GIC vs term deposit

those of you in canada, whats the difference between a guaranteed investment certificate and a term deposit. arent they both the same, in that u get an interest rate for a year and youre not allowed to take your money out before the year ends or you will not get any interest. thanks.

Yes they are the same thing, just interchangeable terms for each other. The term can range anywhere from 30 days to 5 years though.