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SunGIC Max, GIC and Superflex/Income Master - Comparison

Product

Insurance GIC*
Superflex/Income
Master (Redeemable )

Trust GIC
Sun GIC Max
(Non-redeemable)

Trust GIC
SLF Trust GIC
(Redeemable)

Account type

  • Non-registered
  • TFSA
  • RRSP/Spousal RRSP
  • LIRA/Locked-in RRSP/RLSP
  • RRIF/LIF/RLIF (Income Master)
  • Non-registered
  • TFSA
  • RRSP/Spousal RRSP
  • RRIF/Spousal RRIF
  • Non-registered
  • TFSA
  • RRSP/Spousal RRSP
  • RRIF/Spousal RRIF

Investment options

  • Daily interest investment
  • 90 days
  • Term: 1-10 years
  • Auto ladder
  • Longer terms available for RRIF, LIF/RLIF
  • Daily interest investment
  • Term: 30-364 days
  • Term: 1-5 years
  • Longer terms available for RRIF
  • Daily interest investment
  • Term: 30-364 days
  • Term: 1-5 years
  • Longer terms available for RRIF

Withdrawals

  • Market value adjustment (MVA) may apply if cashed before maturity.
  • Daily interest investment can be withdrawn at any time without an MVA.
  • No MVA is applied to RRIF income payments. (they are not considered withdrawals)
  • Term investments may only be withdrawn at maturity.
  • Daily interest investment can be withdrawn at any time without a market value adjustment (MVA).
  • No MVA is applied to RRIF income payments. (they are not considered withdrawals)
  • Market value adjustment (MVA) may apply if cashed before maturity
  • Daily interest investment can be withdrawn at any time without an MVA.
  • No MVA is applied to RRIF income payments. (they are not considered withdrawals)

Beneficiary designation

  • Available for all account types.
  • RRSP/RRIF/TFSA - available in all jurisdictions except Quebec
  • Non-registered - not available
  • RRSP/RRIF/TFSA - available in all jurisdictions except Quebec
  • Non-registered - not available

Potential deposit protection

Potential creditor protection

  • Yes - if you have assigned a preferred beneficiary (family or irrevocable).
  • Provincial insurance legislation contains special rules regarding claims by creditors when it comes to life insurance policies and annuity contracts. For specific advice about this, please consult a lawyer.
  • Yes - there may be creditor protection for RRSP/RRIF in bankruptcy situations and under some provincial legislation for other creditor situations, non-registered GICs do not have specific protection against creditors.
  • Yes - there may be creditor protection for RRSP/RRIF in bankruptcy situations and under some provincial legislation for other creditor situations, non-registered GICs do not have specific protection against creditors.

Interest rates

  • Generally lower than Sun GIC Max ***
  • Generally higher than Insurance GIC and GIC***
  • Generally lower than Sun GIC Max ***

*Insurance GIC is an accumulation annuity issued by Sun Life Assurance Company of Canada.
** Principal protection may be provided by CDIC/Assuris up to CDIC/Assuris deposit coverage limits. Any term over 5 years is not covered by CDIC.
*** Interest rates vary depending on the length of the investment term selected and the rates available in the market at the time of purchase.

Published: 04/12/2009
Last updated: 21/10/2014

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