I live in Canada, and currently hold $5000 in non-cashable GICs from
my bank (President's Choice Financial) with a 5-year term, which I
would like to liquidate early.  My bank will not let me cash me in,
but what I am wondering is if there is a way for me to sell them,
either to another bank, individual, or in some other manner.  I am
willing to take a total loss on my interest, and perhaps even some of
my principal, although that would only be as a last resort.  Thank
you.

Most GICs sold by banks (including PC FINANCIAL (AMICUS/CIBC)) are
non-transferable and non-assignable.  That would be stated in your
terms and conditions that PC FINANCIAL is required to provide to you
at the time of purchase.

For instance, I work as a Financial Planner at TDCT and if you came to
me and asked to use that GIC as security for a loan I would not be
able to accept it... you do not have the right to assign the GIC to
any one AND you do not hold a negotiable item that I could hold (you
have a reciept for the GIC which is held at PC).

If I was 'another individual' I would be taking a huge risk in
accepting your GIC (actually you would need to write up a private
agreement as to what would happen to the GIC) for cash value.  They
would NOT be able to go into the bank and cash it...they would have to
rely on you to fulfill the contract upon maturity.

You may be able to ask the bank (again easier if you were dealing with
a branch rather than an internet/phone bank) to alter the registration
to a new owner with the same terms and conditions as current.  This
would generate a tax receipt for interest earned in your name up to
the switch date.  This is NOT a feature of your GIC and is COMPLETELY
up to the bank as to if they want to do this...(they have the ABILITY
to do this in order to correct errors in registration after the fact
but their policy may not allow them to do this in this case as this
isn't an error on their part)

If you need cash due to financial distress it would be TDCT policy to
entertain the idea of allowing the client to cash this item (unless it
is market linked) and there may be a possibility of receiving less
than your original principal back dependant on the delta between
current rates and the rate on your GIC.  This would be on an exception
basis and decided at the individual branch level.  Unfortunately ,
since you are dealing with PC your ability to deal with a local person
and at a branch level is non-existent.

Have you approached PC about taking a secured loan (generally at
prime) against your GIC so that you have access to the funds?  You
will need to service interest only costs and then payoff the loan with
the GIC upon maturity.

Hope this helps.

Thanks very much for the comment.  I had figured that would probably
be the answer.  I am a student who made what in hindsight was
definitely a poor decision to lock in for such an extended term.  I
appreciate your suggestions and thank you for your help.