Term Deposits

The term for US dollar GICs in Canada is Term Deposits or TDs (called Certificates of Deposit or CDs in the U.S.). They are available in Canada from most financial institutions. There are cashable, redeemable and non-redeemable TDs; non-redeemable ones pay the highest interest rate.

Scotiabank - redeemable, non-redeemable and cashable

TD Bank - cashable and non-cashable

RBC - redeemable, non-redeemable and cashable

Redeemable vs cashable GICs (via NerdWallet):

Both cashable and redeemable GICs are flexible investment options that allow you to withdraw your money before the end of the GIC’s term.
While most cashable GICs have a short locked-in period (30-90 days) before you can access the money without any penalty, redeemable GICs do not; You can withdraw your cash anytime.
Another difference involves the interest you’ll earn if you withdraw your money before the term is up.
For the most part, a cashable GIC earns interest during the time period that you hold it. So if you have a one-year cashable GIC and redeem it after eight months, you’ll receive interest for those eight months with no penalties. If you do the same with a redeemable GIC, you’ll be subject to early-redemption rates set by the bank, which are usually significantly lower than the rate you get if you finish the full term.