Auto Loan: $10,000
| Interest | Payment | Total |
| 2.9% | $179 | $10,740 |
| 23% | $281 | $16,860 |
Difference of $6,120
Mortgage: $150,000
| Interest | Payment | Total |
| 4% | $906 | $217,440 |
| 8% | $1242 | $298,080 |
Difference of $80,640
It is not a simple task to develop the habit of saving. We help you start a sensible savings plan by taking out a small amount from your account and it is effortless.
Upon maturity, the amount plus interest that you have in the account is available for withdrawal and can it even earn you tax credit!
GIC is a deposit investment security sold by banks and trust companies. It carries a guaranteed rate of return over a fixed period of time. They are often bought for retirement plans because they provide a low-risk fixed rate of return.
The GIC principal issued by banks and trust companies is protected by Canadian Deposit Insurance Corporation (CDIC) for up to $100,000.