Calculators / GIC Calculator
GIC Calculator
See how much a Guaranteed Investment Certificate could be worth at maturity, based on your deposit, rate, term, and compounding frequency.
How this calculator works
A GIC pays a fixed rate of interest for a set term in exchange for locking up your deposit. This calculator compounds your rate at the frequency you choose and applies it over the number of years in your term to project the value at maturity: maturity = deposit × (1 + rate÷m)m×years, where m is the number of compounding periods per year.
Example
A $10,000 deposit in a 3-year GIC at 4.20%, compounded annually, would grow to roughly $11,314 at maturity — about $1,314 in interest, none of it at risk, as long as the GIC is held to term.
Frequently asked questions
Can I take my money out of a GIC early?
It depends on the type. A cashable (redeemable) GIC lets you withdraw early, usually with reduced interest. A non-redeemable GIC generally locks your funds for the full term, though some issuers allow early withdrawal in hardship cases.
Is GIC interest guaranteed no matter what?
The rate is fixed for the term, and the principal is protected — GICs from CDIC member institutions are insured up to $100,000 per eligible category. Your return does depend on holding the GIC to maturity.
Is GIC interest taxed?
In a non-registered account, yes — interest is generally taxed as income in the year it’s earned or credited, even if you don’t receive it until maturity. GICs held inside a TFSA or RRSP grow tax-free or tax-deferred.
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