Question: are gic tax deductible in canada?
Answer: If you hold your GIC inside a tax-sheltered account like your Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA), you are not required to report interest income earned on your tax return. ... However, when you cash out your GIC from your RRSP, the full amount is taxable at your marginal tax rate.