I don’t know about you but I am always on the lookout for deals. I have a rule; if I am pulling out my wallet to pay for something, I better be paying less than list price. Anyone who knows me, knows I negotiate everything. After all I work hard for my money, why should it not in turn work hard for me?
Why just this morning I was at Esso and noticed a Christmas promotion that they are having. Buy a gift certificate and get a discount card which will give you a $0.05/litre discount up to 200 litres, I bought two and will probably buy more, after all I need gas so why not give myself a discount?
Back to the topic at hand; GICs, I am sure that you are all aware of what a GIC is. But did you know that where you buy them from can give you added benefits?
Canadians usually buy GICs at Banks or Trust companies, but did you know thatInsurance companies also offer them and that they have benefits that others don’t? I have listed the similarities and differences for you below.
What you already know:
- GICs have a guaranteed interest rate.
- GICs have a set term (duration).
- GICs guarantee you will get your money back.*
*Your money is safe in GICs protected up to a $100,000.00 limit even if the financial institution fails.
What you don’t know (about Insurance GICs):
- Interest qualifies for the $2,000.00 pension Income Tax Credit.
- Insurance GICs are available in longer terms than most banking institutions.
- Insurance GICs allow you to name a beneficiary.
- Insurance GICs are not subject to probate.
- Insurance GICs are protected from creditors. **
**In some circumstances and in some provinces.
To learn more about the insurance GICs or to get helpful information and guides visit.
www.protectingwhatmattersmost.com.
Edgar Schuchardt
416-806-5813
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