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Email this11:10 am
January 10, 2018
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https://www.cdic.ca/your-coverage/changes-to-cdic-deposit-protection/
Effective April 1, 2023, CDIC coverage will be expanded to include separate coverage for up to $100,000 for eligible deposits held in First Home Savings Account (FHSA). The FHSA introduces a new category to CDIC’s coverage framework for a total of nine separately insured deposit categories at each member institution.
Summary of Changes to Deposit Insurance Coverage April 2020 – April 2023
Change to deposit protection Effective date
Separate coverage for up to $100,000 in eligible deposits held under First Home Savings Accounts (FHSAs) April 1, 2023
Separate coverage for up to $100,000 in eligible deposits held under Registered Education Savings Plans (RESPs) April 30, 2022
Separate coverage for up to $100,000 in eligible deposits held under Registered Disability Savings Plans (RDSPs) April 30, 2022
Removal of separate coverage for deposits in mortgage tax accounts (these deposits will be combined with eligible deposits in other categories such as savings in one name) April 30, 2022
New requirements for deposits held in trusts, including nominee brokered deposits that enhance CDIC’s ability to extend protection to these deposits and reimburse them quickly after a CDIC member failure April 30, 2022
Expanded coverage of eligible deposits held in foreign currencies April 30, 2020
Extended coverage of eligible deposits with terms greater than 5 years April 30, 2020
Elimination of coverage for travellers’ cheques (travellers’ cheques are no longer issued by CDIC member institutions) April 30, 2020
For more information, contact us at any of the following:
Toll free: 1-800-461-2342
TTY Service: 1-800-465-7735
Email: info@cdic.ca
12:52 pm
April 20, 2019
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Why is it that the US has i think $250k deposit insurance while here in canada we have $100k coverage? It should be increased already…
1:04 pm
September 7, 2018
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suburbs4life said
Why is it that the US has i think $250k deposit insurance while here in canada we have $100k coverage? It should be increased already…
Yes - but that is not something a Left Wing govt would implement. Wasn't it the PCs in 2009 who implemented the TFSA but the Liberals cut back on the amount of annual contribution.
1:09 pm
September 11, 2013
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If you can convince the gov't it means more votes for them it's a done deal but I doubt this is even on the radar for 99.9% of people.
1:26 pm
January 30, 2021
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I'm a bit confused. I understand that $100,000.00 is "insured" at each financial institution/bank that is covered. Does the $100,000. include the total of ALL your deposits in each bank ie: Savings + GICs + TFSAs + RESPs ??
1:33 pm
April 14, 2021
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Cdn Catlady said
Savings + GICs + TFSAs + RESPs ??
Each category has $100K coverage.
Savings+GICs are considered the same and under one category for a combined $100K coverage.
TFSA is a different category and gets another $100K coverage.
RESPs are another category and gets another $100K coverage.
RRSPs are another category and gets another $100K coverage.
First Home Savings Accounts (FHSAs) are another category and gets another $100K coverage.
1:57 pm
January 30, 2021
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HermanH said
Each category has $100K coverage.
Savings+GICs are considered the same and under one category for a combined $100K coverage.
TFSA is a different category and gets another $100K coverage.
RESPs are another category and gets another $100K coverage.
RRSPs are another category and gets another $100K coverage.
First Home Savings Accounts (FHSAs) are another category and gets another $100K coverage.
Thank you 
3:28 pm
December 20, 2016
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Cdn Catlady said
...... I understand that $100,000.00 is "insured" at each financial institution/bank that is covered. ....
In addition to each category being insured, some FI's have more than one CDIC account...eg, Oaken, Peoples Trust/ Bank.
Furthermore, some FI'S operate an online portal as well as brick and mortar division, so you don't want to exceed CDIC coverage if dealing with both.
Details here:
https://www.cdic.ca/your-coverage/protecting-your-deposit/?
Stephen
4:26 pm
April 20, 2019
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Bill said
If you can convince the gov't it means more votes for them it's a done deal but I doubt this is even on the radar for 99.9% of people.
I hear ya. However, this limit has been in place for 20 years or so…it should be increased at least to 150k.
Regarding cdic insurance coverage. I thought each non registered gic under 100k is insured individually as a separate entity?
4:33 pm
April 2, 2018
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If everybody (most of customers -> 90+%) would move their money to Manitoba then big banks would pressure government to increase coverage.
5:23 pm
April 14, 2021
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suburbs4life said
Regarding cdic insurance coverage. I thought each non registered gic under 100k is insured individually as a separate entity?
If you think that you can own 2x GIC, each for $100K, and expect both of them to be covered, then I am pretty certain that is not the case. All non-registered GICs, Savings, and Cheq accounts are combined and covered under a single category of $100K.
6:10 pm
November 8, 2021
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Bill said
If you can convince the gov't it means more votes for them it's a done deal but I doubt this is even on the radar for 99.9% of people.
Not sure the conservatives did it for votes, and anyway, whatever happened to good monetary policy?! Encouraging savings?!
6:41 pm
September 11, 2013
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Correct, doesn't matter how many GICs you have, your total coverage in the category, e.g. non-registered accounts, is $100K.
I don't know about other governments, it's just my personal opinion that this particular gov't does only what nets more votes thus as the calls for increased coverage limits are virtually non-existent my opinion is I'm pretty sure it's not happening.
7:20 pm
April 20, 2019
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Well thanks for the info everyone. That’s important knowledge I’ll keep in mind for the future.
1:45 pm
November 21, 2022
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BlueSky said
Not sure the conservatives did it for votes, and anyway, whatever happened to good monetary policy?! Encouraging savings?!
The Cons raised the TFSA limit to $10k in the 2015 federal budget, with an election on the horizon for later that year. So definitely an election budget and definitely a move to try and garner a few votes from those who could afford to max out their TFSAs every year. Right or wrong? I have no opinion either way. Vote buying like any other party would have done? Of course!
Pre-2015 TFSA increases were indexed in $500 increments as they have been since the 2015 election. So all the Libs did is return us to the pre-election status quo the Cons created back in 2009 when TFSAs were introduced.
Pirithous
"Sometimes I do what I want to do. The rest of the time, I do what I have to."
8:51 pm
November 8, 2021
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Pirithous said
The Cons raised the TFSA limit to $10k in the 2015 federal budget, with an election on the horizon for later that year.
I wasn't talking about the amounts set each year, in particular. More like about letting folks have another way of saving their hard-earned money, tax-free. That's TFSA, and it was introduced by a Conservative government.
10:39 am
December 12, 2021
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This is a BS from the CDIC and Ottawa 100K CDIC is a big joke.
U.S. lawmakers south of the border are talking about higher FDIC $2 to $5 million.
1:59 pm
January 10, 2017
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suburbs4life said
Why is it that the US has i think $250k deposit insurance while here in canada we have $100k coverage? It should be increased already…
It is even worse. Canadians have $ 73,000 USD deposit insurance right now - less than 1/3 of what Amercians have.
CDIC nominal coverage consists of principal and interest. So for full coverage one needs to deposit less than $100k. For example, only $78,000 should be put into a 5-yr compounding GIC at 5%, as it results in $99,550.
10:51 pm
April 19, 2019
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suburbs4life said
Why is it that the US has i think $250k deposit insurance while here in canada we have $100k coverage? It should be increased already…
Probably the $100k USD CDIC insured is a more attainable goal than the $250k USD that FDIC provides. Both CDIC and FDIC probably have 1-3% cash in the vaults for the total amount that they insure. So really much less than $100k is insured (maybe $1000-$2000) and looking at the the bigger picture (if there is a big war) probably CDIC does better than FDIC as it has to cover less. That is only if they can cover at all and don't all of a sudden say everyone who has money in the banks got to pay
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