Rates verified Oct 2026 · Sources: CRA, Service Canada
ExampleIllustrative GIC ladder - edit amounts and terms; confirm current rates with your institution
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This GIC and HISA calculator compares guaranteed rates from Canada's big-6 banks, credit unions, and online-only banks (Tangerine, EQ, Simplii) and lets you build a laddered GIC strategy to balance yield against liquidity. All GICs up to $100,000 per institution are CDIC-insured; credit unions are covered by provincial deposit insurance, often at higher limits.
GIC interest is compounded at the compounding frequency you select (usually annual or semi-annual). Non-registered GIC interest is taxed at your marginal rate in the year earned. The ladder strategy invests equal amounts across 5 terms, with each maturing rung reinvested at the then-current 5-year rate - the calculator assumes rates stay flat, but you can stress-test falling or rising rate environments. Want a dedicated ladder visualizer with a maturity schedule? See the GIC Ladder Calculator.
Rates shown are illustrative defaults, not live quotes - confirm current rates with your institution before investing. Always hold GICs in TFSA or RRSP if you have room (2026 TFSA cumulative room since 2009: $109,000) - the tax drag on interest in a non-registered account is usually worth more than the rate spread between institutions.
A GIC ladder divides your investment across multiple GICs with staggered maturity dates (e.g., 1, 2, 3, 4, and 5 years). As each rung matures you reinvest at the prevailing rate. This reduces reinvestment risk-you are never fully locked in at a single rate-while still capturing above-HISA returns.
GICs at CDIC member institutions, in Canadian or foreign currency, are insured up to $100,000 per depositor per category, with no limit on the GIC's term length. Credit union GICs are typically covered by provincial deposit protection schemes, often with higher or unlimited limits. Check your institution's membership.
GICs generally offer higher rates than HISA because you lock in your funds for a fixed term and accept less liquidity. Longer-term GICs typically (though not always) pay more than shorter ones. The calculator lets you compare ladder scenarios versus keeping funds in a high-interest savings account.
Long-form explainers that pair with this calculator.
Best performer
Best performer
$67,585
HISA final
$67,585
GIC 5yr final
$65,911
Net interest
$21,585
HISA: total deposits vs net interest earned (after tax in model).
| Product | Future value | Contributed | Net interest | EAR |
|---|---|---|---|---|
| HISA | $67,585 | $46,000 | $21,585 | 4.07% |
| GIC 3-year | $67,246 | $46,000 | $21,246 | 4.02% |
| GIC 5-year | $65,911 | $46,000 | $19,911 | 3.82% |
| Year | HISA | GIC 3-year | GIC 5-year |
|---|---|---|---|
| Year 1 | $12,860 | $12,854 | $12,831 |
| Year 3 | $18,934 | $18,912 | $18,821 |
| Year 5 | $25,514 | $25,466 | $25,276 |
| Year 10 | $44,456 | $44,303 | $43,697 |
| Year 15 | $67,585 | $67,246 | $65,911 |
HISA uses monthly contributions and Compare settings. Ladder uses the GIC Ladder tab settings (pretax path). Tune the ladder from that tab.
| Product | Nominal | EAR | CDIC |
|---|---|---|---|
| Regular savings | 1.50% | 1.51% | ✓ |
| HISA | 4.00% | 4.07% | ✓ |
| GIC 1-year | 4.25% | 4.33% | ✓ |
| GIC 2-year | 4.10% | 4.18% | ✓ |
| GIC 3-year | 3.95% | 4.02% | ✓ |
| GIC 5-year | 3.75% | 3.82% | ✓ |
EAR = effective annual rate for the selected compounding frequency. CDIC covers eligible CAD deposits up to $100,000 per category at member institutions, with no term limit on GIC coverage. Rates are illustrative - confirm with your institution.