Do You Know What is a GIC, And How Can It Help You Study in Canada?
A Guaranteed Investment Certificate (or GIC) is a type of secured investment. GICs are most commonly offered by Canadian banks and financial institutions.
When buying a GIC, you’ll earn interest, or additional money, on the amount you deposited. The rate of interest you’ll get is often set, or fixed, when you deposit your money. That way, even if the market goes down, and interest rates drop everywhere else, you’ll still receive the interest you were promised.