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Email this9:39 am
January 12, 2019
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.
My two questions, for the day . . ..
It is my understanding (please correct me, if I'm wrong) that with FI's insured by the CDIC, there are multiple $100K coverages available :
- - 'Chequing Accounts' have separate $100K CDIC coverage.
- 'Savings Accounts' have separate $100K CDIC coverage.
- 'TFSAs' have separate $100K CDIC coverage.
- 'RRSPs' have separate $100K CDIC coverage.
- 'RRIFs' have separate $100K CDIC coverage.
- 'GICs' (5 years or less) have separate $100K CDIC coverage.
Am I correct on this, or am I out to lunch ❓
And if I have more than one GIC at the same FI, is 'each' GIC covered for up to $100K, or is that $100K coverage for 'all' my GIC's at that FI ❓
Thanks,
- Dean
" Live Long, Healthy ... And Prosper! "
9:44 am
September 6, 2020
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January 12, 2019
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topgun said
Thanks ⬆, but I don't see any mention of separate CDIC insurance for GIC's, or chequing accounts, so I must be wrong on those. 
- Dean
" Live Long, Healthy ... And Prosper! "
10:48 am
April 6, 2013
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There's no separate CDIC coverage for chequing accounts, unregistered GIC's, and unregistered savings accounts.
Some banks have separate CDIC coverage for such deposits because the savings account, for example, is issued by a different CDIC member. In Account and Other Related Service Fees, TD describes such coverage:
Account Issuers: Chequing, Youth, TD Wealth Private Banking, and U.S. Dollar Accounts offered by The Toronto-Dominion Bank. Savings Accounts offered by TD Mortgage Corporation, except in British Columbia or Yukon, which are offered by TD Pacific Mortgage Corporation. All Savings Accounts are guaranteed by The Toronto-Dominion Bank. Any accounts opened at Canada Trust prior to conversion to TD Canada Trust are issued by The Canada Trust Company. …
11:59 am
May 22, 2015
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Not quite: within each FI:
- Total of all your unregistered chequing and saving accounts (joint accounts not included) : only first 100K is insured
- For each co-owner group, the total of all chequing and saving accounts for the same group: only first 100K is insured
- Total of all your TFSA (Saving + GICs): only first 100K is insured
- Total of all your RRSPs (Saving + GICs): only first 100K is insured
- Total of all your Retirement Income Accounts: only first 100K is insured
again, this is for each FI.
1:25 pm
September 11, 2013
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lhsaid, to your first group, unregistered chequing and savings accounts, you need to add unregistered GICs. So if at an fi you have a chequing account balance $20K, an unregistered savings account balance $40k, and two unregistered GICs each worth $20K you're right at the $100k limit.
1:35 pm
May 22, 2015
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Bill said
lhsaid, to your first group, unregistered chequing and savings accounts, you need to add unregistered GICs. So if at an fi you have a chequing account balance $20K, an unregistered savings account balance $40k, and two unregistered GICs each worth $20K you're right at the $100k limit.
Thanks Bill, I missed that. Basically, in each category you need to combine Chequing+Saving+GICs .
2:47 pm
January 12, 2019
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lhsaid said
Thanks Bill, I missed that. Basically, in each category you need to combine Chequing+Saving+GICs .
That's ⬆ a pretty good way to sum it up.
Thanks everyone, for setting me straight.
- Dean
" Live Long, Healthy ... And Prosper! "
5:50 pm
September 29, 2017
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Another related thought to consider is to understand if your account is with a "wholly owned independent subdiary" which is separately insured by the CDIC vs a branding/marketing division of a bank, which would NOT be insured separately from deposits at the main bank.
Examples I have discovered recently that are aggregated and NOT insured separately:
- Simplii and CIBC
- Motive Financial and CDW (Canadian Western Bank)
- Neo and Concentra
Vs examples that ARE insured separately, even though they are owned by another bank:
- Tangerine and Scotiabank
- B2B Bank and Laurentian Bank
Is there a place on this site where these things are tracked?
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