Important life events can significantly impact a person’s financial situation and needs. Getting married, having children, taking in an older parent or receiving an inheritance are just some of the many times in life that we sit down and re-evaluate our financial situation.
As we think about our finances, it’s a good idea to take a look at CDIC protection. CDIC protects eligible deposits in seven different categories: in one name, joint deposits, RRSPs, TFSAs, trust deposits, RRIFs and mortgage tax accounts. What does this mean for families? Here’s an example:
Chris and Kelly are married with two kids. The parents each have their own savings accounts, and they have a joint account together. They also have deposits in trust (in the form of an RESP) for their kids. Because they have deposits in many categories, they are eligible for much more than $100,000 of coverage.
Below, you’ll find videos, articles and tools that can help those in charge of family finances make well-informed decisions about their hard-earned savings.
- Bank failures in Canada: a history
- 5 easy ways to check if your money is safe
- Thrifty Mommas Tips outlines how Canadians can check if their RESPs are protected by CDIC deposit insurance.
- Money After Graduation’s Bridget Casey talks about setting up an RESP for her daughter and how CDIC protects her deposits
- Chris & Kelly: So you know about deposit insurance…
- 2016-2017 APM – Financial life stages panel discussion
- CDIC on the streets – What if you had to give all your money away?
- For Your Life: Protecting your hard-earned money
- For Your Life: Protecting your inheritance
- CDIC For Your Life