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Deposits held in a FHSA

Deposits held in a First Home Savings Account (FHSA) are protected separately from the depositors’ eligible deposits held in other insured categories, such as those held in their individual names.

Here’s an example of a portfolio within an First Home Savings Account (FHSA) at one CDIC member institution – and what does (✓) and does not (✗) qualify for CDIC coverage:

Portfolio

  • $20,000 in a GIC
  • $90,000 in a term deposit
  • $50,000 in stocks and bonds
  • $130,000 in mutual funds

Total Portfolio

$290,000

Eligible Deposits

$110,000

Protected by CDIC

$100,000

What’s protected and why:

Within the insured category of FHSA, the above GIC and savings account are eligible deposit products and are therefore combined for coverage of up to $100,000 of CDIC protection. So, $100,000 of the eligible $110,000 within the FHSA category are protected.

CDIC coverage does not apply to stocks, bonds or mutual funds, so those investments, which amount to $180,000 of the total $290,000 in the category, are not eligible to be insured by CDIC. 

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