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Guaranteed investments like GICs are one of the safest ways to invest as you are guaranteed to get your deposited amount back at the end of the term. GICs are offered in two variations—redeemable which allow you to get your money back at any time with no penalty or non-redeemable where you will have to pay a penalty if you need to get your money back sooner.
Before investing, fully review all investment terms and decide where to hold your investment(s) such as within an RRSP, RRIF or TFSA. Visit GetSmarterAboutMoney.ca to learn more about investing and various investment products. Speak with a registered financial representative for advice to fit your personal situation.