Deposits held in a Registered Education Savings Plan (RESP)
CDIC protects eligible deposits held in a Registered Education Savings Plan (RESP).
Example
Edie hopes to return to college after taking a break to open her own flower shop.
This is Edie’s RESP portfolio. Here is what does (✓) and does not (✗) qualify for CDIC coverage:
- $15,000 in a GIC
- $11,000 in stocks and bonds
- $8,000 in mutual funds
Total portfolio
$34,000
Eligible deposits
$15,000
Protected by CDIC
$15,000
In Edie’s RESP portfolio, the GIC is eligible for coverage.
Registered Education Savings Plan with multiple beneficiaries
Example
Carlos has three daughters that enjoy learning: Celia, Maya, and Tegan. He has opened RESPs for each of them.
This is Carlos’ RESP portfolio. Here is what does (✓) and does not (✗) qualify for CDIC coverage:
- $17,000 in a GIC held in a RESP for Celia
- $33,000 in a GIC held in a RESP for Maya
- $24,000 in a HISA held in a RESP for Tegan
Total portfolio
$74,000
Eligible deposits
$74,000
Protected by CDIC
$74,000
In Carlos’ RESP portfolio, each of his daughters’ RESP accounts are covered up to $100,000.
Deposit insurance is free and automatic.
See how CDIC deposit protection works and explore the different coverage categories.
Explore how deposit insurance works