Savings Held in an RRSP
CDIC deposit insurance covers money held in eligible accounts and financial products that are in a
Registered Retirement Savings Plan (RRSP). Not all accounts and financial products that can be registered in
an RRSP are eligible for coverage by CDIC. 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
held in an RRSP:
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Accounts
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Financial products
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- 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.
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For example . . .
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Say you have a GIC (with an original term to maturity of 4 years) and a savings account—both registered in
an RRSP. 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 RRSP and pay up to $100,000 of the total. So:
- If, in your RRSP, you had $1,500 in the GIC and $700 in the savings account, for a total of $2,200, you
would receive $2,200 from CDIC.
- If, in your RRSP, you had $95,000 in the GIC and $25,000 in the savings account, for a total of $120,000,
you would receive $100,000 from CDIC.
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Did you know?
CDIC considers eligible deposits held in an RRSP separately from other
types of savings. If you have eligible GICs in an RRSP as well as eligible GICs that are
not held in an RRSP, CDIC considers them separately—and covers up to $100,000
within your RRSP and up to $100,000 outside your RRSP.
In addition, trusted RRSPs are insured separately from non-trusted RRSPs. For more details, see our
Frequently Asked
Questions.
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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 a RRIF, savings held for paying realty taxes on mortgage payments.
CDIC also insures savings held in more than one name
(joint deposits).
