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Our response:

Mutual funds and guaranteed investment certificates (GICs) are two separate and distinct investments. A mutual fund is a collection of investments, such as stocks, bonds and other funds owned by a group of investors and managed by a professional money manager. Learn about how mutual funds work.

A guaranteed investment certificate (GIC) is an investment that works like a special kind of deposit. When you buy a GIC, you are agreeing to lend the bank or financial institution your money for a set number of months or years (the term). You are guaranteed to get the amount you deposited back at the end of the term. Learn more about GICs.

If you want to use money currently invested in a mutual fund to purchase a GIC, you must first sell the mutual fund. Speak to a financial advisor to learn more and to confirm any charges that may be applicable. Learn more about how to sell a mutual fund, and how to buy a GIC.