The best 1-year registered GIC rates
A registered GIC is widely popular for those looking for a GIC to meet their savings goals. Here are our picks for the best 1-year rates from Canada's top providers.
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Rates updated:
The best overall GICs in Canada
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EQ Bank
3.40%1-year Non-registered
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MCAN Wealth
3.65%1-year Non-registered
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DUCA Credit Union
3.60%18-Month Registered and Non-registered
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FAQ
What is a 1-year registered GIC, and how does it work?
A registered 1-year GIC is a safe and conservative way to grow your money, offering modest returns with very little risk while providing the tax-sheltered benefits of a registered account. Registered GICs are held within registered accounts like RRSPs, FHSAs or TFSAs. When your 1-year registered GIC matures in your account, you can choose to let the cash sit in your account, or reinvest it in another GIC. GIC laddering is a method that can help you reinvest your GIC returns upon maturity and extend your earnings longer.
What’s the best 1-year registered GIC rate in Canada?
As of November 2024, the highest 1-year registered GIC rates offered range from 3.25% - 4.05%. EQ Bank, for example, currently offers a 1-year GIC rate at 4.0% and Oaken Financial offers a 4.05% 1-year registered GIC.
Can any GIC be held in a registered account?
No, not any GIC can be held in a registered account. The GIC must be eligible for your registered account by the bank or credit union you use. Some financial providers will offer the same interest rate for both registered and non-registered GICs, while others offer different interest rates across their GIC products.
Registered vs. non-registered GICs
The difference between a registered vs. non registered GIC is that the interest earned on registered GICs is tax-sheltered. That means you won’t be taxed on the interest earned from your registered GIC because it's held in a registered account. However, you’ll have to stick to your annual contribution limits for registered accounts like TFSAs and RRSPs. On the other hand, interest earned on GICs held in non-registered accounts is taxable. The advantage of non-registered GICs, though, is that you have less restrictions. If you are using a 1-year non-registered GIC to save for a shorter-term goal like a wedding in one year, or paying for tuition, then you can deposit as much as you want without worrying about contribution limits, and you can withdraw the funds at any time without tax penalties. (If you have a non-redeemable GIC, though, you won’t want to cash out the GIC before its maturity.) You’ll have to pay a tax penalty for early withdrawals from certain registered accounts unless you are using them for approved reasons like buying a home. You will be able to withdraw from your TFSA without a tax penalty, though, and you won't lose contribution room from doing so.
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