Sorry, but I'm still very confused.... don't laugh please, I"m in the learning process :very_drunk:

A 5 year GIC ladder consists of 5 GICs that have maturity dates set at 1, 2, 3, 4, 5 years.

Simple concept, but to accomplish this you must start out on day one by purchasing 5 GICs with terms of 1, 2, 3, 4, 5 years.

After 1 year, the first GIC comes due and you buy a 5 year GIC.

After 2 years, the second GIC comes due and you buy a 5 year GIC.

After 3 years, the third GIC comes due and you buy a 5 year GIC.

After 4 years, the fourth GIC comes due and you buy a 5 year GIC.

That's it, after 4 years you have 5 GIC's at a 5 year interest rate that come due every year. Rinse and repeat forever.

Now, if you need cash withdrawn from a ladder, as a GIC comes due through the year, pull that cash out and buy a new 5 year GIC. Done.

ltr