even though all the info is useful like 5 yr GIC term rates and the fact that inflation will drag down the real rate of return, Timon' original post asks for a 1 yr term.
For 1 year, it is best to look for a high interest savings account , even at 3.5%.

The inflation outlook for the coming year is less than 1%, so you're still ahead and it is only a question of 1 year- then you plan to look around after that as I understand.

Please read post from Roseman on the investpro's finance/economy picks.