As of April 30, 2022, the following changes to CDIC deposit protection are in effect:
- Separate coverage for up to $100,000 in eligible deposits held in Registered Education Savings Plans (RESPs)
- Separate coverage for up to $100,000 in eligible deposits held under Registered Disability Savings Plans (RDSPs)
- New rules to strengthen the protection of eligible deposits held in trust and eligible deposits placed through brokers
Additional changes include the removal of separate coverage for deposits in mortgage tax accounts which typically have small balances and remain protected under other coverage categories.
We are very excited to introduce the RESP and RDSP coverage categories because they reinforce CDIC’s commitment to protecting the savings of Canadians planning for their future. With this expansion of coverage, nearly all personal deposit accounts at our members are fully protected by CDIC.
We are also very pleased with the new requirements for trust and brokered deposits that these changes introduce. The implementation of these new rules will allow people who place deposits in this way to feel confident that their funds are well-protected when they are held at a CDIC member institution.
There are now eight separately protected coverage categories that can receive up to $100,000 (principal and interest combined) in protection at each CDIC member institution, making this the broadest federal deposit insurance framework in Canada’s history.
Summary of Changes to Deposit Insurance Coverage
|Change to deposit protection||Effective date|
|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, consult how deposit insurance works, use the chat function at the bottom of the screen or contact us at any of the following: