Interest rates are annualized and are subject to change without notice, and therefore the rate that you receive may be different. Interest is calculated at the applicable annual interest rate based on the principal amount and the number of days in the term of your GIC. Interest is paid on the maturity of your GIC - until then you will earn interest on accrued and unpaid interest (compound interest), which will be calculated annually. Alternatively, you can choose to be paid interest annually. If you have a redeemable GIC and you redeem the principal amount before maturity, you will instead receive interest on the redeemed amount at the early redemption rate that we then pay on GICs of the same term - which will be at a lower rate. If you have a non-redeemable GIC, you may not redeem your GIC prior to its maturity, but if you die while holding your GIC in your own name (and not jointly) or if you move to Quebec or outside Canada, then your GIC will be terminated and you will receive interest only up to the date of termination. If you hold your GIC in a TFSA and in order to obtain a refund of an overcontribution to the TFSA, you must redeem the GIC, or if you wish to transfer all or part of your GIC to another TFSA, then in either case you will forfeit all interest that has accrued on the GIC.