@itwins3517 4 месяца назад

@@globetrotterca TFSA has limits. From inception in 2009 to 2024 you can only put in $95,000. If you put in more than you are eligible, you will be charged 1% interest every month. I seriously doubt you can make 12% interest a year from TFSA interests 🤣

@swethashrishri 4 месяца назад

Taxation? can sole proprietors or incorporations invest in GIC?

@syedmufazzalali8681 Месяц назад

"make sure to do your own research" ..... yea so what the hell do you think im doing here 😭😭

@cdb989 4 месяца назад

GIC buy them lock into a year and reap the benefits just remember to reinvest the interest so the government can’t tax you to death

@itwins3517 4 месяца назад

Eventually you will get taxed anyway. The longer you wait, your interests get bigger and you are taxed even more. Remember, the more you make, the more you are taxed. CRA is not stupid 😅

@marvinestupe8627 10 месяцев назад

So basically your saying is that gics are another version of rrsps

@rps1689 9 месяцев назад

You can invest in GICs outside of the umbrellas of RRSPs and TFSAs

@pjm3005 3 месяца назад

no. a GIC is something that you might purchase within your RRSP though.

@dabig_guy2204 7 месяцев назад

Super high at 5.95%? Really? After paying income tax and accounting for the "REAL" inflation rate you are left with zilch. That is not any form of intelligent investment.

@pjm3005 3 месяца назад

oh? how are you calculating the "real" inflation rate?

@mohaklondhe3020 2 месяца назад

FD of Canada 😢

@elvisisalive2716 8 месяцев назад

posting for sus referral link revenue lol, cmon.. be better.

@tilleytristan 7 месяцев назад

every time I say GIC my parents and grandparents think I mean a market linked mutual fund with a guaranteed minimum return. Drives me crazy, cuz as soon as I try to differentiate, their boomer brains are already thinking about Ron Desantos in a speedo.

@diotechdata7500 6 месяцев назад

why do i feel she is talking so much with little knowledge transfer

@LivinginCanada 6 месяцев назад

Perhaps because you already know all of this so it's too basic for you. This is a 'Beginner's Guide' as it says in the thumb, so for people who are not familiar with GICs yet and want to know the basics.