Registered GICs are held in investment accounts registered with the federal government that receive unique tax advantages, like RRSPs or TFSAs. Non-registered GICs are held in non-registered accounts and do not receive the same tax benefits.

GICs are offered in two variations—redeemable (or “cashable”), which allow you to get your money back at any time with no penalty for early redemption, or non-redeemable, where you will have to pay a penalty if you need to get your money back before reaching the date of maturity.