CDIC (Canadian Deposit Insurance Corporation)
CDIC is a Canadian Deposit Insurance Corporation owned by the Canadian government, they insures Canadian's bank deposits up to $100,000 are held by their members to protect against losses in the event that the financial institution fails.
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Up to $100,000 in coverage?
CDIC coverage has seven different eligible deposit categories. Each deposits are insured up to $100,00 in each institution. The categories are:
You will receive up to $100,000 coverage per category, per each institution that is insured by CDIC
How does coverage works within the same institution?
Let's say you have a chequing, savings, and GIC account - all held under the same name of the CDIC member financial institution.
Since all those deposits fall under the category (deposits held in one name) and held in the same bank, you be entitled to a total of $100,000 in coverage across all account type combined.
**If you open a joint savings account at the same member financial institution, it would be categorize under the joint deposits category.
How does coverage works when holding accounts with more than one CDIC financial institution?
Let say you have a saving account with Bank A with $100,000 and a GIC at Bank B with $75,000.
In this scenario, all your money would be fully protected - provided that both banks are CDIC members.
What does CDIC not Cover?
Summary: CDIC cover eligible deposits up to $100,00 per insurance category, per member institution. Here is a calculator to measure your coverage!
- It is important to understand exactly how CDIC coverage works
CDIC coverage has seven different eligible deposit categories. Each deposits are insured up to $100,00 in each institution. The categories are:
- Deposits held in one name (chequing account, saving, GIC)
- Joint deposits (accounts held by you and someone)
- Deposit held in a saving trust
- Deposit held in a TFSA
- Deposit held in a RRSP
- Deposit held in a RRIF
- Deposit held for your property taxes
You will receive up to $100,000 coverage per category, per each institution that is insured by CDIC
How does coverage works within the same institution?
Let's say you have a chequing, savings, and GIC account - all held under the same name of the CDIC member financial institution.
Since all those deposits fall under the category (deposits held in one name) and held in the same bank, you be entitled to a total of $100,000 in coverage across all account type combined.
**If you open a joint savings account at the same member financial institution, it would be categorize under the joint deposits category.
How does coverage works when holding accounts with more than one CDIC financial institution?
Let say you have a saving account with Bank A with $100,000 and a GIC at Bank B with $75,000.
In this scenario, all your money would be fully protected - provided that both banks are CDIC members.
What does CDIC not Cover?
- Mutual funds, stocks and bonds
- Exchange Traded Funds (ETFs)
- Cryptocurrencies
- Deposits with financial institutions that are not member of CDIC
Summary: CDIC cover eligible deposits up to $100,00 per insurance category, per member institution. Here is a calculator to measure your coverage!