This is true, I retired June 2008 just before the markets tanked, it was a scary ride down, the TSX lost about 40% of its value. Make sure you position yourself to make more on the way back up than you lost on the way down and you will be fine.
Started with a max RRSP contribution in the late seventies and went payroll deduction RRSP thought the 80's and 90's , mostly gic's cause the interest rates were good sometimes over 10% back then. Last few years couldn't do RRSP's cause past service adjustments to my company pension ate up my deduction amount.
One of the best funds I have is a TSX index fund, strange that many funds can't outperform the TSX index , don't say much for fund managers.
Instead of GIC's look at buy and hold stocks, like Bell Canada Enterprise and majour bank stocks, the dividends paid are higher than interest today.