Canadian Tire Guaranteed Investment® Certificate (GIC)
Get a Canadian Tire Guaranteed Investment® Certificate today.
High Interest. No Haggling. Guaranteed. Nice.
Earn a high annual rate of interest
No haggling about rates
Your rate is guaranteed for your entire term
Terms from 1 year to 5 years
Minimum investment of $1000
24/7 Online banking
Telephone customer service between the hours of 8 AM and 6 PM ET Monday to Friday
Disclosures for GICs
Please see the rates page for the current rate applicable to the GIC you have selected. This rate is guaranteed only for the Principal Amount you have indicated, for fifteen (15) days from the date we receive your application. If the Principal Amount you decide to invest is different than the amount noted, please call 1-866-681-2837 to verify the applicable interest rate for the new GIC. You can also call this number to obtain our current interest rates.
Interest Calculation & Payment:
Interest is calculated at the applicable annual rate based on the principal amount and the number of days in the term of your GIC. Interest will be paid on the maturity of your GIC - until then you will earn interest on accrued and unpaid interest (compound interest), which will be calculated annually. This will increase the interest you will receive on your GIC. Alternatively, you can choose to be paid interest annually. If you do, you will not earn compound interest. Interest is paid by cheque or deposited into a savings account you may have with us depending on your instructions. At maturity, interest is added to the principal and repaid as set out in “Repayment of Principal” below.
Fees Applicable to GICs:
The only fee that we currently charge that is specific to a GIC is a $5 fee that is charged to you if you request a draft. The fee is deducted from your principal. Since the amount of principal will be reduced, this also reduces the amount of interest you can earn.
You may not redeem your GIC prior to its maturity, but if you die while holding your GIC in your own name (and not jointly) or if you move to Quebec or outside Canada, then your GIC will be terminated and you will receive interest only up to the date of termination. If you hold your GIC in a TFSA and in order to obtain a refund of an over contribution to the TFSA, you must redeem the GIC, or if you wish to transfer all or part of your GIC to another TFSA, then in either case you will forfeit all interest that has accrued on the GIC.
You cannot cancel your purchase of a GIC unless it is a GIC issued on renewal.
Your investment will begin the day that we receive your deposit. The maturity date will depend on the length of term you select.
Maturity & Renewal:
If you do not provide us with instructions at least one (1) day before your GIC matures, the principal and accrued interest on your GIC will automatically be reinvested in a new GIC for the same term at the annual interest rate we pay at that time. There is no fee for the issuance of the new GIC and no fee for cancelling it if cancellation is within 10 business days of issuance. You can obtain the most up to date rate by calling us at 1-866-681-2837or by visiting the rates pages on our website (www.ctfs.com).
Repayment of Principal:
Your principal will be repaid to you on maturity of your GIC if you instruct us to do so. As outlined above, if we do not receive instructions from you, the principal will be reinvested. If not reinvested, the principal, together with any accumulated interest that has been added to the principal, will be repaid to you by cheque or deposited into a savings account that you have with us depending on your instructions.
Your GIC is governed by Canadian Tire Bank’s Terms and Conditions for Deposit Products (the “Deposit Product T&Cs”). The Deposit Product T&Cs can be amended by us at any time upon advance notice to you. Any change to the Deposit Product T&Cs will not impact the interest rate you are earning on your GIC, how interest in calculated and the term and maturity date of your GIC.
If you would like to print or download a copy of the GIC Product Information, click here.
What do I need to apply?
In order to open an account, you must be a resident of Canada and be the age of majority in your province/territory. Unfortunately, we can’t accept applications from residents of Quebec at this time.
To apply, you’ll need:
your Social Insurance Number (SIN) (We need your SIN because Canada Revenue Agency requires that it be included on any tax receipts, we send to you.)
a completed Direct Transfer Authorization Form (DTA Form), including the amount of your initial deposit. This form will be provided to you in your Instruction package.
a completed Declaration of Tax Residence for Individuals form. This form will be provided to you in your Instruction package.
to open a joint account, each account holder must first complete an application for their own individual account. Once both accounts are open and active, please contact our Deposit Accounts Banking team at 1-866-681-CTFS (2837) between the hours of 8 AM and 6 PM ET Monday to Friday to setup a joint account
What can I expect after my application is submitted?
Once your application has been submitted, you will be provided with instructions outlining next steps, including details on how to return the Direct Transfer Authorization Form (DTA Form) needed to set up your account.
If I am an existing customer, do I have to fill out another application for a GIC?
No. If you already have a GIC or HISA with us (thank you, by the way) you can set up a new Canadian Tire GIC or HISA right away by calling the Deposit Accounts Banking team at 1-866-681-CTFS (2837). For Canadian Tire® Credit Cardmembers,sorry, but we’ll need you to fill out a full application. You can do so online, or by calling 1-866-681-CTFS (2837), between the hours of 8 AM and 6 PM ET Monday to Friday.
My Canadian Tire GIC is up for renewal. What are my options?
Prior to your GIC maturing, you'll receive a renewal notice requesting renewal instructions from you as to what you want to do with the principal of your GIC and the interest you earned. You will have the option of reinvesting the principal and interest into another Canadian Tire GIC, or having one or both of the principal and interest deposited into your account. Of course, if you choose to do nothing, the principal sum and all the interest you earned will be reinvested into a GIC with the same term as the initial GIC you selected (at the current annual rate of interest) - safe and sound in a high interest, secure and guaranteed Canadian Tire GIC.
Can I redeem the funds in my GIC anytime?
It depends. If you have a redeemable GIC, you may redeem the funds in your GIC at any time before maturity. However, the interest rate that will be paid on the amount redeemed prior to maturity will be calculated based on the early redemption rate that is then paid on GICs with the same term, which will be a lower annual rate. If you have a non-redeemable GIC, you may not redeem your GIC prior to its maturity, but if you die while holding your GIC in your own name (and not jointly) or if you move to Quebec or outside Canada, then your GIC will be terminated and you will receive interest only up to the date of termination. If you hold your GIC in a TFSA and in order to obtain a refund of an overcontribution to the TFSA, you must redeem the GIC, or if you wish to transfer all or part of your GIC to another TFSA, then in either case you will forfeit all interest that has accrued on the GIC.
Is there a minimum amount and how much do I have to deposit to set up my GIC?
The minimum requirement to set up a GIC is $1000. You can also choose to have several GICs; however, the minimum investment for each one is $1000.
I have a different question.
Want to know more? Simply call the Deposits Account Banking team at 1-866-681-CTFS (2837), between the hours of 8 AM and 6 PM ET Monday to Friday. A friendly Canadian Tire Customer Service Representative will be ready to help you.
† The Canadian Tire High Interest Savings® account, Canadian Tire GIC®, the Canadian Tire Tax Free® High Interest Savings account and the Canadian Tire Tax Free® GIC products are provided by Canadian Tire Bank.
**Annual interest rate quoted as of the date of this offer and subject to change without notice. Interest is calculated daily at a daily rate which is equal to the annual interest rate divided by 365 days (or 366 as the case may be) and is based on the daily closing balance in your account and paid monthly.
These products are not currently available for residents of Quebec.
®/™ Unless otherwise noted, all trademarks are owned by Canadian Tire Corporation, Limited and are used under licence.