Your coverage

Notice: The Government of Canada has announced that changes to the CDIC Act to modernize and enhance CDIC deposit protection will come into force on April 30, 2020 and April 30, 2021. PLEASE NOTE: Until then, current coverage rules apply.

Deposits held in more than one name

Joint deposits (in the names of two or more people) are insured separately from the owners’ eligible deposits held in other insured categories, such as those held in their individual names. Each eligible joint deposit is protected for up to $100,000 per set of joint owners, regardless of the number of people who own the deposit. So, for example, we would provide coverage of up to $100,000 in each of the following:

  • your joint chequing account with an aging parent;
  • your own personal savings account;
  • your joint savings account with a spouse.

Spouses, partnerships or a parent and child are examples of people who might have joint deposits.

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.

If the institution fails, we will refund joint accounts with a payment to all of the joint depositors together.

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