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So how can you be nice to your money with the Canadian Tire GIC®?

  • Earn a high annual rate of interest
  • No haggling about rates
  • Your rate is guaranteed for your entire term
  • Terms from 1 year to 5 years
  • Minimum investment of $1000
  • 24/7 Online banking
  • Telephone customer service between the hours of
    8 AM and 9 PM ET Monday to Friday, 8 AM and 6 PM ET Saturday

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Questions everyone asks

1. What do I need to apply?
2. What can I expect after my application is submitted?
3. If I am an existing customer, do I have to fill out another application for a GIC and send you another cheque?
4. My Canadian Tire GIC is up for renewal. What are my options?
5. Can I redeem the funds in my GIC anytime?
6. Is there a minimum amount and how much do I have to deposit to set up my GIC?
7. I have a different question.

 

QUESTION

1. What do I need to apply?

ANSWER

It’s easy to apply for a Canadian Tire GIC. And once you do, you’ll be on your way to being nice to your money. If you’re an existing Canadian Tire Bank account holder (thank you, by the way), you can simply transfer the funds from your Canadian Tire High Interest Savings® account into your desired GIC by phone or online.

In order to open an account, you must be a resident of Canada and be at least 12 years of age. Unfortunately, we can’t accept applications from residents of Quebec at this time.

To apply, you’ll need:

  • your Social Insurance Number (SIN) (We need your SIN because Canada Revenue Agency requires that it be included on any tax receipts we send to you.)
  • a cheque from one of your accounts at another financial institution to create your new account. Please make it payable to yourself and for the value of the GIC investment you would like to make, in Canadian funds, from a bank account in your name. Please make sure the cheque has your name preprinted on it. Sorry, a cheque from a business account cannot be accepted. You are officially being nice to your money once your cheque has cleared.
  • if you are applying for a joint account, you’ll need to send a joint cheque with both your signatures, or, you can complete and mail in two separate cheques, one from each of you.

QUESTION

2. What can I expect after my application is submitted?

ANSWER

Once your application has been submitted, you will be provided with instructions outlining next steps, including details on how to get back to us with the cheque we need to set up your account.

More about the cheque: the cheque must be made payable to yourself, in Canadian funds, and issued from a bank account in your name held with another Canadian financial institution. The cashing of this cheque is required to set up a link between your account with us and the account the cheque was from. Your Canadian Tire GIC will not be operational until this cheque has been cleared – it’s a legal thing, just to make sure everything works properly from the beginning.

Once we receive the cheque from you, we will begin the process of linking that account to your Canadian Tire GIC account. We will also mail a welcome package that outlines how you can access your account and we ask that you call Canadian Tire Customer Service at 1-866-681-CTFS (2837) for quick verification and so we can set up your password for telephone and online access. You may call between the hours of 8 AM and 9 PM ET Monday to Friday, 8 AM and 6 PM ET Saturday. Once the cheque in your account has been cleared, get ready. The money you’re now saving with us is going to be nice to you for a change.

For joint accounts, you’ll need to send a joint cheque with both your signatures, or, you can complete and mail in two separate cheques, one from each of you.

QUESTION

3. If I am an existing customer, do I have to fill out another application for a GIC and send you another cheque?

ANSWER

No. If you’re already a Canadian Tire Bank customer (thank you, by the way) you can set up another Canadian Tire GIC right away through online banking.  For Canadian Tire® MasterCard® Cardmembers, sorry, but we’ll need you to fill out a full application. If you’d prefer to set up your GIC over the phone or haven’t signed up for online banking, please call Canadian Tire Customer Service at 1-866-681-CTFS (2837), between the hours of 8 AM and 9 PM ET Monday to Friday, 8 AM and 6 PM ET Saturday.

QUESTION

4. My Canadian Tire GIC is up for renewal. What are my options?

ANSWER

Prior to your GIC maturing, you'll receive a renewal notice requesting renewal instructions from you as to what you want to do with the principal of your GIC and the interest you earned. You will have the option of reinvesting the principal and interest into another Canadian Tire GIC, or having one or both of the principal and interest deposited into your account. Of course, if you choose to do nothing, the principal sum and all the interest you earned will be reinvested into a GIC with the same term as the initial GIC you selected (at the current annual rate of interest) - safe and sound in a high interest, secure and guaranteed Canadian Tire GIC.

QUESTION

5. Can I redeem the funds in my GIC anytime?

ANSWER

It depends. If you have a redeemable GIC, you may redeem the funds in your GIC at any time before maturity. However, the interest rate that will be paid on the amount redeemed prior to maturity will be calculated based on the early redemption rate that is then paid on GICs with the same term, which will be a lower annual 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.

QUESTION

6. Is there a minimum amount and how much do I have to deposit to set up my GIC?

ANSWER

The minimum requirement to set up a GIC is $1000.  You can also choose to have several GICs; however the minimum investment for each one is $1000.  

QUESTION

7. I have a different question.

ANSWER

Want to know more? Simply call Canadian Tire Customer Service at 1-866-681-CTFS (2837), between the hours of 8 AM and 9 PM ET Monday to Friday, 8 AM and 6 PM ET Saturday. A friendly Canadian Tire Customer Service Representative will be ready to help you.

Apply Now