Are your deposits at Canadian financial institutions safe? Mar 21st

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What Does Silicon Valley Bank’s Collapse Mean for Canadians? Mar 25th

The collapse of Silicon Valley Bank, or SVB, earlier this month has been sending shockwaves throughout North America’s tech and banking industries. The lender, based in Santa Clara, Calif., had clients that included start-ups like HR and payment firm Rippling and major tech companies like Roku. It.... More »
 house insurance

How to calculate the taxable amount for a cashed-in whole life insurance policy + MORE Apr 18th

Ask MoneySense I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whate.... More »
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How GreenShield+ Will Revolutionize Canada’s Health Care and Benefits Experience  Apr 14th

Imagine it’s a Monday morning and you’ve woken up with a fever and a pounding headache. Instead of waiting in line at a nearby walk-in clinic, you reach for your phone, open an app and connect with a doctor in a matter of minutes. Do you require medication? Imagine receiving a prescription in re.... More »
 renter's insurance

When should you sell a used car? + MORE Mar 29th

Even before that unmistakable new-car smell disappears, a new car has become a depreciating asset—it’s no longer worth what you paid for it, and it will keep losing value over time. Huge downer, right? While you can’t avoid car depreciation, you can reduce how much value your new ride loses. Y.... More »
 car insurance

Making sense of the markets this week: April 2, 2023 Apr 2nd

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors. Freeland fires again at Canadian Banks There are several big-picture looks at the important aspects of the Canadian federal budget .... More »
Ask MoneySense
We live in Ontario, and in light of the current banking problems in the U.S., we are a bit concerned about our investments.

They are held at three different banks at the moment and are largely in GICs and high-interest savings accounts.

We are aware that up to $100,000 is insured through the CDIC (Canada Deposit Insurance Corporation) at each bank, but at the one bank where we have our TFSAs, we are over that amount.

What would you suggest we should do?

—Mrs. B

The risks of exceeding deposit limits at Canadian banks

Silicon Valley Bank (SVB) failed in March and was taken over by the U.S. Federal Deposit Insurance Corporation. SVB’s customers were primarily venture-backed tech startups, but the bank was hardly a small player. It was the 16th-largest bank at the time it failed, and its failure was the second largest in U.S. history.

The two primary issues with SVB were questionable risk management and high uninsured deposits. The bank did not manage its interest rate risk well, having a lot of short-term deposits invested in long-term bonds…

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