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GIC calculator

See what your GIC will be worth at maturity, using today’s best Canadian rates — or your own.

GIC rates checked Updated weekly

Your GIC

Term
Interest rate
Account

Value at maturity · 1 year

$10,380.00

Interest earned
$380.00
Tax-free in a TFSA
$380.00
Rate
3.80%
Effective annual yield
3.80%
  1. Year 1$10,380

Your deposit Interest

That’s $96.38 more than the best ongoing savings rate (2.80% at Oaken Financial) over the same time.

$10,000 in a 1-year GIC at each provider

  1. Oaken Financial · 3.80%+$380
  2. EQ Bank · 3.70%+$370
  3. Achieva Financial · 3.70%+$370
  4. BMO · 3.00%+$300
  5. Coast Capital · 2.90%+$290
  6. Alterna Bank · 2.65%+$265
  7. Scotiabank · 2.45%+$245
  8. CIBC · 2.00%+$200

Non-redeemable rates, annually compounding, before tax. See every GIC rate.

Build a 5-year GIC ladder with $10,000

Split it evenly across 1- to 5-year GICs at the best rate for each term. Average rate 4.24%, about $424 of interest in year one, and one rung comes free every year.

3.80%1-year$2,000 at Oaken Financial→ $2,076
4.25%2-year$2,000 at Oaken Financial→ $2,174
4.30%3-year$2,000 at Oaken Financial→ $2,269
4.35%4-year$2,000 at Oaken Financial→ $2,371
4.50%5-year$2,000 at Oaken Financial→ $2,492

FAQ

GIC questions

How is GIC interest calculated?

Most Canadian GICs compound annually: each year’s interest is added to the balance and earns interest the next year. Maturity value = amount × (1 + rate)^years. Some GICs pay interest out monthly or yearly instead (simple interest), which earns slightly less.

How much will $10,000 earn in a 1-year GIC?

At today’s best 1-year rate of 3.80% (Oaken Financial), $10,000 earns $380.00 in one year.

How much will $10,000 earn in a 5-year GIC?

At the best 5-year rate of 4.50% (Oaken Financial), compounded annually, $10,000 grows to $12,461.82 — $2,461.82 in interest.

Is GIC interest taxable?

Yes, in a non-registered account GIC interest is taxed as income at your marginal rate, even before maturity (interest accrues annually for tax). Inside a TFSA it is tax-free; inside an RRSP it is tax-deferred until withdrawal.

What is a GIC ladder?

You split your money across 1- to 5-year GICs. Each year one rung matures and you reinvest it for 5 years, so you keep earning long-term rates while some money comes free every year.

Are GICs safe?

GICs at CDIC members are insured up to $100,000 per insured category (and credit unions by provincial insurers). Your rate is locked for the term, but non-redeemable GICs can’t be cashed early.

WalletReturn is independent. We may earn a commission when you open an account through some links; that never changes our order or our numbers. Rates, fees and offers change — confirm them with the provider before you open an account. Deposit insurance depends on the institution, product and limits.