A time
deposit also known as a term deposit, in Canada is a money deposit
at a banking institution that cannot be withdrawn for a certain
"term" or period of time. When the term is over it can be withdrawn
or it can be held for another term. Generally speaking, the longer the term the
better the yield on the money. A Certificat of deposit is a time-deposit product.
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Banks and Trust companies offer
these types of investments under the general name of term deposit. For this
type of services, we usually work with Manulife Bank and many trust companies.
This type of bank deposits in Canada is guaranteed up to a maximum of $100,000
by the Canada Deposit Insurance Corporation (CDIC). For more informations www.cdic.ca.
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Insurance companies offer such investments under the name of Guaranteed
Investments Certificates (GIC). For these services, we work with the major
Canadian Insurers. These deposits are guaranteed up to $100,000 per institution
by Assuris. For more informations www.assuris.ca.