Technically an individual has up to 500K covered with same institution as long as you have a max of 100K in chequing/saving/any unregistered saving (this is one account category so combined across these accounts 100K max covered) and another 100K covered in your TFSA savings/gic account + another 100K covered in your RRSP saving/gic account + another 100K covered in non-reg joint savings account with spouse + another 100K in RRIF. So yes, you are right. Reg and non-reg are different categories of deposits so you have separate coverage.Messerschmitt wrote: ↑ Just to confirm, would a savings account and TFSA savings account be considered separate under CDIC 100k's if they are at the same financial institution and under the same name? So do I have 100k insured or up to 200k?
I know about joint accounts being considered different at the same institution but not sure about registered/non registered
Ok thanks, so non registered account (ex. Savings) is separate to registered account (ex. TFSA HISA, GIC, etc) right? Therefore I should have 100k insured for each non registered HISA (100k) and TFSA HISA (100k) with the same institution under my name for a total of 200k?sunbat wrote: ↑ Technically an individual has up to 500K covered with same institution as long as you have a max of 100K in chequing/saving/any unregistered saving (this is one account category so combined across these accounts 100K max covered) and another 100K covered in your TFSA savings/gic account + another 100K covered in your RRSP saving/gic account + another 100K covered in non-reg joint savings account with spouse + another 100K in RRIF. So yes, you are right. Reg and non-reg are different categories of deposits so you have separate coverage.
Here is a deposit insurance estimator from CDIC website to play with:
https://www.cdic.ca/about-deposit-insur ... estimator/
Yes, that's correct.Messerschmitt wrote: ↑ Ok thanks, so non registered account (ex. Savings) is separate to registered account (ex. TFSA HISA, GIC, etc) right? Therefore I should have 100k insured for each non registered HISA (100k) and TFSA HISA (100k) with the same institution under my name for a total of 200k?
CDIC is a federal crown corporation so a part of government of Canada similar to CMHC. You dont have to apply for this insurance and you dont need to file a claim in case institution goes under. As long as you have eligible deposits and upto the limit of coverage, you will be made whole. There have been 43 failures since CDIC was created by parliament act in 1967. Last institution failure was in 1996. So you are right. Banks dont go under every day but it has happened in past.HyperTech wrote: ↑ With the recent manulife promo, i have read alot of people concern about that insurance up to 100k...but did anybody ever see someone actually claim it or use it? I understand its an insurance and everything but, like any insurance they goal is too make money and not pay(or pay less as possible) when there is any claim.
Why this insurance make you all think its safer? I mean, unless you put your money in somekind of weird or sketchy bank, i don't think there is anything to worrie, even more than 100k. Maybe i am wrong, is someone care to explain?
Insurance is just one aspect of government regulation of banks that makes the creation of a "weird or sketchy bank" highly improbable in Canada. There are other than "bank" deposit-taking financial institutions that are very slightly less solid (Credit Unions, etc) but unless you have a vast fortune, the chances of any Canadian-based financial institution going under and NOT having insurance cover the deposits are extremely slim and historically beyond rare.
I think with the upcoming changes in April 30,2020 there will be 8 categories or 800,000 possible coverage in one FI:
