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

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About this calculator

Updated April 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 if a 4.75% 1-year GIC at EQ beats a 4.25% 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.

Canadian context - 2026

April 2026 top GIC rates: 1-year 4.75–5.00%, 5-year 4.25–4.50% at online banks. Big-6 bank rates are typically 0.5–1.0% lower. Always hold GICs in TFSA or RRSP if you have room - the tax drag on interest in a non-registered account is usually worth more than the rate spread between institutions.

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 with terms up to 5 years at CDIC member institutions are insured up to $100,000 per depositor per category. 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.

Go deeper - related guides

Long-form explainers that pair with this calculator.