Calculate your GIC maturity value and total interest earned. Compare rates from EQ Bank, Oaken, Peoples Trust, and all major Canadian institutions.
| Institution | 1-Year GIC | 2-Year GIC | 3-Year GIC | 5-Year GIC | TFSA/RRSP? | Min. Deposit |
|---|---|---|---|---|---|---|
| EQ Bank Top Pick | 4.75% | 4.50% | 4.35% | 4.20% | ✅ Yes | $100 |
| Oaken Financial | 4.70% | 4.55% | 4.40% | 4.25% | ✅ Yes | $1,000 |
| Peoples Trust | 4.65% | 4.45% | 4.30% | 4.15% | ✅ Yes | $1,000 |
| WealthOne Bank | 4.60% | 4.40% | 4.20% | 4.05% | ✅ Yes | $500 |
| Canadian Tire Bank | 4.55% | 4.35% | 4.15% | 4.00% | ✅ Yes | $500 |
| Tangerine | 4.25% | 4.00% | 3.90% | 3.75% | ✅ Yes | $0 |
| TD Bank | 3.50% | 3.25% | 3.00% | 2.90% | ✅ Yes | $500 |
| RBC | 3.45% | 3.20% | 3.00% | 2.85% | ✅ Yes | $500 |
| Scotiabank | 3.40% | 3.15% | 2.95% | 2.80% | ✅ Yes | $500 |
*Rates approximate as of March 2026. Verify directly with institutions. Rates subject to change without notice.
Holding a GIC inside your TFSA means all interest is 100% tax-free. You don't pay any tax on GIC interest, ever. Use your TFSA room for GICs before putting them in a non-registered account. EQ Bank offers TFSA GICs with no minimum contribution.
RRSP GICs defer tax until withdrawal. You get a tax deduction now (great if you're in a high bracket), and the GIC grows tax-free until retirement. If your tax rate in retirement is lower, you come out ahead vs a non-registered GIC.
EQ Bank offers competitive GIC rates inside TFSA and RRSP accounts with no management fees.
Open EQ Bank GIC → KOHO for Short-Term Cash →For annually compounded GICs: Maturity Value = Principal × (1 + Rate)^Years. For other compound frequencies: Maturity Value = Principal × (1 + Rate/n)^(n×Years), where n is the number of compounding periods per year. Simple interest GICs (no compounding): Maturity Value = Principal × (1 + Rate × Years).
Yes, GIC interest in a non-registered (taxable) account is taxed as ordinary income at your marginal rate — not as capital gains. In a TFSA, GIC interest is completely tax-free. In an RRSP, it's tax-deferred until withdrawal. The calculator shows after-tax returns for non-registered accounts.
Most GICs are "non-redeemable" — you cannot access your money until maturity. Some institutions offer "cashable" or "redeemable" GICs with lower rates that allow early withdrawal, often after a minimum holding period (30–90 days). Cashable GICs typically earn 0.50–1.00% less than non-redeemable versions.
GICs at CDIC member banks (TD, RBC, EQ Bank, etc.) are insured up to $100,000 per depositor per category (deposits, RRSPs, TFSAs, etc.). At credit unions, provincial deposit insurance applies — unlimited in MB, SK, BC, and AB. Always verify the institution's insurance status before investing large amounts.
Longer-term GICs typically offer higher rates but lock your money away longer. Use a GIC ladder (equal amounts in 1–5 year terms) to balance rate and liquidity. If you need money within 1–2 years, stick to short-term GICs or a high-interest savings account like EQ Bank (3.75%).
For money you may need within 6–12 months, a high-interest savings account is more flexible. EQ Bank offers 3.75% with no lock-in. KOHO pays 3.0% on your daily spending account balance. These allow withdrawals anytime without penalties.