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The Money Management Newsletter: GICs and Fixed Income
Forget to renew your deposits?

Neglecting your term deposits can be costly. Forget to provide your financial institution with renewal instructions on your GIC or RRSP/RRIF and you might find that your matured deposits have been automatically renewed for the original term or for a year - or dumped into a low-interest savings account. Within the terms of your deposit agreement you may have already agreed that the financial institution can do any of the above with your investment, or leave it without earning any interest!

There are, of course, several solutions. One of the simplest is to set up a filing system with one folder for each year. At the beginning of the year, make sure all the deposits that will be maturing that year are sorted, with the deposit that matures first on top. Then make a list, and mark the maturity dates on your calendar.

Of course, this approach can fail if you don't have the time or inclination to keep track of the paper. If you have trouble organizing yourself, consider using a Deposit Broker to help keep you organized. A Deposit Broker can: -

Maintain a record of your deposits
Remind you when a deposit is maturing
Search the market for the best rate
Advise you about new term deposit investment options
Provide product information

GIC Yearly Income Planner
Example Worksheet

Also, this GIC Yearly Income Planner can help you organize your GICs and term deposits, record the investment details, interest payment dates and the rate of interest income your deposit portfolio is earning. It can be used as well for recording RRSP or RRIF details and also has a section to reconcile T5s,and T4RRIFs.

To find out if your GICs Portfolio needs revamping call your Fiscal Agents advisor or (905) 844-7700.

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© , Fiscal Agents Money Management Newsletter
25 Lakeshore Road, Oakville, On L6K 1C6.
(905) 844-7700


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