Mandate Letter to Freeland | General financial discussion | Discussion forum

Never heard of them, but just reading the links it seems these are directions from the PM to his Ministers re what he wants them to do.

The minister mandate letters are objectives or goals for each minister.

This is from the prime minister's page Mandate Letters:

Mandate letters outline the objectives that each minister will work to accomplish, as well as the pressing challenges they will address in their role.

There are lots of things they can focus on that will be more popular and still fall within this mandate, like using TFSAs to enable you to get GIS etc. Most people don't want to pay for someone else to get a free ride for no good reason. I sure hope they close down that one.

It will be up to the minister to prioritize. They never do everything.

These things can all be done if there is the will to do them. Increasing CDIC will take more time, committees etc.

Yes, that's what people have to do if they want CDIC insurance. Alternatively, they can put it in credit unions which, at least in Ontario and MB (and I believe elsewhere), have unlimited registered coverage.
I suppose that if you pushed on the matter, someone would tell you to open a brokerage account and buy your GICs there, but of course they are not as competitive and you will lose.

It's just as much of a nuisance to have multiple non-registered accounts when you'd rather consolidate, although it's much easier to move the money around, and no fees for doing so.

I agree it's worse though for registered. There are no joint accounts to help spread it out.

I find the 250K non-registeered coverage at Ontario CUs to be reasonable at this time. CDIC ought to do the same.

A brokerage account provides no CDIC coverage, it's the GIC issuers themselves, so as long as you keep each GIC issuer under $100K in your broker account you can have as many different issuers as they offer. But the rates are so bad, not sure I'd use a brokerage account to hold GICs.

I think the CIPF coverage is $1M, but that's a different animal, i.e. it's if you suffer a loss due to the insolvency of the broker, or something like that. CDIC covers the instrument of the issuing financial institution.

I'm pretty sure raising the CDIC is not a gov't priority, though the last raise from $60K to $100K was way back in 2005. We're regularly told here that most Canadians are a few days away from insolvency, plus most other people get a bit of money they take it to a mutual fund salesperson, etc to invest it, so I doubt there is a significant % of the population that saves as much in cash and GICs as the folks on here. I don't hear it in my daily life except on here, so I just can't see this is a political priority.

The $1 million CIPF coverage on a brokerage account only covers the content of the account and not the value of the contents.

CIPF will replace the certificate for the $130,000 GIC held in the account should the broker fail and the certificate goes missing. But, CIPF won't replace the original $130,000 value of the GIC if the GIC issuer defaults.

For CIPF, there would be no loss. Broker owes client the $130,000 GIC certificate. The $130,000 GIC certificate is still in the account.

COIN said
make transfers (RRSP, TFSA, broker accounts) between institutions more efficiently and FASTER.  

it is there but most bank don’t want to make it easier to discourage ppl from moving $$$ out, the reason I am saying that is because during the summer i transfered my RRSp-TFSA to Motus bank promo for the 2.25% for the first 90 days in a new savings account and after that promo I completed the transfer to move $$$ to Duca and to MY SURPRISE the funds left Motus bank and arrive at DUCA on the same day.

agit said
the banks, telco are in charge in our country.  

Actually, that might not be a bad thing. LOL