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Expanded deposit protection

In the 2022 federal budget, the Government of Canada announced the First Home Savings Account (FHSA). As a result, effective April 1, 2023, CDIC coverage was expanded to include separate coverage for up to $100,000 for eligible deposits held in FHSA. The FHSA introduces a new category to CDIC’s coverage framework for a total of nine separately insured deposit categories at each member institution.

Summary of Changes to Deposit Insurance Coverage
April 2020 – April 2023

Change to deposit protection Effective date
Separate coverage for up to $100,000 in eligible deposits held under First Home Savings Accounts (FHSAs) April 1, 2023
Separate coverage for up to $100,000 in eligible deposits held under Registered Education Savings Plans (RESPs) April 30, 2022
Separate coverage for up to $100,000 in eligible deposits held under Registered Disability Savings Plans (RDSPs) April 30, 2022
Removal of separate coverage for deposits in mortgage tax accounts (these deposits will be combined with eligible deposits in other categories such as savings in one name) April 30, 2022
New requirements for deposits held in trusts, including nominee brokered deposits that enhance CDIC’s ability to extend protection to these deposits and reimburse them quickly after a CDIC member failure April 30, 2022
Expanded coverage of eligible deposits held in foreign currencies April 30, 2020
Extended coverage of eligible deposits with terms greater than 5 years April 30, 2020
Elimination of coverage for travellers’ cheques (travellers’ cheques are no longer issued by CDIC member institutions) April 30, 2020

For more information, contact us at any of the following:

Toll free: 1-800-461-2342
TTY Service: 1-800-465-7735
Email: info@cdic.ca

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