The penalty for cashing in a GIC before its maturity varies from one institution to the next. ‘Cashable’ or ‘redeemable’ GICs allow you to cash out the investment before its maturity date, without paying a penalty. Non-redeemable GICs may only allow you to cash out your investment if you can demonstrate financial hardship; some may allow you to cash the investment out but will typically charge a penalty, and you will likely have to forfeit interest earned as well.