Savings Held in a TFSA
CDIC deposit insurance covers savings held in eligible accounts and financial products that are held in
Tax-Free Savings Accounts (TFSA). Not all accounts and financial products that can be held in TFSAs 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 held in a
TFSA.
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 4 years) and a savings account – both held in a
TFSA. 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 TFSA and pay up to $100,000 of the total. So:
- If, in your TFSA, 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 TFSA, 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.
