The Government of Canada has
in Budget 2018 to modernize and enhance CDIC deposit protection. These changes would take effect after they are approved by Parliament. Until then, the current coverage rules apply. We will update our website at such time as changes take effect.
Important life events can significantly impact a person’s financial situation and needs. Getting married, having children, taking in an older parent or receiving an inheritance are just some of the many times in life that we sit down and re-evaluate our financial situation.
As we think about our finances, it’s a good idea to take a look at CDIC protection. CDIC protects eligible deposits in seven different categories: in one name, joint deposits, RRSPs, TFSAs, trust deposits, RRIFs and mortgage tax accounts. What does this mean for families? Here’s an example:
Chris and Kelly are married with two kids. The parents each have their own savings accounts, and they have a joint account together. They also have deposits in trust (in the form of an RESP) for their kids. Because they have deposits in many categories, they are eligible for much more than $100,000 of coverage.
Below, you’ll find videos, articles and tools that can help those in charge of family finances make well-informed decisions about their hard-earned savings.