Investment Calculators
GIC calculator.
A Guaranteed Investment Certificate is Canada's equivalent of a US CD — a fixed-rate, fixed-term deposit. Enter your principal, rate, term, and compounding frequency to see exactly what it's worth at maturity.
Inputs
Maturity value
Fill the form and press Calculate.
What a GIC actually is
A Guaranteed Investment Certificate is a deposit you lock in with a bank or credit union for a fixed term at a fixed rate. It's Canada's direct equivalent of a US certificate of deposit (CD): the institution guarantees your principal and the stated rate, in exchange for you agreeing not to touch the money until maturity (non-redeemable GICs) or accepting a lower rate for the right to cash out early (cashable/redeemable GICs).
The math is standard compound interest: A = P(1 + r/n)nt, where P is your principal, r is the annual rate, n is the compounding frequency, and t is the term in years. This calculator applies that formula with no monthly contributions, since a GIC is a single lump-sum deposit.
CDIC coverage on your GIC
The Canada Deposit Insurance Corporation insures eligible deposits — including GICs with an original term of five years or less — at CDIC member institutions, up to $100,000 per insured category (principal and interest combined), per member institution. Categories are insured separately, so a GIC held in a registered account (RRSP, RRIF, TFSA, RESP, RDSP, FHSA) has its own separate $100,000 coverage from a GIC held outside a registered plan, and joint deposits are their own category again — meaning a single depositor can hold well over $100,000 across a member institution and still be fully covered, by spreading it across categories.
Coverage applies only at CDIC member institutions (most banks; not all credit unions, which typically carry provincial deposit insurance instead with its own limits), and only to GICs with an original term of five years or less — a longer non-redeemable term falls outside CDIC's protection.
Source, read 29 September 2026: CDIC — Your coverage (the $100,000-per-category limit, combined principal and interest).
Frequently asked questions
Is a GIC the same as a US CD?
Functionally yes — both are fixed-rate, fixed-term deposits with your principal guaranteed by the issuing institution. The insurance backing them differs: CDIC covers eligible Canadian deposits up to $100,000 per category, where the US equivalent is FDIC insurance.
Does compounding frequency matter much?
Less than people expect. Going from annual to monthly compounding on a typical GIC rate and term moves the maturity value by a small fraction of a percent — the rate and the term length matter far more than the compounding frequency.
Is my GIC interest taxable?
Yes, unless the GIC is held inside a registered account (TFSA, RRSP, FHSA, RESP, RDSP). Outside a registered plan, GIC interest is fully taxable as income in the year it's earned or credited, even on a non-redeemable GIC where you don't receive the cash until maturity.
What happens if I cash a non-redeemable GIC early?
Generally you can't — that's the trade for the higher rate. A cashable or redeemable GIC allows early withdrawal, usually at a reduced interest rate for the time actually held, and the exact terms vary by institution.
Disclaimer
Educational only, not financial advice. Actual GIC rates vary by institution, term, and amount, and CDIC coverage details can change — confirm current rates with your institution and current coverage limits at cdic.ca before making a deposit decision.