The following is some information about fixed income for the novice investor.
http://cawidgets.morningstar.ca/Article ... ture=en-CA
"CDIC will reimburse insured deposits up to $100,000 -- principal and interest combined -- for each of the seven insurance categories (deposits held in one name, more than one name, a RRIF, an RRSP, a TFSA, a trust and for paying taxes on mortgaged properties). Foreign-currency GICs or deposits with terms of five or more years aren't protected...In the event of a failure, access to your account will no longer be available. But CDIC will aim to reimburse savings, chequing, joint and mortgage tax accounts within three business days. For deposits in trusts, the organization will inform broker-trustees about the process to reimburse insured deposits. Within seven business days of receiving wire/transfer payment information, CDIC will remit payment to broker-trustees. For registered deposits, CDIC will hold them for several days while it works with the Canada Revenue Agency to ensure they remain tax-sheltered. CDIC will then contact these depositors to inform them of next steps."
https://www.theglobeandmail.com/globe-i ... e14935982/
This 2013 article (it may have changed since) states that the insurer for Manitoba credit unions is not part of the Manitoba government. However, some provincial insurers (Ontario and Alberta are examples) are provincial government agencies or have provincial government backing. My impression is caveat emptor, when it comes to credit union deposit insurance.
http://www.moneysense.ca/save/investing ... ed-income/
"The best five-year rate offered in mid-November by GICdirect.com through 150 small financial firms across Canada was 2.4%, which compares to only 1.5% offered by the big banks. GIC issuers pay financial advisors or deposit brokers a one-time fee of about 0.25% per year of term, says Ritchie. You can get a slightly better rate (2.5% when the comparison was done) by going direct to certain GIC issuers, but you will need to comparison shop yourself."
This 2016 article would suggest that a DIYer can do a bit better than by using a deposit broker.
http://www.finiki.org/wiki/Guaranteed_I ... ertificate
"Many GIC issuers (such as your neighbourhood bank) may not give their best rate on first enquiry. Often they will first quote the official rate that they post in the branch and report to CANNEX and Fiscal Agents for publication in your local newspaper. If you have a good relationship with the institution, e.g., a bank account, Registered Retirement Savings Plan (RRSP), mortgage, credit cards, etc., and/or you want to purchase a relatively large GIC, at least $5,000 or $10,000, then you should be able to get a bonus rate of interest. Ask to speak with a bank officer, point out the length and value of your relationship and ask for a better rate."
http://canadianmoneyforum.com/showthrea ... -GIC-Rates
"Not from what I have seen. TDCT offers 5yr @ 2.3%. Best rate I see at TDW is 2.55%. What I'm hoping to negotiate is closer to 3%, as Oaken is offering."
"you can see a pattern in these responses, which is that a client's history & profile with a particular bank do determine the small increments above posted rates for GICs that will be offered to him. Several cmf members with extensive GIC holdings have documented this. They always receive a rate that is a notch higher than the posted rate. How to ascend into their glittering & exclusive company? i have no idea, i suppose criteria such as size of account, length of time in the bank relationship, size of mortgage matter ...the higher increment itself is usually reported to be quite tiny. Jumping from 2.30 or 2.55% to 3% would be unheard of."
My impression is that one can negotiate a better rate, but the difference won't be large.