GIC Rates
| Term | *Annual Interest | TFSA | RRSP | RRIF |
|---|---|---|---|---|
| 1 year | 5.30% | 5.14% | 5.14% | 5.14% |
| 2 years | 5.20% | 4.76% | 4.76% | 4.76% |
| 3 years | 4.95% | 4.56% | 4.56% | 4.56% |
| 4 years | 4.42% | 4.42% | 4.42% | 4.42% |
| 5 years | 4.28% | 4.28% | 4.28% | 4.28% |
A guaranteed investment certificate (GIC) is a security issued by a financial institution certifying that a certain amount of money (i.e. the deposit) has been invested at a certain interest rate for a given period or time (i.e. the term) and will yield a specific amount (i.e. the final return). Terms can range from as little as 30 days to as long as 1-, 2-, 3-, 4- or 5-years. Typically, your money is ‘locked-in,’ which means you don’t have access to it until the GIC matures. Depending on the GIC, you may be paid interest on a monthly, semi-annual, or yearly basis or upon maturity. Upon maturity, you receive your deposit back in full.
GICs are protected by the Canada Deposit Insurance Corporation (CDIC) to a maximum of $100,000 per financial institution for each of the following categories:
Rothenberg & Rothenberg shops across Canada for the best GIC rates for non-registered and registered RRSPs, RRIFs and TFSAs. R&R is the middleman between clients and the financial institutions that Rothenberg & Rothenberg represents. The GIC investments are held under the client’s name.
Rothenberg & Rothenberg does not charge any fees to open, maintain or close your GIC account. However, in the event of an estate settlement, the client’s executor has the option to settle the estate on their own, hire a notary or use Rothenberg & Rothenberg’s estate services to settle the estate. A fee of $175 per financial institution will be charged should the client’s executors choose to use Rothenberg & Rothenberg to settle the estate, but they are under no obligation to do so.
No hidden fees are charged to the client. Rothenberg & Rothenberg gets paid a percentage commission based on the dollar amounts of a GIC that has been referred to each financial institution.
If Rothenberg & Rothenberg goes bankrupt, clients can go the financial institutions to get their funds. If a financial institution goes bankrupt, Rothenberg & Rothenberg is there to service you and will take care of getting your money from the bank or trust that CDIC will appoint.
Rothenberg & Rothenberg deals with Deposit Brokers Services Inc (DBS) and uses its computer system and back office for GIC or sub-agent services. R&R places GIC with certain Banks/Trust through DBS.
Jack Rothenberg founded Rothenberg & Rothenberg in 1979. His son, Robert Rothenberg, is now the firm’s CEO.
