Savings Held in a RRIF
CDIC deposit insurance covers money held in eligible accounts and financial products that are in a
Registered Retirement Income Fund (RRIF). Not all accounts and financial products that can be registered in a
RRIF are eligible for CDIC coverage. For example, CDIC does not insure mutual funds or stocks.
What’s covered?
From $1 to $100,000 of the total amount in the following accounts and financial products, all
registered in a RRIF:
|
Accounts
|
|
|
|
Financial products
|
- GICs or other term deposits with an original term to maturity of 5 years or less
- debentures issued by loan companies
These deposits must be held in Canadian dollars at a CDIC
member.
|
For example . . .
Say you have a GIC (with an original term to maturity of 3 years) and a savings account—both registered in
a RRIF. How much would you get from CDIC if your financial institution were to fail? CDIC would add up the
amounts in the eligible accounts and products in your RRIF and pay up to $100,000 of the total. So:
- If, in your RRIF, you had $500 in the GIC and $60,000 in the savings account, for a total of $60,500, you
would receive $60,500 from CDIC
- If, in your RRIF, you had $80,000 in the GIC and $45,000 in the savings account, for a total of $125,000,
you would receive $100,000 from CDIC.
|
|
|
Did you know?
CDIC insures money you hold in a savings account within an RRIF separately
from money you hold in a savings account that is not in a RRIF. Joints savings
accounts are also considered separately.
In addition, trusted RRIFs are insured separately from non-trusted RRIFs. For more details see our
Frequently Asked
Questions.
|
|
CDIC covers more!
Click on any of the following to see what else CDIC covers: savings held in one name, savings held in
trust, savings held in an RRSP, savings held for paying realty taxes on mortgage payments.
CDIC also insures savings held in more than one name
(joint deposits).
