Can you buy the EQ GIC with the FHSA? Or will it be taxed?
@Sfhhukmbcxccvhf Жыл 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 ?
@AhhhSukeSuke10 ай бұрын
@@Sfhhukmbcxccvhfinvest in RRSP
@denisewiggins83297 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 😊
@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?
@stacy-annmorgan6685 Жыл бұрын
I love GICs because still trying to understand the other investment platforms. EQ is the best.
@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 😊
@appmania2180 Жыл бұрын
Great video, always so glad to learn more about investing specific to Canada :)
@stephandden Жыл бұрын
Thank you! 😊
@raphaelsantos35238 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
@stephandden8 ай бұрын
Thank you so much! We appreciate that 😊
@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.
@alyciamg7 ай бұрын
whats the amount gics can be taxed on?
@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.
@stephandden Жыл бұрын
Thank you! We definitely agree! 😊
@JDRichard7 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.
@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.
@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!
@stephandden Жыл бұрын
So glad you liked it! We'll definitely keep that suggestion in mind, too 😊
@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!
@ScarlettOli2 ай бұрын
I am wondering two things: One, I have three different GICs with different amounts of money (as suggested by the bank) should I join all three into one or keep it as is? Second question is what happens when I do not contribute any money in over 12 months. 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.
@turcanolga37493 ай бұрын
Do you pay taxes from the interests earned?
@wilsonfidelisekpotu1980 Жыл бұрын
Excellent videos. Spurred me to make active steps towards investing.
@stephandden Жыл бұрын
We love to hear that! 😊
@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.
@marhofogeh22926 ай бұрын
I love yalls channel. I love ppl when age group talking about finiancial advice
@stephandden6 ай бұрын
Thank you! We love to hear that 🙏🏿🙌🏻
@con_rad_it_is6 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
@hieronymusvonlipschitz6 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_is6 ай бұрын
@@hieronymusvonlipschitz thank you!
@yamyool43285 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
@MrLabradorwildman Жыл 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??
@alyciamg7 ай бұрын
whats a non regestered gic?
@hieronymusvonlipschitz6 ай бұрын
You have to pay tax on the interest earned because it's not in a tax sheltered account
@ccccc973 Жыл бұрын
Do I need to deposit one time amount of money to GIC or can I deposit some every month?
@sushilgaur Жыл бұрын
You guys are awesome, thank you
@29Apocalypes Жыл бұрын
Great content! Just a note that only those who have PR or Citizen status can open GICs with EQ Bank.
@stephandden Жыл бұрын
Thank you! 😊
@alyciamg7 ай бұрын
whats it mean to pick a gic- tfsa? arent those two seperate thingss?
@PunkRockGardener2 ай бұрын
No it’s a GIC within a TFSA account, so any interest you earn is tax free.
@janarkas2522 ай бұрын
straight to the point, great info. Thanks!
@stephandden2 ай бұрын
We’re glad you liked it! Thanks for watching 😊
@TylerHanrattyy7 ай бұрын
Quality or Quaintly for GIC's. Which are better?
@stephandden7 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. 😊
@TylerHanrattyy7 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?
@AjinkyaMaldikar Жыл 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?
@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.
@LauraYanez-kf7yz Жыл бұрын
Does the GIC help you to get taxes in return at the end of the year? Great video btw.😊
7 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.
@wiseman41605 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.
@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
@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.
@JDRichard7 ай бұрын
There are GICs called cashable GICs
@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.
@kamalsodhi74777 ай бұрын
too fast to register any thing
@jacobkudrowich4 ай бұрын
So GIC's are you basically loaning money
@lancelotray11 ай бұрын
Is this legit?
@hubertdendraak455710 күн бұрын
Please stop waving your hands around so much.
@stephandden10 күн бұрын
Sorry about that! 😊
@hubertdendraak45579 күн бұрын
@@stephandden 😘
@stancoleshill89259 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.