Current Best GIC Rates (2026)
| Term | Interest Rate | Provider | Why choose this term? |
|---|---|---|---|
| 1-Year GIC | 5.25% | EQ Bank / Oaken | Short commitment, high return. |
| 2-Year GIC | 5.00% | Tangerine | Balanced approach. |
| 3-Year GIC | 4.85% | Oaken Financial | Lock in rates before they drop. |
| 5-Year GIC | 4.75% | EQ Bank | Long-term stability. |
| Cashable | ~4.00% | Hubert Financial | Access money anytime (lower rate). |
Maximize Returns with a "GIC Ladder"
Don't lock all your money away for 5 years. Use the Ladder Strategy to get the best of both worlds: high long-term rates AND yearly access to cash.
How it works (Example with $10,000):
- 1. Divide your money into 5 equal chunks ($2,000 each).
- 2. Buy a 1-year, 2-year, 3-year, 4-year, and 5-year GIC.
- 3. Result: Every single year, one GIC matures. You can spend the cash if needed, or reinvest it into a new 5-year GIC (which usually has the highest rate).
Are GICs Taxable?
close Non-Registered Account
Yes. Interest is fully taxable at your marginal rate in the year it is accrued (even if you don't receive the cash until maturity for multi-year compound GICs).
check TFSA / RRSP / FHSA
No. If you hold GICs inside a registered account like a TFSA, all interest is 100% tax-free. This is highly recommended for GIC investing.