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A Call For Higher CDIC Limits !
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Email thisApril 2, 2023
6:38 am
6:38 am
Norman1
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April 6, 2013
April 6, 2013
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I agree. There is no change in the coverage limit. Just ability to increase during an emergency.
The exact text is in Annex 3 of the budget:
| Modernizing Financial Sector Oversight to Address Emerging |
In Budget 2023, the government may propose to amend the Bank Act, the Insurance Companies Act, the Trust and Loan Companies Act, the Office of the Superintendent of Financial Institutions Act, and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to provide additional tools to protect the integrity and security of federal financial institutions and to address risks of foreign interference. The government may also propose to make technical amendments to the Bank Act, the Insurance Companies Act, the Trust and Loan Companies Act, and the Green Shield Canada Act. The government may also propose to amend the Canada Deposit Insurance Corporation Act to provide expanded authorities to increase deposit insurance and related measures in the event of a market disruption. |
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April 4, 2023
1:45 am
1:45 am
RetirEd
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As I noted, not a guarantee it will happen. Just the strongest hint I've confirmed so far.
RetirEd
RetirEd
April 8, 2023
5:14 am
5:14 am
dougjp
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My impression of paragraph 3 in Norman1's post above is that there will not be an increase in CDIC limits. However, as an exception it could be used as a tool to calm depositors should that be necessary, or even retroactively applied in extreme circumstances.
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