Broker Resources


Find instant answers to your most pressing questions about the Guaranteed Investment Certificate (GIC), and learn how it can be a secure and beneficial addition to your investment portfolio.


What is a GIC?

A GIC (guaranteed investment certificate) is a low-risk investment commonly used by individuals and corporations throughout Canada.

Both the principal and interest is guaranteed. As a CDIC member, principal and interest is insured up to a combined amount of $100,000.

Interest rates are fixed for the life of the GIC, giving you peace of mind.

Is there a minimum dollar amount required for a GIC purchases?

Yes, MCAN has a minimum dollar amount, which varies by term. Our minimum amount for a short-term term deposit (less than 1 year) is $10,000.00. Our minimum amount for a long-term term deposit (1 year and greater) is $5,000.00.

What does non-redeemable mean?

This means that they cannot be cashed in early. All MCAN GICs are non-redeemable prior to maturity.

What happens to my GIC at maturity?

Unless instructed otherwise, all registered funds are automatically renewed for the same term at our prevailing rate. Maturity instructions can be sent via mail, fax, or email. All non-registered funds are remitted via post-dated cheque prior to maturity. These cheques may then be cashed or re-deposited with MCAN.


Are MCAN term deposits eligible for CDIC Deposit Insurance?

Yes, MCAN Mortgage Corporation (operating under the trade name MCAN Financial Group) is a licensed deposit-taking institution and is a member of the CDIC. Deposits under MCAN Financial Group are combined with deposits held at MCAN Mortgage Corporation for up to $100,000 of deposit protection, per insured category, pursuant to the standard terms of coverage set out by CDIC.

Does MCAN offer to hold a rate on GIC purchases?

Generally, no. Registered funds (RSP) that are being transferred from another deposit-taking institution are eligible for a 30-day rate hold, from the date that the application is completed. MCAN does not provide a rate hold on non-registered funds. The rate received will be the rate on the day the funds are received by MCAN.

What are the Terms and Conditions of MCAN’s Term Deposits?

The terms and conditions for MCAN’s term deposits as they appear on our confirmation are as follows:

This is a confirmation of the issue on the books of MCAN Financial Group (the “Corporation”) of a Term Deposit issued on the Issue date, in the name of the Holder (“Holder”) named under Registration, for the Principal Sum, bearing interest at the Interest Rate, for the Term and maturing on the Maturity Date, each as set forth on the face of this Confirmation. No physical term deposits are ordinarily issued by the Corporation.

The Principal Sum of a term deposit will be repaid by the Corporation, with interest to the date of payment, on the Maturity Date or prior thereto upon the death of the Holder, at the option of the Holder’s legal representative upon presentation to the Corporation of appropriate documentation in form satisfactory to the Corporation; provided however, that this prepayment option shall not be applicable if this Confirmation identifies the Holder as being Non-Resident Tax Exempt.

Rates are annual fixed rates which apply to both registered and non-registered term deposits. Interest will accrue from the issue date to the maturity date. Interest (no compounding) is paid at maturity for short term deposits. For long term investments, interest options are annual payment or annual compound.

If Interest Payment is stated to be annually, the annual payments will be paid to the Holder commencing on the anniversary date of the Issue Date and continuing until the earlier of the Maturity Date or the date of early repayment.

Interest Payments and repayment of the Principal Sum of a term deposit will be made by the Corporation to the Holder by cheque as indicated on the face of the Confirmation. Payments made by cheque are deemed made upon delivery or deposit in the mail.

A term deposit and the rights of the Holder thereunder are assignable and transferable, except if the Holder is a registered tax-deferred plan or fund.

There are no fees to purchase a term deposit with MCAN. For agent transfer or re-registration, a fee of $25 is required per transaction.

These conditions are subject to amendment, supplement or variation by further conditions, if any, referred to on the face of this Confirmation.

For a brochure outlining Canada Deposit Insurance Corporation protection, please contact the MCAN Financial Group Client Services Department at 1-855-213-6226 or CDIC at 1-800-461-2342.

If there should be any discrepancies or inquiries, contact the MCAN Financial Group Services Department at 1-855-213-6226. Should the matter not be resolved to your satisfaction contact:

Financial Consumer Agency of Canada
Enterprise Building, 6th Floor
427 Laurier Avenue West
Ottawa, Ontario K1R 1B9

How can I make a deposit?

If you’re interested in purchasing a GIC, email our Customer Service Department at

How can I contact your Customer Service Department?

Contact our Customer Service Department by telephone at 1-855-213-6226 or by email at

How can I resolve a complaint?

Click on Resolving a Complaint for details.

MCAN Mailing List

Join Our Mailing List

Newsletter Form