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Email this7:57 am
April 27, 2017
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Yes you’re protected up to 100 K under CDIC. In the event the company goes under (Which many say is imminent) the questions you want to ask yourself are:
1. How long would it take for CDIC to pay me back?
2. How long can I go without having that money?
8:12 am
August 4, 2010
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That's why people might flee the HISA - it may be working money. GICs (aside from being locked in) are more like investments, and obviously weren't designed to be needed before the maturity day anyway.
"CDIC aims to reimburse most accounts within three business days. Due to their complexity, deposits such as trusts and registered accounts could take longer." But that isn't a likely scenario. Oaken has hired investment advisors, probably to look at finding someone to acquire them. I doubt there's any significant impairment in their mortgage book (at least compared to other subprime portfolios) that would require CDIC to get involved financially even behind the scenes.
9:03 am
December 17, 2016
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NorthernRaven said
... GICs (aside from being locked in) are more like investments, and obviously weren't designed to be needed before the maturity day anyway.
IF you have GICs in an RRSP registered account, say, at a brokerage firm, and you have concerns about the security of your money, you can get your Broker to price-out the sale of your GICs into the secondary market and, depending on term and interest, you can come out at market or very close to it (i.e. principal and accumulated interest to date.)
Who knows how robust that secondary market is for HCG and Equitable GICs, at this moment.
9:21 am
August 4, 2010
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Unless it is outside the CDIC limits, I'm not sure what "concerns about the security of your money" would be, unless one is worried that the government's printing presses will break down... 🙂
9:27 am
December 17, 2016
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NorthernRaven said
... I'm not sure what "concerns about the security of your money" would be, unless one is worried that the government's printing presses will break down...
Everyone's angst level is different. ALL GICs are cashable (it's dependent on how much of a "haircut" in value, you can endure) ... just pointing out one of those options.
9:31 am
August 4, 2010
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Anyone who's willing to take a haircut betting against the payment capacity of the Canadian government certainly has an "angst" issue... 🙂
9:36 am
December 17, 2016
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There's a large number of balls in the air, right now -
9:55 am
August 4, 2010
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Yes, and my cat coughed up a hairball that looks like Jimmy Hoffa. But CDIC still won't be welching on any commitments, full stop.
10:02 am
December 17, 2016
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Hey, we're just having a conversation here. You have 1000% confidence that the Feds will take care of you under any and all circumstances, my confidence level is less than 100%.
A bit off the topic, but I always thought this a great story of just how far out-on-a-limb financial institutions go, all the while putting their investors at risk. CIBC used to be the #1 ranked bank in the country, they are now at #5
http://www.theglobeandmail.com...../?page=all
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I think I'll have a couple of Martinis today, instead of the usual one . what the hell!
10:44 am
December 12, 2009
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DylanMyteo said
Yes you’re protected up to 100 K under CDIC. In the event the company goes under (Which many say is imminent) the questions you want to ask yourself are:
1. How long would it take for CDIC to pay me back?
2. How long can I go without having that money?
"DylanMyteo" is a questionable poster - this is his/her first post and he/she is asking literally the same questions that a "short seller" research firm (PAA Research, I think) guest BNN had on yesterday. 🙁
He or she is feeding this mass hysteria and asking unreasonable, extremely short somewhat "pointed" questions with questionable motives. I don't believe for a minute a "DylanMyteo" is a welcome new forum member and I, for one, do not welcome him/her. 🙁
I will be urging this thread be locked forthwith and DylanMyteo's user account either "banned" or, preferably, simply deleted and his/her e-mail address/IP address range added to the banned e-mail addresses/IP addresses list. 🙁
If people want to discuss CDIC, there's a better way to do it or, better yet, do a quick forum search for a myriad of existing threads. 🙁
CDIC's deposit regime will most likely not need to be tapped - Home Trust's deposits will either be assumed by and amalgamated into an existing Canadian FI or an existing Canadian FI will likely take over Home Trust and operate it and Oaken Financial as a separate wholly-owned subsidiary, if they don't continue as part of Home Capital Group. In either event, CDIC deposit limits do not apply as all deposits would be assumed - the "assuming FI" may well drop the interest rate(s) payable on HISAs and new GICs as RBC did with Ally Canada's deposit operations a few years ago. This has been asked and answered.
Even your "subject line" is unquestionably not pure. Go away, DylanMyteo, just like "Dr_Hubert" and any number of questionable forum members ("Top It Up," the 'jury's still out' on you and your motives, too!). 🙁
Can't we also institute a "first 5 posts from new members" (or make it "first 10" or "first 25" even) are subject to moderation? When the moderator sees such blatantly hysterical subject lines such as these, they should be deleted and the OP advised as to why it wasn't approved and then, perhaps, directed to a relevant thread (if it exists) that may answer their question(s) (if they are legitimate questions) or advised how to rephrase both the "subject" line and body of the post to achieve approval? 
Cheers,
Doug
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