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CDIC coverage for Hubert Financial
July 21, 2022
9:39 am
AdrenalineTrade
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I am quite interested in buying a GIC at Hubert. I live in BC. It is my understanding that even if I put more than 100K into a GIC, it is fully covered by the Province of Manitoba, regardless of amount. Am I correct?

July 21, 2022
10:01 am
cgouimet
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AdrenalineTrade said
I am quite interested in buying a GIC at Hubert. I live in BC. It is my understanding that even if I put more than 100K into a GIC, it is fully covered by the Province of Manitoba, regardless of amount. Am I correct?  

Go the Hubert website https://www.happysavings.ca and scroll down to the meet Hubert links and check it out for yourself ...

CGO
July 21, 2022
10:26 am
Peter
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We have an article that talks about the Deposit Guarantee Corporation of Manitoba: https://www.highinterestsavings.ca/2020/06/canadian-deposit-insurance-cdic-vs-cipf-vs-provincial-coverage-should-you-care/

It is technically not a guarantee from the province itself, but depending on the individual, the nuance may or may not be that important.

July 21, 2022
10:26 am
Dean
Valhalla Mountains, British Columbia
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.
When in doubt, go to the source . . .

Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

July 21, 2022
10:33 am
Nehpets
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AdrenalineTrade said
I am quite interested in buying a GIC at Hubert. I live in BC. It is my understanding that even if I put more than 100K into a GIC, it is fully covered by the Province of Manitoba, regardless of amount. Am I correct?  

It is not CDIC coverage for Hubert Financial in Manitoba. Details of what institutions are covered by CDIC HERE

Hubert coverage:

With Hubert, every penny of your deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba. That means, as a member you can rest easy knowing your money is safe and secure.

The best news is even if you’re not a resident of Manitoba, DGCM will still cover your deposits with Hubert Financial. Now that you know your money is safe, it’s time to open an account.

What’s covered:

    All deposits including accrued interest to the payout date
    Deposits foreign currency
    Deposits in terms

What’s not covered:

    Non-deposit instruments, such as member share capital

For more information, check out the Deposit Guarantee Corporation of Manitoba’s website.

Stephen

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