GIC Calculator Canada – 2026 Interest & Returns

Rates verified Nov 2026 · Sources: CRA, Service Canada

ExampleIllustrative GIC ladder - edit amounts and terms; confirm current rates with your institution

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HISA 3.00%·GIC 5yr 4.40%Illustrative

HISA 3.00%

Best performer

$70,372GIC 5-year

Starting $10,000·Monthly $200·Horizon 15 yr·TFSA sheltered

Best performer

$70,372

HISA final

$61,182

GIC 5yr final

$70,372

Net interest

$24,372

⚙Assumptions

Starting amount

Monthly contribution

Time horizon

1–25 years

%Rates (% / yr nominal)▲

Savings account

HISA

1-year

2-year

3-year

5-year

🧾Compounding & tax▲

Compounding frequency

Tax-sheltered growth - e.g. in a TFSA. No annual tax on interest earned.

📉Inflation Adjustment▼

📈Growth comparison

◔Breakdown - first product

HISA: total deposits vs net interest earned (after tax in model).

▦Comparison matrix

Product	Future value	Contributed	Net interest	EAR
HISA	$61,182	$46,000	$15,182	3.04%
GIC 3-year	$68,962	$46,000	$22,962	4.28%
GIC 5-year	$70,372	$46,000	$24,372	4.49%

🏁Balance milestones

Year	HISA	GIC 3-year	GIC 5-year
Year 1	$12,744	$12,883	$12,907
Year 3	$18,483	$19,026	$19,118
Year 5	$24,578	$25,706	$25,900
Year 10	$41,512	$45,075	$45,704
Year 15	$61,182	$68,962	$70,372

⚖HISA vs GIC ladder (FV path)

HISA uses monthly contributions and Compare settings. Ladder uses the GIC Ladder tab settings (pretax path). Tune the ladder from that tab.

📋Product overview

Product	Nominal	EAR	CDIC
Regular savings	1.50%	1.51%	✓
HISA	3.00%	3.04%	✓
GIC 1-year	3.90%	3.97%	✓
GIC 2-year	4.10%	4.18%	✓
GIC 3-year	4.20%	4.28%	✓
GIC 5-year	4.40%	4.49%	✓

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. Default rates are typical rates as of Nov 2026, not official figures - check your bank.

🧾Tax treatment in Canada

▸Non-registered: Interest on GICs and savings is taxed as ordinary income each year - even for multi-year GICs before maturity (accrual rule).

▸TFSA-sheltered: All interest grows completely tax-free. The "Tax-sheltered" toggle above mirrors TFSA behaviour.

▸RRSP/RRIF: Growth is tax-deferred (no annual tax), but withdrawals are fully taxable. Model RRSP in the Registered Accounts calculator.

▸Current model: Tax-sheltered (TFSA-style).

FCAC - GIC rights in Canada ↗

Keep your numbers moving

Jump into related tools with your next best calculation.

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About this calculator

Updated November 2026

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.

What you can do with it

Build a 1/2/3/4/5-year GIC ladder with staggered maturities.
Compare a flat 5-year GIC vs a ladder vs keeping it in a HISA.
See how a 4.40% 5-year GIC at an online bank compares with a 2.75% 5-year at a big bank.
Calculate the tax cost of holding GICs in a non-registered account.

How the math works

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.

Canadian context - 2026

Default rates are typical rates as of Nov 2026 (market data, not official), not live quotes - check your bank 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.

Official sources

CRA: TFSA limit and indexed amounts (checked 2026-10-10)
CRA: federal and provincial tax rates (checked 2026-10-10)

Frequently asked questions

What is GIC laddering and why does it reduce risk?

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.

Are GICs covered by CDIC deposit insurance?

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.

How are GIC rates compared to HISA rates?

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.