We insure eligible deposits that are held in our CDIC member institutions. Many people deposit money into more than one account or financial product. We insure eligible deposits SEPARATELY (up to $100,000, including principal and interest) for EACH of the following seven categories:
Coverage and Categories
Deposits held in one name
CDIC insures eligible deposits held in the name of one depositor separately from other categories up to $100,000.
Deposits held in more than one name
Joint deposits are those held in the names of two or more people. Coverage for joint accounts is for a total of up to $100,000 regardless of the number of joint depositors.
Deposits held in a registered retirement savings plan (RRSP)
Eligible deposits in a RRSP are protected up to $100,000 separately from eligible deposits in other categories.
Deposits held in a registered retirement income fund (RRIF)
Eligible deposits in a RRIF are protected up to $100,000 separately from eligible deposits in other categories.
Deposits held in a tax-free savings account (TFSA)
Eligible deposits in a TFSA are protected up to $100,000 separately from eligible deposits in other categories.
Deposits held in trust
CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met.
Deposits held for paying taxes on mortgaged properties
CDIC deposit insurance covers deposits held separately to pay property taxes on mortgaged properties held at a CDIC member.