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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The best GIC rates in Canada for 2024 + MORE Jul 9th
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The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Compare highest rates
Why trust us
MoneySense is an award-winning.... More »
Can You Afford to be a Single-Income Family? Jan 27th
According to recent RateSupermarket research, roughly half of Canadians admit to changing their minds about their desired family size due to the associated costs.
They may be on to something. As authors Elizabeth Warren and Amelia Tyagi note in their book, The Two-Income Trap: Why Middle-Class Moth.... More »
The best GIC rates in Canada for 2024 Jun 28th
Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Compare highest rates
Why trust us
MoneySense is an award-winning.... More »
TD Cash Back Visa Card review Oct 28th
There isn’t much that rings sweeter than cash in your pocket, which is precisely the allure of the cash back credit card. Canada’s Big Five banks (and many smaller ones too) offer a wide range of credit cards that allow you to accumulate cash rewards simply by using them. And to maximize those r.... More »
The worst is yet to come for Canada's big banks and their energy loans Feb 26th
This week has given us the first peek at how Canada's big banks are faring in the world of low oil prices. Losses so far have been modest. But banks know that deeper losses are likely in the future..... More »
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…
