Contact the provider / distributor online or by phone to check these details:
1. How is interest calculated and paid out?
2. What is the minimum amount?
3. How can you leave instructions at the time of purchase for what the provider / distributor
should do with the money at maturity?
4. Will the bank send you a notice of upcoming maturity?
5. Will the bank send a confirmation of the transaction – by email, text, or regular mail?
6. Is there any fee / commission?
7. Confirm what institution insures the GIC
8. Is the GIC redeemable or non-redeemable?
Do your research to identify the most competitive offers in the maturity that interests you
Decide where you want to buy the GIC. You will need an account with the GIC provider / distributor in order to be able to complete the purchase
Determine what account you're opening: a registered (TFSA or RRSP) or taxable account.
It is likely that when you're starting out you should be opening a TSFA account - because you have ample TFSA contribution room
Assuming that you already have an accountwith the provider of the GIC you want to purchase, you can complete the purchase online.
Make sure the money for the purchase is in the account that you will use to purchase the GIC or a ladder of GICs.
Fill out an online application:
Until it matures, the GIC you have just purchasedwill be showing as a position (line) in your account or as a separate GIC account, depending on how your bank is organized. You should also get a confirmation of the transaction by email, in the usual way your bank operates.