GIC Primer: Frequently Asked Questions

By 2 Cents on April 9th, 2010 | Category: Saving | 11 comments

If you don’t like something, change it; if you can’t change it, change the way you think about it.

~ Mary Engelbreit

Update: This post is featured in the Money Hackers Carnival #111 posted at Deliver Away Debt. Thank you!

I recently wrote about How to Ladder GICs. That post lead to number of general questions about GICs, so I thought I would provide some information for you here. Although GICs are among the safest and simplest investments out there, there are enough options surrounding them to make choosing one almost as confusing as choosing other types of investments.

Why Invest in GICs?

Guaranteed Investment Certificates can offer investors a safe place to invest a portion of their capital. Depending on the length and features of the GIC you purchase, they can [...]

Read on and enjoy … GIC Primer: Frequently Asked Questions

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What Is the Safest Investment?

By 2 Cents on March 11th, 2010 | Category: Investing | 15 comments

Know safety, no injury. No safety, know injury.

~ Author Unknown

This is another question that’s come up quite a bit lately and it’s pretty easy to answer. The safest place for your money is in a government guaranteed account. If you are Canadian, this means an insured account at a CDIC member institution.

OK, so it’s not quite that simple. There’s quite a bit that you should know about where and how the Canada Deposit Insurance Corporation protects your deposits. I’ll try to cover most of it here.

What’s Covered?

Note that the following list refers only to Canadian dollar accounts. If you have a U.S. dollar denominated account, it is not covered by the CDIC.

Deposit Types

Savings and chequing accounts GICs or other term deposits, as long as the original term is 5 years or less Money orders, certified [...]

Read on and enjoy … What Is the Safest Investment?

Category: Investing | Tags: , , , , , |