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If your GIC bank goes out of business, your money will be fine. A government agency called the Canada Deposit Insurance Corporation (CDIC) or its provincial equivalent automatically insures GICs up to $100,000 as long as their term is 5-years or less.
If you ever need to keep more than $100,000 in GICs, buy GICs from different banks so that all your money is protected - because only one account per institution can be insured.
Every year you have an obligation to report in your tax return the interest that you have earned on your GICs that year, even if your GIC will pay out all interest only at maturity (it’s called accrued interest)
When you purchase the GIC, write down when it’s maturing and what your instructions for proceeds were. That way you’ll be prepared in advance for the next step – will you roll it over into another GIC, reinvest in another way, or cash out to use the money?
If your plans for the proceeds have changed since the purchase, advise the bank – it should be open to accommodate you.
When the GIC matures, make sure the amount of money you expect is deposited in your account as per your instructions.