A GIC loan is a loan that is secured by a (generally
non-redeemable) Guaranteed Investment Certificate.
A Guaranteed Investment Certificate (GIC) is a Canadian deposit
instrument that provides a guaranteed rate of return for a given
period that can range from one (1) day to ten (10) years. GICs are
considered low-risk investments and are seen as having similar risk
characteristics as OECD country debt.
Some GICs are not redeemable until the holding period is
complete, so some people will take loans against the GIC using the
GIC as security for the loan.