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