Deposits in First Home Savings Accounts eligible for CDIC protection
Industry news and events
The Canada Deposit Insurance Corporation (CDIC) welcomes the expansion of deposit insurance coverage to include First Home Savings Accounts (FHSA). Effective April 1st, eligible deposits in FHSAs are separately protected for up to $100,000 at each CDIC member institution.
Eligible deposits can be held in Canadian dollars or in a foreign currency, and include:
- savings and chequing accounts
- GICs and other term deposits
- money orders, certified cheques and bank drafts issued by CDIC members
There are now nine separately protected coverage categories that can receive up to $100,000 (principal and interest combined) in protection at each CDIC member institution, meaning Canadians can maximize their coverage well beyond $100,000. CDIC coverage categories are:
- Tax-Free Savings Accounts (TFSAs)
- Tax-Free Home Savings Accounts (FHSAs)
- Registered Education Savings Plans (RESPs)
- Registered Disability Savings Plans (RDSPs)
- Registered Retirement Savings Plans (RRSPs)
- Registered Retirement Income Funds (RRIFs)
- deposits in one name
- joint deposits
- trust deposits
The FHSA is the latest in a number of important changes to the deposit protection framework in recent years, making this the broadest protection offered in Canada’s history. In 2022, RESPs and RDSPs were introduced as separately protected categories.
