GIC Wealth Management Inc.? | Page 2 | RRSPs and RRIFs | Discussion forum

RetirEd said
A credit-union share purchase (it's not a membership fee) is fully refundable, and it DOES earn dividends (treated as interest for tax purposes) at some credit unions. Vancouver City Savings Credit Union has paid me thousands in dividends over 25 years, though their performance has collapsed since the mistakes management made in 2008.
RetirEd  

There are at least 3 kinds of shareas at issue.

First is the membership fee or share. Technically, it's a membership share, but is often referred to as a membership fee, even by CU staff. Every member pays this when they join, and the cost varies from $1 to $100. I am not aware of any that charge more than that. It would be impossible to gain "thousands" of dollars in dividends from these. I belong to several CUs in 2 provinces and have never earned interest on these shares from any of them, nor do I expect to. This fee or share is returned when your membership ends.

Then there are patronage dividends, which go by various names such as Class A Bonus Shares. These are based on how much business you do with the CU and are taxable. They are not predictable and are normally awarded in the first quarter of the year based on the previous year's profitability. Borrowers and savers do not necessarily get the same reward. Some CUs hold them as this type of share and don't let you have access to them for some time. Others give it to you right away in cash rather than shares, to do with as you wish. If they are retained by the CU, you may receive interest on the dividends.

Thirdly, there are what are usually called Investment Shares. These are optional for you to buy. They normally pay a fixed rate of interest for a fixed term. They are similar to GICs but are not covered by insurance.

Not all CUs offer patronage dividends. I don't think they all offer investment shares either but not sure.

Yes. Many here. Do a GICwealth word search on this site for past comments. I recently have a WealthONE GIC matured with them.

I called them in December, when considering my first GIC purchase through a broker. No one answered the phone, and I left a voice mail on Klaudia's line. Never got a call back, so I placed the funds myself with MAXA. At the time, there wasn't a big spread between broker rates and those being offered directly for a 5 year term, at least not big enough to justify my chasing the broker.

Apparently the investor gets to choose the institution they wish to invest with. I do not have the list
Check made out to institution
Does anyone have any have experience with this company. Their rates are about .4 higher than the Gic list. Depends on the amount  

You have a choice of FI but that need not be the same rate as the posted rate. What is posted is the best rate from one of the FIs. The rate will also be lower if less than the min posted amount.

gicjunkie said

I believe Klaudia may be on maternity leave, but there is supposed to be someone taking over for her. Kevin does return emails and phone messages fairly quickly, when able.  

I did not intend to reach Claudia, but simply dialed the main number for GIC Wealth Management last December. If an outside call went to her voicemail, and if she is away on maternity, and no one followed up, then that says something about this firm's business capacity.

savemoresaveoften said

They are a small operation, but somehow I have been "ok" with them and mostly thru email communication. At the same time, I dont use brokers unless their rates are far superior as I prefer direct dealing with the FI.  

I prefer to deal directly with the institution but I found that the same institution often cannot match the rate offered by the broker. Weird, eh.

I have used GIC Wealth on numerous occasions. Service has been excellent. And yes, for some strange reason, many FIs are happy to give better rates through brokers than directly to members. I have often expressed to the FI that I, as a member, find this offputting. Sometimes the FI will then match the broker rate, but many will not.

I deal with Kevin, but once called DUCA directly. The manager was quite surprised to hear from someone like me, as he normally corresponds through GIC Wealth.

Yes, the manager was happy enough to answer my general questions.