Co-owned (i.e. joint) deposits (in the names of two or more people) are protected separately from the depositors’ eligible deposits held in other insured categories, such as those held in their individual names.
- your joint savings account with your spouse or child;
- your joint chequing account with an aging parent.
Eligible deposits held in more than one name are protected for up to $100,000 per set of joint owners, per member institution, regardless of the number of people who own the deposit. So, if you have multiple joint accounts with the same joint owners at one institution, the coverage limit of $100,000 applies to all of those eligible deposits aggregately. If you have another joint account with a different joint owner(s) at the same institution, you will receive additional coverage for those deposits, for up to $100,000.
At one member institution you have a:
- Joint savings account with your spouse – $75,000
- Joint chequing account with your spouse – $50,000
- Joint savings account with your child and spouse – $150,000
= $275,000 of which $200,000 is protected by CDIC
You will receive coverage for $100,000 of the $125,000 ($75,000 + $50,000) held in joint name with your spouse and coverage for $100,000 of the $150,000 held in joint name with your child and spouse.
To be eligible for separate coverage as a joint deposit, the following information must appear on the records of the CDIC member institution holding the funds:
- a statement that the deposit is owned jointly;
- the name and address of each of the joint owners.
In the event that the member institution were to fail, CDIC will payout eligible deposits in joint accounts with a payment to all of the joint depositors together.