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Email this2:31 pm
January 12, 2019
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.
'Maybe' . . .
https://www.canada.ca/en/department-finance/programs/consultations/2025/deposit-insurance-review-paper.html
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Time will tell,
- Dean
" Live Long, Healthy ... And Prosper! "
2:57 pm
September 7, 2018
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Dean said
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'Maybe' . . .Today's BNN News Article Link: https://www.bnnbloomberg.ca/business/2025/07/22/federal-government-considers-raising-deposit-insurance-limit-to-150000/
Time will tell,
Dean
Good idea - of course the banks will pay more in premiums to the CDI Corporation and bank customers will pay more (to the banks since the banks need to maintain and augment their profits. (Being both a bank customer and shareholder, this is all good!)
4:15 pm
January 12, 2019
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Ditto ⬆️ ... I'm a customer of one, and a shareholder of three of the Big 5 (now 6?).
Yup ... I say Go-For-It, and raise that CDIC limit to $150K❗
Personally, in this day & age, I'd like to see it go to $300K (or more), but Anything above $100K is welcome.
Fingers X'ed that it happens,
- Dean
" Live Long, Healthy ... And Prosper! "
4:50 pm
October 27, 2018
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Dean said
.
Ditto ⬆️ ... I'm a customer of one, and a shareholder of three of the Big 5 (now 6?).Yup ... I say Go-For-It, and raise that CDIC limit to $150K❗
Personally, in this day & age, I'd like to see it go to $300K (or more), but Anything above $100K is welcome.
Fingers X'ed that it happens,
Dean
As a sidenote, the FDIC limit in the USA is $250,000 (us).
6:47 pm
April 6, 2013
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From the invitation for submissions after reviewing the consultation paper:
Join In
The government has been undertaking a review of the federal deposit insurance framework, including a public consultation process. This work is being led by the Department of Finance Canada, in collaboration with the Canada Deposit Insurance Corporation and other financial sector agencies.This consultation seeks views and feedback on what changes to the deposit insurance framework, if any, are necessary to best support the evolving needs of Canadians and uphold financial stability.
Specifically, the department is considering the following potential improvements and would like to hear your views:
- Increasing the deposit insurance limit to $150,000 per deposit category;
- Providing a deposit insurance limit of $500,000 per deposit category to non-retail depositors;
- Extending coverage for temporary high balances for depositors experiencing significant life events, for an enumerated list of life events; for a period of six months; and with a deposit insurance limit of $1 million;
- Streamlining the framework to four categories by merging the registered and tax-free categories and making coverage for the merged category unlimited; and
- Enhancing depositor understanding through improved disclosure to require that a CDIC member institution provide its customers with tailored information explaining the amount of insured deposits that are held at that member institution for that customer.
The department welcomes views with respect to these and other potential enhancements to the framework.
We also invite you to submit any additional comments or feedback relevant to the scope of this consultation. Send us your official documentation by email or by mail.
…
6:56 pm
April 6, 2013
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Some interesting statistics from the consultation paper:
| Deposit Insurance Limits of G7 Countries3 | |
| Country | Coverage/Limit |
| Canada | 9 Categories each at $100,000 CAD |
|---|---|
| United States | 14 Categories each at US$250,000 ($349,225.00 CAD) |
| United Kingdom | £85,000 ($157,547.50 CAD) |
| France, Germany, Italy | €100,000 ($156,200CAD) |
| Japan | ¥10,000,000 ($95,220 CAD) |
| Percentage of Eligible Deposit Accounts Fully Protected | |||
| Depositor Type | $100,000 limit | $150,000 limit | $250,000 limit |
| Retail | 96.33% | 97.97% | 98.97% |
|---|---|---|---|
| Non-retail | 91.32% | 94.87% | 96.67% |
| All | 95.48% | 97.44% | 98.58% |
| Data source: Data and System Requirements data collected by CDIC as part of the 2023 Deposit Insurance Study. | |||
7:54 pm
March 15, 2019
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Patch002 said
As a sidenote, the FDIC limit in the USA is $250,000 (us).
8:23 pm
November 19, 2022
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Patch002 said
As a sidenote, the FDIC limit in the USA is $250,000 (us).
The US is always two steps ahead of Soviet Canada.
11:55 pm
April 6, 2013
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US banking is ahead of Canada not in a good way.
According to the Forbes article Coin cited, they have a very different idea of what is uncommon for bank failures:
In the wake of the Great Recession, it was typical to see dozens—if not hundreds—of bank failures each year. This slowed significantly from 2015 to 2020, when the U.S. saw an average of fewer than five bank failures per year. Zero banks failed in both 2021 and 2022.
Bank collapses were similarly uncommon in the early 2000s. From 2001 to 2007, the U.S. saw an average of just 3.57 bank failures per year.
3:52 am
December 20, 2019
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Wealth Simple has 1 million insurance and with their generational account you get 2% Cashback with no foreign exchange fees.
It really doesn't get any better than... unless you count their metal card surprising you in the mail.
5:04 am
March 30, 2017
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Norman1 said
US banking is ahead of Canada not in a good way.According to the Forbes article Coin cited, they have a very different idea of what is uncommon for bank failures:
In the wake of the Great Recession, it was typical to see dozens—if not hundreds—of bank failures each year. This slowed significantly from 2015 to 2020, when the U.S. saw an average of fewer than five bank failures per year. Zero banks failed in both 2021 and 2022.
Bank collapses were similarly uncommon in the early 2000s. From 2001 to 2007, the U.S. saw an average of just 3.57 bank failures per year.
but US banking system has many many regional smallish banks, while Canada is just big 6 plus a few more. So US baking system seeing X times more failure is not surprising.
6:41 am
March 15, 2019
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"On March 10, 2023, Silicon Valley Bank (SVB) failed after a bank run, marking the third-largest bank failure in United States history and the largest since the 2007–2008 financial crisis. It was one of three bank failures, along with Silvergate Bank and Signature Bank, in March 2023 in the United States." And I think a bunch of S & L's over the years.
In Canada we had Home Trust and PACE Credit Union.
6:56 am
December 18, 2024
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COIN said
In Canada we had Home Trust and PACE Credit Union.
And where do we stand today with Home Trust???
9:25 am
January 12, 2019
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All's Good @ Home Trust ⬆️ ... and has been for some time now.
Warren stepped in and helped them make things right.
CDIC insurance didn't have to be triggered.
'All's Well That Ends Well'
- Dean
" Live Long, Healthy ... And Prosper! "
11:13 am
September 29, 2017
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Norman1 said
From the invitation for submissions after reviewing the consultation paper:Join In
The government has been undertaking a review of the federal deposit insurance framework, including a public consultation process. This work is being led by the Department of Finance Canada, in collaboration with the Canada Deposit Insurance Corporation and other financial sector agencies.This consultation seeks views and feedback on what changes to the deposit insurance framework, if any, are necessary to best support the evolving needs of Canadians and uphold financial stability.
Specifically, the department is considering the following potential improvements and would like to hear your views:
- Increasing the deposit insurance limit to $150,000 per deposit category;
- Providing a deposit insurance limit of $500,000 per deposit category to non-retail depositors;
- Extending coverage for temporary high balances for depositors experiencing significant life events, for an enumerated list of life events; for a period of six months; and with a deposit insurance limit of $1 million;
- Streamlining the framework to four categories by merging the registered and tax-free categories and making coverage for the merged category unlimited; and
- Enhancing depositor understanding through improved disclosure to require that a CDIC member institution provide its customers with tailored information explaining the amount of insured deposits that are held at that member institution for that customer.
The department welcomes views with respect to these and other potential enhancements to the framework.
We also invite you to submit any additional comments or feedback relevant to the scope of this consultation. Send us your official documentation by email or by mail.
…
"4. Streamlining the framework to four categories by merging the registered and tax-free categories and making coverage for the merged category unlimited; "
This change would effectively REDUCE the total coverage, to offset any increase elsewhere. That would not be favourable.
For those that have both RRSPs and TFSAs, this could have a huge impact.
1:02 pm
November 3, 2022
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I sent in my feedback to the Dept. of Finance by email, as they suggested.
I respectfully called for a $250,000 limit on individual accounts, pointing out that this would allow me to consolidate three or four bank accounts that exist solely to stay under the current limit. There is no added value to anyone from having these multiple accounts to maintain insurance coverage.
I also called for whatever the new limit is to be calibrated by the same annual adjustment made to CPP payments so that we don't have to wait another 20 years for insurance to (partly) catch up with inflation.
1:29 pm
March 14, 2023
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smayer97 said
"4. Streamlining the framework to four categories by merging the registered and tax-free categories and making coverage for the merged category unlimited; "
This change would effectively REDUCE the total coverage, to offset any increase elsewhere. That would not be favourable.
For those that have both RRSPs and TFSAs, this could have a huge impact.
If the merged category has unlimited coverage, how would that reduce total coverage?
3:38 pm
January 12, 2019
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Rail Baron said
I sent in my feedback to the Dept. of Finance by email, as they suggested.
I respectfully called for a $250,000 limit on individual accounts, pointing out that this would allow me to consolidate three or four bank accounts that exist solely to stay under the current limit. There is no added value to anyone from having these multiple accounts to maintain insurance coverage.I also called for whatever the new limit is to be calibrated by the same annual adjustment made to CPP payments so that we don't have to wait another 20 years for insurance to (partly) catch up with inflation.
Well done ⬆️ Rail Baron ... 'All' of us should do that❗
There is no Email Address mentioned in the article, linked in Post #1. To help us out, what's the best Email Address to send that feedback to ?
Thanks,
- Dean
" Live Long, Healthy ... And Prosper! "
4:01 pm
January 12, 2019
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Dean said
Well done ⬆️ Rail Baron ... 'All' of us should do that❗
There is no Email Address mentioned in the article, linked in Post #1. To help us out, what's the best Email Address to send that feedback to ?
Thanks,
Dean
I think I just found the answer . . .
I'll be drafting an email this evening. Fingers Crossed that Many More (if not All) of us will do the same.
"The Squeaky Wheel Gets The Grease❗"
- Dean
" Live Long, Healthy ... And Prosper! "
4:45 pm
November 3, 2022
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Dean said
Dean said
Well done ⬆️ Rail Baron ... 'All' of us should do that❗
There is no Email Address mentioned in the article, linked in Post #1. To help us out, what's the best Email Address to send that feedback to ?
Thanks,
Dean
I think I just found the answer . . .
I'll be drafting an email this evening. Fingers Crossed that Many More (if not All) of us will do the same.
"The Squeaky Wheel Gets The Grease❗"
Dean
Yes - that link contains the email address where the Dept. of Finance is receiving input in both official languages.
Here is the full message that I wrote:
Hello,
I respectfully submit that your department's proposed increase in CDIC coverage for individual accounts to $150,000 is too low.
$250,000 would be a more appropriate insurance limit, given the long delay in increasing CDIC limits since 2005. Twenty years is far too long to wait in increasing insurance.
I now have many more accounts with banks and credit unions than I'd otherwise have if insurance limits had increased over the past 20 years. These multiple accounts do little to help me, or the banks and credit unions that issue them to me.
Whatever the new limit is, it should also come with an automatic annual adjustment that matches the increase in CPP or OAS benefits to account for inflation. That way, there will not be another two decade gap in keeping Canadians' savings adequately insured.
Thank you for considering this input,
Please write your comments in the forum.