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Email thisA GIC is a Canadian investment that offers a guaranteed rate of return over a fixed period. The principal amount invested is protected, and the interest rate is generally predetermined.
There are two main types of GICs: non-redeemable (aka non-cashable), which must be held until the end of the term to be eligible for interest; and redeemable (aka cashable), which can be redeemed before the end of the term (sometimes with a minimum holding period) and still earn interest.