Getting out of GICs

GICs are normally locked in until maturity and cannot be cashed before-hand. However, some financial institutions will make exceptions. If you have a GIC and you need the cash badly, you should discuss the situation with the company that issued it and see what their policy is. Usually there is a penalty if they agree to cash it in. But it might be waived in specific circumstances – for example, if you were using the money as a downpayment on a house on which they would hold the mortgage. It never hurts to ask.