Is a canadian GIC considered a foreign financial account or foreign financial asset? mutual funds are listed as financial accounts, makes me think GIC's wold be the same

The answer to your question is that a Canadian GIC (Guaranteed Investment Certificate) is technically considered a foreign financial "account" for reporting and compliance purposes in the United States.  That is, and in other words, the Foreign Bank Account Report (FBAR) rules apply to Canadian GICs (which are substantially similar to US Certificates of Deposit).

Now then, assuming that you own one of these, or have other financial assets or accounts in a foreign country (that includes Canada as well as elsewhere), there are certain foreign financial reporting requirements that you must meet annually, in addition to filing a primary US tax return (Form 1040, etc.)

In fact, there are two separate disclosure forms that may be required; each also has different reporting rules.  One is known as IRS Form 8938, and can be attached to the relevant yearly Form 1040 tax return.  The other is FinCen Form 114, which can only be filed via the internet.  The following Internal Revenue Service webpage describes them in some detail, and provides their dollar value reporting levels:

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

Form 8938 is included in TurboTax.  FinCen Form 114 is not included in TurboTax, and you would need to access that reporting webpage separately, if your foreign financial assets total over the limit(s).  Note that you can get to the FinCen reporting internet site directly through the above IRS link.

And just to absolutely clarify these rules in the case of Canadian GIC investments:  they are subject to both Form 8938 and FinCen Form 114 reporting, if the value of the GIC(s) exceeds the reporting threshold.

Thank you for asking this important question.