What happens to a non-redeemable GIC when the account holder dies depends on the type of account the investment is in. A registered account, like a Registered Retirement Savings Plan (RRSP), or a non-registered account will determine how funds are dispersed when the account holder(s) dies and any tax implications.
Generally, non-redeemable GICs can’t be redeemed prior to maturity. However, there may be exceptions if the account holder(s) dies.
We suggest reading your GIC agreement, speaking with your investment issuer or consulting a qualified advisor.