Investment
Product
P r o f i l e r : |
Guaranteed
Investment Certificate / Debenture |
Questions
to Ask: |
Answers
you may find: |
Incorporated: |
Provincially
or Federally - Ontario |
Instrument
issued:
Term (Years): |
Guaranteed
Investment Certificate
Long term 1,2,3,4,5 also 6,7,9 and 10 years*
*
Some companies issue past 5 years without Deposit Insurance.
|
 |
See
CDIC Links
|
|
Certificate/Confirmation
Issued: |
Confirmation
need not be surrendered at maturity. Certificates available upon request
but must be surrendered at maturity. |
Interest
Payment Frequency /
Minimum Deposit: |
Annual
($500)
Semi-Annual ($500)
Quarterly ($5,000)
Monthly ($5,000)
Compound Annually ($500) |
How
are Cheques with J.T.W.R.T.S Worded: |
John
(and, or, and/or) Mary
As GIC registration indicates. |
Rate
Reduction From Annual Rate: |
Semi-Annual
- 1/8%
Quarterly - 1/4%
Monthly - 1/4%*
Weekly - 1/4%*
*Seniors receive 1/8% - 1/4% bonus on monthly pay GICs if interest
is deposited to a clients A/C at issuer. |
Interest
Payment Dates: |
On
anniversary date, semi-annually, quarterly, monthly or at maturity
from purchase date. |
Instrument
maturing on anniversary
date / business day: |
Business
day |
Mail
Interest Cheques: |
3
weeks prior to payment date, or same day if direct deposit. |
Compounding
Option: |
2-5
years annual rate or rate reduction from annual rate |
Transferable: |
Yes
1. Branch
2. Varies
3. $25 each
4. Re-issued from the last payment date or from the original investment
date on annually compounding certificate. |
Assignable: |
Yes,
only with Issuer. |
Redeemable
/ Redemption Penalty: |
If
within 30 days after purchase/renewal date, no interest paid. No partial
redemption. |
GICs
Cashable / Transferable upon death: |
Yes |
Documentation
required (and/or): |
- Proof
of death,
- Copy
of will,
- Letters
probate (if over $20,000)
- Declaration
of transmission.
- Notarial
copy of death certificate
- Bond
of Indemnity / Power of attorney - small estate
|
Fee/Penalty: |
None
if issuer is the executor; if not $5 per certificate, max $25. |