Can you buy the EQ GIC with the FHSA? Or will it be taxed?
@Sfhhukmbcxccvhf10 ай бұрын
@stephandden please tell me is GIC and RRSP are same ? But i want ti contribute into RRSP savings account to get tax retunrs at the end of year. So tell me which one to take either RRSP or GIC ?
@AhhhSukeSuke7 ай бұрын
@@Sfhhukmbcxccvhfinvest in RRSP
@denisewiggins83294 ай бұрын
I need a GIC from Jamaica
@maqureshi3567 Жыл бұрын
Guys, visually representing what you are explaining is extremely helpful ! Thanks and keep it up. All the best.
@stephandden Жыл бұрын
So glad you liked it! Thank you 😊
@stacy-annmorgan6685 Жыл бұрын
I love GICs because still trying to understand the other investment platforms. EQ is the best.
@dotpenji Жыл бұрын
With GICs, you put a set amount of money for a predetermined time and receive your initial investment back along with guaranteed interest. GICs are considered safe investments because they are insured and offer predictable returns.GICs are suitable for short-term savings goals, such as saving for a down payment on a house. They offer a conservative approach, providing a return on investment while ensuring capital preservation.
@kristineambas Жыл бұрын
I agree! GICs are indeed a safe investment option, offering predictable returns and capital preservation. They are well-suited for short-term savings goals. 👍💰
@aicetaylor8332 Жыл бұрын
You've summed up GICs (Guaranteed Investment Certificates) beautifully! These financial instruments indeed offer a safe and predictable way to grow your money.
@monicasoriano8581 Жыл бұрын
I completely agree with this comment. GICs (Guaranteed Investment Certificates) are indeed a safe investment option, and they are known for providing predictable returns and capital preservation. They can be an excellent choice for short-term savings goals, such as saving for a down payment on a house. With GICs, you can invest a predetermined amount of money for a set period and have the assurance of receiving your initial investment back along with guaranteed interest. It's a conservative approach that suits those who prioritize the safety and security of their investments.
@markanthonymanayan2136 Жыл бұрын
This video on GICs provides clear and valuable insights into a sometimes complex investment option, and I really understand what it means by how she explains it. Thanks for breaking it down!
@CyrineTuazon Жыл бұрын
Never heard about GICs, this video is an eye-opener to someone like me!
@anotherpace Жыл бұрын
Last year with the higher GIC rates I split up my emergency fund into 2 pieces, one that is in a high interest savings account (EQ as it turns out), and the other piece I split into 4 sub pieces which are in GICs that come due every 3 months - if I don't need the money then I just renew that piece for another year. It gives me access to money if it is required in an emergency, but also gives me higher rates overall since emergencies aren't all that common. I did it by buying the GICs over the course of a year, but if you already had the money you could buy 3, 6 , 9, 12 month GICs and then set them all to 12 months as they come due.
@JadenHercules Жыл бұрын
How was the return on the GIC?
@appmania2180 Жыл бұрын
Great video, always so glad to learn more about investing specific to Canada :)
@stephandden Жыл бұрын
Thank you! 😊
@JDRichard5 ай бұрын
That my friend is a size 16 Elgin Pocket Watch that you have in your video. I repair vintage pocket watches as a hobby and I’ve repaired many Elgin pocket watches over the years.
@Ambrooks83 Жыл бұрын
Great vid! This stuff with clear visuals should be taught as part of Financial Literacy in High School in Canada, it didn't exist back in my day but I heard it's starting to be offered.
@stephandden10 ай бұрын
Thank you! We definitely agree! 😊
@iplumzer Жыл бұрын
I really love the animations, they are so helpful! Thanks for these videos!
@stephandden Жыл бұрын
We're happy to hear that! Thank you for watching 😊
@Jibril_Abdulkadir Жыл бұрын
Very good explainer video I used to not know what GIC was lol but now getting more into it
@stephandden Жыл бұрын
🙌🏿🙏🏻 love to hear that!
@luckystar225 Жыл бұрын
Just FYI- There are different names for this type of ‘investment’. In the US, it is called certificates of deposit (or CDs). In other countries, it is called certificates of fixed term deposit or term deposit or term saving.
@25jai123 Жыл бұрын
You could also just buy a bond index ETF as well. Although considering the average cost of even a 1bd condo in Toronto, higher growth approaches are probably needed to save enough for a down payment.
@raphaelsantos35235 ай бұрын
I just found your channel and it's amazing. The way you both explain everything, the scenarios, the language. Thank you so much for that! All the best! :D
@stephandden5 ай бұрын
Thank you so much! We appreciate that 😊
@janarkas2524 күн бұрын
straight to the point, great info. Thanks!
@stephandden4 күн бұрын
We’re glad you liked it! Thanks for watching 😊
@wilsonfidelisekpotu1980 Жыл бұрын
Excellent videos. Spurred me to make active steps towards investing.
@stephandden Жыл бұрын
We love to hear that! 😊
@marhofogeh22923 ай бұрын
I love yalls channel. I love ppl when age group talking about finiancial advice
@stephandden3 ай бұрын
Thank you! We love to hear that 🙏🏿🙌🏻
@Katehappyvlogs Жыл бұрын
So happy y’all made a video about GICs! Whenever I talk to my friends about investment I always play your videos to help explain investing options... Could you do a video (maybe a TikTok) on GIC laddering? Would love your thoughts on them. Thanks!
@stephandden11 ай бұрын
So glad you liked it! We'll definitely keep that suggestion in mind, too 😊
@29Apocalypes Жыл бұрын
Great content! Just a note that only those who have PR or Citizen status can open GICs with EQ Bank.
@stephandden10 ай бұрын
Thank you! 😊
@StartupTipsandTricks Жыл бұрын
Could you do a video abour business bank accounts? I am trying to figure what the best business bank account to open is.
@abbasx2891 Жыл бұрын
You mentioned you can buy up to 20 non-registered GIC's for maximum of $ 100,000 each - but that would total a maximum of $2,000,000 - despite that I read somewhere you can only have a total $200,000 in EQ Bank. Also CDIC only insures up to $100,000 per account type per CDIC member - so if you have more than 1 GIC with EQ Bank, those won't be insured.
@stacy-annmorgan6685 Жыл бұрын
Just got to say I’m totally understanding this now I just started to invest. I did GiCs but was like gonna invest like 5k maybe and just leave it and forget about it two platforms hoping to use my main bank and Wealth simple. It grows oh will it doesn’t oh will. 😂. Personally I have no dependant( and do not want one) so I don’t worry too much for my future. It’s a just in case scenario.
@sushilgaur9 ай бұрын
You guys are awesome, thank you
@alyciamg5 ай бұрын
whats the amount gics can be taxed on?
@tashiannamcdonald Жыл бұрын
Great explanation guys. Why do you use animations showing USD bills when you're a Canadian content creator🤔 Show the world our colorful money pride LOL
@yamyool43282 ай бұрын
Can I get a non-registered GIC on a cash savings account? Basically my emergency fund. My teller told me I would need to open another tfsa or rrsp and put my emergency savings in there to be able to get a gic
5 ай бұрын
Hello, Den mentioned that the worst that can happen with a GIC is that you get your money back. That means in the worst-case scenario, you have your money back without the 5% interest. In this case, you are losing both time and money. right? Just traying to understand this :) thank you.
@wiseman41602 ай бұрын
Gic have fixed rate available. Which is minimum have to pay you. Example 9% for a 3 year term means 3% each year at the least. Or say 5 year term minimum 17% back. Some Gic have minimum guarantee for how much you get. Others will only pay you based on how market will do so no minimum amount or very low amount. Some gic are misleading for example it will say 4% for 100 days this just say you don't get 4% for holding only 100 days.
@LauraYanez-kf7yz10 ай бұрын
Does the GIC help you to get taxes in return at the end of the year? Great video btw.😊
@con_rad_it_is4 ай бұрын
EQ provides 3.75% for 3-Months and 4.55% for 6-Months. Wouldn't it make sense for me to invest for 3 months.. and reinvest for 3 months.. it gives me more than investing for 6 months straight? i know im probably going wrong with the calculation.. im just not able to figure out how exactly its calculated
@hieronymusvonlipschitz3 ай бұрын
No that's not how it works. Those posted interest rates are always for one year. So with a 3 month GIC you'd get a quarter of 3.75% interest. For a 6 month one you'd get half of 4.55% interest
@con_rad_it_is3 ай бұрын
@@hieronymusvonlipschitz thank you!
@JDRichard5 ай бұрын
There are GICs called cashable GICs
@hadong7882 Жыл бұрын
Did you consider the tax aspect on interest gained from GICs? It's taxed higher than capital gains from stocks and could even make the investment goes negative after taxed :) Also, I would love to more videos abt your fav ETFs!!
@stephenn88 Жыл бұрын
Did you consider stock can go to zero?😂 you can claim capital lost on it
@bashiiraasad9330 Жыл бұрын
Thats why u buy GICS in TFSA account.
@alyciamg5 ай бұрын
whats a non regestered gic?
@hieronymusvonlipschitz3 ай бұрын
You have to pay tax on the interest earned because it's not in a tax sheltered account
@MrLabradorwildman10 ай бұрын
Hi just found your Channel! i have Eq Banking too. Thinking about an GIC in my TFSA account, can i get the monthly interest but back into my TFSA account, so i can use the Interest to make a Emergency Fund with it! or is it locked in for the full year then goes back into my TFSA Account??
@turcanolga3749Ай бұрын
Do you pay taxes from the interests earned?
@alyciamg5 ай бұрын
whats it mean to pick a gic- tfsa? arent those two seperate thingss?
@ccccc973 Жыл бұрын
Do I need to deposit one time amount of money to GIC or can I deposit some every month?
@AjinkyaMaldikar10 ай бұрын
Do you think its smart to max out your $8k FHSA limit entirely in a GIC instead of spreading it across a Savings acc and GIC?
@jacobkudrowichАй бұрын
So GIC's are you basically loaning money
@TylerHanrattyy4 ай бұрын
Quality or Quaintly for GIC's. Which are better?
@stephandden4 ай бұрын
What do you mean? GIC products are for the most part identical across the board - but they differ based on whether one is registered vs unregistered, their length of time and their interest rate. 😊
@TylerHanrattyy4 ай бұрын
@@stephandden I wanna invest 1 GIC for 1 year. 5% interests in a non - registered account over 2 GIC'S for 1 year less money in the same account. Would you agree it's a higher profit within that year?
@gimusk5667 Жыл бұрын
The downside of the GIC is that the interest is taxed at your personal income tax rate, which could be high. Otherwise the rates are starting to look attractive
@seansmith3267 Жыл бұрын
If GIC is held in a TFSA - there's still no taxes.
@kamalsodhi74775 ай бұрын
too fast to register any thing
@lancelotray9 ай бұрын
Is this legit?
@stancoleshill89257 ай бұрын
My simple answer . . . .NEVER ! It is the highest taxed investment with no risk or growth. Worst of all, you are giving your money to the bank to invest and they are giving you some peanuts for it. Buy the bank . . . don't lend them your money cheap ! ! GICs only have one means of return. Bank stocks have potential of two means of return, capital gains and dividends.
@dexterk1902 Жыл бұрын
She’s a keeper GG ! 💯🫡
@MinnieOnCam11 ай бұрын
Have you made a video on non-taxable investing. I've started adding them to my financial plan but it seems people act like you shouldn't have them unless you've maxed out registered accounts, but they have soo much freedom and simple rules with a taxable account.
@stephandden10 ай бұрын
Great suggestion! We can definitely do a video on this 😊