(NC) - The Canada Deposit Insurance Corporation (CDIC) is the federal government organization that is responsible for protecting the savings of Canadians in the event their financial institution fails or goes bankrupt. CDIC provides automatic protection on eligible deposits within your Registered Retirement Savings Plan (RRSP) up to $100,000. Read on for more information on what's covered and what's not.What's covered?
Eligible savings within your RRSP held in Canadian currency at a CDIC member institution, such as banks, loan companies and trust companies, will be automatically insured up to $100,000. Eligible deposits include:
Savings accounts GICs or other term deposits with an original term to maturity of 5 years or less Debentures issued by loan companiesWhat's NOT covered?CDIC does not insure foreign currency deposits such as U.S. currency accounts. CDIC also does not protect against fraud, theft or scams. Products that are not eligible for deposit insurance include: Mutual funds Stocks Bonds Treasury bills Term deposits that mature in more than five years
You can calculate your savings protection online at www.cdic.ca.
