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SunGIC Max, GIC and Superflex/Income Master - Comparison

Similarities and differences

* Principal protection may be provided by CDIC/Assuris up to CDIC/Assuris deposit coverage limit

Product Superflex/Income
Master (Redeemable insurance GIC)
SunGIC Max
(Trust GIC - Non-redeemable)
SLF Trust GIC
(Trust GIC - Redeemable)
Account type
  • Non-registered
  • TFSA
  • RRSP
  • Spousal RRSP
  • LIRA/Locked-in RRSP
  • RLSP
  • RRIF (Income Master)
  • LIF/RLIF (Income Master)
  • Non-registered
  • TFSA
  • RRSP
  • Spousal RRSP
  • Non-registered
  • TFSA
  • RRSP
  • Spousal RRSP
Investment options
  • Daily interest investment.
  • 90 days
  • Term: 1-10 years
  • Auto Ladder
  • Longer term available for RRIF, LIF/RLIF
  • Daily interest investment.
  • Term: 30-364 days
  • Term: 1-5 years
  • Daily interest investment.
  • Term: 30-364 days
  • Term: 1-5 years
Withdrawals
  • Market value adjustment (MVA) may apply if cashed before maturity.
  • Daily interest investment can be withdrawn at any time without an MVA.
  • Term investments may only be withdrawn at maturity.
  • Daily interest investment can be withdrawn at any time without an MVA.
  • Market value adjustment may apply if cashed before maturity
  • Daily interest investment can be withdrawn at any time without an MVA.
Beneficiary designation
  • Available for all account types.
  • RRSP/TFSA - available in all jurisdictions except Quebec
  • Non-registered – not available
  • RRSP/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 RRSPs 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 RRSPs in bankruptcy situations and under some provincial legislation for other creditor situations, non-registered GICs do not have specific protection against creditors.

s.
** 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: 13/07/2011

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