The Government of Canada has proposed changes
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.
Joint deposits (in the names of two or more people) are insured separately from the owners’
eligible deposits held in other
insured categories, such as those
held in their individual names. Each eligible joint deposit is protected for up to $100,000 per set of joint owners, regardless of the number of people who own the deposit. So, for example, we would provide coverage of up to $100,000 in each of the following:
- your joint chequing account with an aging parent;
- your own personal savings account;
- your joint savings account with a spouse.
Spouses, partnerships or a parent and child are examples of people who might have joint deposits.
To be eligible for separate coverage as a joint deposit, the following information must appear on the records of the CDIC member institution holding the funds:
- a statement that the deposit is owned jointly;
- the name and address of each of the joint owners.
If the institution fails, we will refund joint accounts with a payment to all of the joint depositors together.