Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Play it safe and ask if your savings are protected
– moneysense.ca
All of us expect our savings to be safe when we deposit them at the bank. However, although it’s rare, banks and other financial institutions in Canada can fail, so you might want to make sure your savings are protected. The next time you visit your branch or meet with your financial advisor, ask about deposit insurance. It’s free and automatic to depositors at Canada Deposit Insurance Corporation (CDIC) member institutions.
CDIC is the federal Crown corporation that protects the savings of Canadians in the event their bank fails. If you have an eligible account held in Canadian dollars at a CDIC member institution, you are automatically protected up to $100,000.
Some important facts about CDIC
You don’t need to sign up—Deposit insurance is automatic for eligible deposits in Canadian dollars at CDIC member institutions.
You don’t have to pay—Member institutions pay for deposit insurance through annual premiums.
How it works
Whether you are new to the workforce or planning for retirement, it’s important to know how CDIC works so you can make informed decisions when managing your savings…
