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 The
Money Management Newsletter: GICs
and Fixed Income
Forget to renew your deposits?
By The Money Management Editor
Money Management Newsletter - September 2003
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 |
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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