Guaranteed Investment Certificate Account Types.
Guaranteed investment certificates can be held either in a registered or non-registered account. Registered for personal individual accounts like RRSP and TFSA. Non-registered accounts for condos and joint accounts.
Individual Guaranteed Investment Certificate Accounts
Guaranteed investment certificates are typically used by investors for a safe fixed-income portion of their portfolio. Alternatively, individuals can use GICs for parking a set amount of cash to make sure they get guaranteed returns and safety of principal. As an individual you can invest in an RRSP, RRIF or TFSA on an individual basis.
Buying an individual guaranteed investment certificate or creating a GIC ladder could be beneficial as an investment strategy within an RRSP account if you're not ready to invest in equities for example.
Guaranteed investment certificates are a good way to park cash within a Registered Retirement Income Fund. Held personally, you could use it as a strategy to take your compulsory withdrawals if you want safety of principal.
Tax Free Savings Accounts (TFSA) are great for emergency funds or if you want to get maximum returns on equity investments without paying taxes on growth. You could also park your cash in a guaranteed investment certificate if you want to invest later.
INVESTOR TIP: Interest bearing investments like GICs attract the highest investment tax rate in Canada. They do not get preferential tax rates like dividends or capital gains. Holding your guaranteed investment certificates within an individual registered account like a RRIF or TFSA over a non-registered account is always a good strategy if possible.
Condominium Corporation Guaranteed Investment Certificates
Budgeting by condominium boards involves not one, but two annual budgets, each covering a specific type of expenditure. Recurring expenses such as security, taxes, utilities, staff salaries, insurance and maintenance are the items most frequently found in the annual operating budget. Major repair projects, replacements and maintenance, and emergency funds fall under the capital reserve budget and financed through a separate reserve fund and condominium owner assessments.
A prudent board will manage the reserve fund monies in a manner that ensures the fund is adequately funded, the capital amount is preserved and the reserve funds are available when they are expected to be needed to meet its capital expenditure programs. The board should also ensure that the yield on the reserve fund assets is maximized while the risk of its portfolio investments minimized.
The condominiums reserve fund needs to have funds available to pay for future major unit repairs and other items and projects like the roof.
A strategy by the condominium corporation is needed to allocate a portion of their reserve fund that has safety of principal whilst getting reasonable returns. Due to the unknown nature of when and how repairs and projects occur, a good plan is needed to have access to these funds while getting attractive returns on growth.
We won't just provide you with the best GIC rates on the market. We'll help you review reserve fund investments that are invested in either non or very low interest-bearing bank deposits. This can materially impact the long-term growth of the reserve fund balance. Blue Alpha Wealth will review your latest Reserve Fund Study to provide a well-defined complete investment solution, usually within 24 hours, and improve your overall rate of return. We work closely with condominium boards and managers to ensure we recommend and construct a GIC investment reserve fund plan and portfolio that suits its needs.
Guaranteed Investment Certificates for Private Corporations
A major problem faced by business owners is having access to high yielding safe investments that also allow for addressing the immediate liquidity needs. Blue Alpha Wealth can help your business invest this money in high yielding federal and provincially insured GICs, whilst creating a strategy that allows for liquidation when you need the funds.
GIC Solutions for Businesses
One of the best ways for businesses to get the highest GIC rates and returns whilst creating a situation that doesn't lock their money when they need it is to create a GIC ladder.
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CDIC and Assuris deposits are insured up to $100,000. DICO deposits insured up to $250,000. Rates are subject to change without notice. Certain minimums may apply. Call for details. E&OE.
Secure Guaranteed Investment Certificates for Charities:
A key component of the staff and board responsible for financial management of a nonprofit organization is the creation and approval of a budget, not one, but two annual budgets, each covering a specific type of expenditure. Recurring daily operating expenses of the organization such as staff salaries, program expenses, fund raising marketing are the items most frequently found in the annual operating budget.
Major organizational longer-term program goals and capital expenditure projects, and emergency funds would typically fall under a longer-term budget and likely financed through a separate allocation of funds. Managing finances for a nonprofit organization and having a well-defined investment plan in place is a major responsibility. Budgets may even be requested and reviewed by donors or prospective donors when considering a gift to the nonprofit or charity.
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