Comments

  1. Marilyn Leahy says:

    Is a credit union covered under the same system?

    • For credit union savings in Ontario, you are covered for up to $100,000 on eligible deposits by the Deposit Insurance Corp. of Ontario. Deposits in Manitoba credit unions or their subsidiaries are covered by the Deposit Guarantee Corp. of Manitoba. Finally, you can find out if your bank is a CDIC member.

  2. Great post, because its probably something people just don’t think about. And definitely should! I mean after all that hard work growing wealth, it could be gone in an instance without the right protection and that’s definitely a scary thought! I know in the UK we have the deposit protection scheme, but you’re post has made me think I should definitely read up on it more and completely understand what’s going on. Particularly with what’s happening with the banks at the moment post Brexit. I too remember Blackrock but fortunately no one I knew was affected. Scary times.

  3. Mary F Campbell says:

    Another way to ensure your savings are covered by CDIC is to have them at more than one financial institution in addition to having the coverage spread over the Registered Owner Name-RRSP-TFSA categories. With enough institutions in play, there is no reason to not have your deposits fully insured…but it does make for more record keeping.

    Similarly, our federal government backed bonds are guaranteed by the Government of Canada & therefore another safe bet.

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