The Government of Canada has
to modernize and enhance CDIC deposit protection. These changes will be reflected on this website when they take effect. Until then, current coverage rules apply.
RRSP is created so that one spouse (usually the one with a higher income) can contribute to a
RRSP in the name of the other spouse or common-law partner.
We calculate insurance on the basis of who owns eligible deposits, not who contributes to them.
RRSPs are one of
CDIC's insured categories. Eligible deposits held in spousal
RRSPs at a failed
CDIC member institution will be paid out to the
RRSP owners. A person may own several
RRSPs at the same member institution; for deposit insurance purposes, eligible deposits within them would be combined and insured for a total of up to $100,000.
Here's an example of how deposit insurance applies to spousal
This example illustrates how deposit insurance applies to
eligible deposits in a spousal
RRSP, involving Joe.
- $100,000 in a three-year
- contributed by Joe's wife;
- held in Joe's spousal
- $90,000 in a two-year
- contributed by Joe himself;
- held in Joe's own (non-spousal)
- = $190,000 of which $100,000 is covered
What's insured & why:
The spousal and non-spousal
RRSP have one owner - Joe - so they are combined ($190,000) and insured to a limit of $100,000.
What's not insured & why not:
The excess $90,000 in Joe's combined
RRSP is above
CDIC's coverage limit of $100,000 per category and is not insured.
RRSPs are insured separately from non-trusteed spousal
RRSPs. Learn more about deposit insurance for these and other