Changes to CDIC coverage
Phase 1 (Apr 30, 2020)
- foreign currency deposits are now eligible
- deposits with terms > 5 years now covered
Phase 2 (Apr 30, 2021)
- RESP/RDSP deposits are now covered
Full details are here
Apr 6th, 2019 7:50 am
Apr 6th, 2019 11:00 am
Apr 6th, 2019 4:32 pm
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Apr 6th, 2019 10:12 pm
Apr 7th, 2019 10:15 am
Apr 7th, 2019 10:54 am
The only scenario where that could occur would be something much worse than the Great Depression (i.e. it ain't going to happen and it would be unreasonable to insure for such an eventuality; if it did happen, the social, economic and political chaos would likely mean deposits are the least of peoples' worries).
Apr 7th, 2019 10:59 am
BC Credit Union deposit insurance already covers:
Apr 7th, 2019 3:23 pm
Afaik DICO in Ontario won't cover forex deposits. MB & SK do. Not sure about other provinces.robsaw wrote: ↑ BC Credit Union deposit insurance already covers:
• Chequing accounts
• Joint accounts
• Trust accounts
• Term deposits (with no limit on the length of the term to maturity)
• GICs (that are in the form of money on deposit with a BC credit union)
• Foreign currency deposits
• Registered and tax-free savings accounts
Believe it is similar everywhere else except Quebec.
Apr 8th, 2019 1:43 am
Apr 8th, 2019 6:28 am
Apr 8th, 2019 11:35 am
Apr 8th, 2019 12:05 pm
The housing bear makes a good point.robsaw wrote: ↑ The only scenario where that could occur would be something much worse than the Great Depression (i.e. it ain't going to happen and it would be unreasonable to insure for such an eventuality; if it did happen, the social, economic and political chaos would likely mean deposits are the least of peoples' worries).
Apr 9th, 2019 7:02 am
Because people have accounts with smaller banks as they chase higher interest rates on savings accounts, especially here of all places.
Apr 9th, 2019 11:30 am
Whenever i hear this what if scenario... I start to illustrate in what 'realistic' scenarios would this happen.
May 29th, 2019 10:18 pm
May 31st, 2019 9:42 pm
I'm sure you probably already knew this, @titaniumtux, but it's worth noting that the foreign currency deposit coverage will be included within one's Canadian dollar denominated deposits within a specific deposit category (and per depositor, of course). While not all the details have been ironed out, for the purposes of deposit limit calculation, the foreign currency deposit balances will be calculated daily at, presumably, the Bank of Canada's published noon foreign exchange rate in Canadian dollar equivalent terms. So, be mindful that $100,000 USD does not equal $100,000 USD in CDIC deposit insurance, if that matters to you. At current exchange rates, you'd be limited to about $75,000 USD.
May 31st, 2019 9:45 pm
Your point is well taken, but in almost all cases of bank failures, CDIC just arranges an asset and liability assumption and/or sale to another CDIC member institution. However, CDIC does only have about $5 billion in short-term money market and AAA rated government and corporate bonds and a $22 billion borrowing limit (which can be increased) with the Government of Canada through the Consolidated Revenue Fund. There were about $730 billion in CDIC insured deposits (the actual amount of deposits is over a trillion, perhaps trillions.
May 31st, 2019 9:46 pm