To all members of the RDBA:
May I extend our thanks to each of you who were able to participate in our recent campaign that sent a message to regulators about our concerns with proposed amendments to the Proceeds of Crime and Terrorist Financing Act. The voice of you and your clients was heard! We want you to know that meaningful and positive lines of communication have been established with Regulators and the conversations will continue in the weeks ahead.
Since September 2nd (today), is the final day for comment on these amendments, we have removed the links from our website. There is no need at this time to solicit a further response from your clients.
RDBA Board Chair
What Is A GIC?
A Guaranteed Investment Certificate is a low-risk investment with guaranteed returns. A GIC is a type of Deposit Product and is issued by a financial institution such as a bank, trust company or credit union. Deposit Products are also known as term deposits, deposit receipts or short-term deposits.
What Are Deposit Brokers?
Deposit Brokers are independent financial professionals who offer Deposit Products such as GICs. RDBA Deposit Brokers can provide objective recommendations because they offer products from several financial institutions. This is how they can get you the best interest rates. Deposit Brokers are paid by the financial institutions that issue the deposits, so clients who purchase a Deposit Product through a Deposit Broker pay no commissions or fees.