If you want a clear return — for example, a set rate for one or two years — buy a plain fixed-rate GIC. If the return depends on the stock market, with charts and extra conditions, that is a different product, even if it is still called a GIC.
A standard GIC is simple. You deposit money for a set term. You are told the interest rate. At the end, you expect your money back plus interest, under the terms of the contract. For many Canadians, that is still the right place for cash with a planned use.
Cashable GICs cost you some interest
A cashable GIC lets you get money out earlier, usually after a short waiting period. It almost always pays less than a locked GIC of the same term.
Example: on $25,000, a one-year locked GIC at 4.25% earns about $1,063 before tax. A cashable GIC at 3.40% earns $850. The higher rate is only better if you truly leave the money alone.
Check CDIC cover
Ask whether the issuer is a CDIC member and whether your GIC is covered. CDIC protects eligible deposits if a member institution fails. It does not protect you from a low rate, from inflation, or from charges if you cash out early.
Cover is often discussed around $100,000 per insured category at each member institution. Check the current rules for your situation. If you hold much more than that at one place, consider spreading the money.
At the end of the term
Put the maturity date in your calendar. Many GICs renew automatically if you do nothing, sometimes at a weaker rate. When it matures, compare again: term, whether you can cash out early, CDIC status, and then the rate.