Are gic tax deductible

GICs (Guaranteed Investment Certificates) themselves are not tax-deductible; however, the interest earned on them is subject to taxation. If the GIC is held in a registered account, such as an RRSP (Registered Retirement Savings Plan), the interest can grow tax-deferred until withdrawal. Conversely, if it's held in a non-registered account, the interest is taxable in the year it is earned. Always consult a tax professional for personalized advice.