FAQ
1) Can I get any tax refund/credit on this?
Yes, we can help you roll the GIC fund into a RRSP savings account when the loan matures and receive tax refund from government for up to $1,500.
2) Can I cancel GIC Savings Plan before the term ends?
Yes, you can cancel it at anytime and receive the contributed funds minus any applicable fees and interest.
3) What is the loan administration fee for?
The interest is to cover the risk of lending while the loan administration fee is for the extra work involved in adminsitrating the loan for the entire 3 years, 4 years or 5 years term.
4) Is the GIC Savings Plan considered an asset?
The GIC account is held in trust on your behalf and is not considered as your asset until the loan matures.
5) When can I gain full access to the GIC account?
On maturity of the loan. You can dispose the funds in the GIC account any way you wish.