Have you ever dealt with GICwealth.ca ? | Page 2 | GIC discussions | Discussion forum

Loonie said
I found these two articles to be of interest. They are old, but so are deposit brokers. I don't think much has changed.

https://www.theglobeandmail.com/globe-investor/personal-finance/trifling-gic-rates-try-a-broker/article1207298/

https://www.theglobeandmail.com/globe-investor/investment-ideas/the-gic-ladder-make-a-little-more-at-no-risk/article791134/

So, you can apparently buy GICs from FIs that would not otherwise serve you due to geographical restrictions if you go through a deposit broker. The second article talks about how that applies to some CUs in BC. BC CUs have unlimited insurance coverage. http://www.cudicbc.ca/

The question arises then as to whether this inter-provincial flexibility extends to Quebec, which is often left out.
GICDirect, a brokerage which Doug referred to above, offers listings of GiC rates available to you according to the province in which you live, including Quebec. In clicking on Quebec, I thought the rates seemed comparable to others - without doing a detailed study. http://gicdirect.com/index.php.....Itemid=174
GICDirect has an affiliated broker in Dollard-des-Ormeaux. Those living in Quebec can probably find out what is actually possible for them by contacting this person.  

Interesting point about the geographic restrictions, Loonie. Yes, B.C. is one of three provinces in Canada (based upon data I have gathered) that do not permit out of province residents to become members (the others being Alberta and, I think, Quebec). If they are able to buy GICs for you, then they must be doing it through FundSERV and be held, institutionally, for your benefit in "nominee form" (i.e., the deposit broker's name through FundSERV and through a custodian, like a discount broker). 🙂

GICdirect.com has a corporate entity that enrolls new customers online or you can visit a local affiliated, commission-based deposit broker to enrol in person. I see their online sign up process is currently down still. 🙁

Cheers,
Doug

Hmm said
Going to bump this. Unfortunately, info is very limited online from I what gathered about the nuances of this broker.

Is there an FAQ available anywhere like what happens to your GIC fund when they mature and any fees involved. I imagine the FI will need the client to create a bank account typically with a fee involved and park the funds there until they decide to push or pull the funds to their regular FI?  

When buying you give instructions on what happens on maturity. Examples:

1. Cash out: Funds moved into your bank account or brokerage cash account.
2. Rollover: Automatic reinvestment into a new GIC, either of the same term or a different one.
3. Alternate investment: directing the proceeds into a different product or account.
If no instructions were given or if you choose not to act, most GICs will automatically renew into the same type of GIC at the prevailing interest rate unless noted otherwise in your original agreement

In many cases, financial institutions provide a grace period—often 10 business days after renewal—during which you can cancel or modify the automatic rollover without penalty.

The 10-day option to cancel for auto-renewing GICs is now a legal requirement, not a feature.

In every instance I bought GIC's through GIC Wealth I received Certificate from financial institution I bought GIC from. Certificate was arriving by mail - hardcopy.