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Email this5:33 pm
March 15, 2019
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Some dude just won $60mm tax-free.
Bocheng Mei
Bocheng Mei, a 26-year-old software professional from Toronto, won the $60 million Lotto 6/49 Gold Ball jackpot in the May 7, 2025 draw. He credits two key decisions for his win: first, he signed up for OLG.ca to purchase tickets online and opted into the "Never Miss A Draw" subscription, which automatically entered him into each draw. The second decision was to answer a call from an unknown number, which turned out to be from the Ontario Lottery and Gaming Corporation (OLG) representative asking him to check his account. Upon discovering his win, he expressed disbelief and shared the news with his parents, stating he plans to use the money to further his education and travel.
CityNews Toronto
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CityNews Toronto
Toronto man wins $60M Lotto jackpot after buying ticket online
Global News
Toronto man learns he won $60M lottery prize, then jumps into work call
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CityNews Toronto
Toronto man wins $60M Lotto jackpot after buying ticket online
Bocheng Mei became Ontario's newest multi-millionaire after purchasing his ticket online through OLG.ca . Photo: OLG. MORGAN KITCHEN 2023 Posted July 28, 2025 10:26 am. Last Update…
https://toronto.citynews.ca › olg-lotto-jackpot-gold-ball-may-winner-toronto
"Global News
Toronto man learns he won $60M lottery prize, then jumps into work call
WATCH: Torontonians share how winning the latest Gold Ball Jackpot would change their life – Sep 28, 2023 A 26-year old software professional from Toronto won the $60 million jackp…
https://globalnews.ca › news"
8:26 am
November 3, 2022
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I bet those big lottery winnings will migrate offshore pretty fast, and that CDIC insurance won't be an issue for the lucky fellow.
7:06 am
March 15, 2019
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Rail Baron said
I bet those big lottery winnings will migrate offshore pretty fast, and that CDIC insurance won't be an issue for the lucky fellow.
How safe is your money offshore?
Life lesson #2
I knew a women whose parents moved to South Africa. They deposited their money in a South African bank and lost it all. Last I heard they came back to Canada and are living in their daugther's one bedroom apartment.
BTW: South Africa has nice weather and one can also easily hire servants.
8:02 am
April 6, 2013
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COIN said
How safe is your money offshore?
Life lesson #2
I knew a women whose parents moved to South Africa. They deposited their money in a South African bank and lost it all. Last I heard they came back to Canada and are living in their daugther's one bedroom apartment.
…
Bank deposit insurance is not universal. This is from a May 2017 discussion paper Designing a deposit insurance scheme for South Africa from the South African Reserve Bank:
There are currently no explicit arrangements in place to protect depositors in the event of a bank failure. In the past, government compensated depositors for their losses on a case-by-case basis, which meant that taxpayers had to bear the cost of the failure of individual commercial enterprises, albeit indirectly. As government’s ability and willingness to pay for the cost of banks’ failures has diminished, there is uncertainty about which depositors should be compensated in the event of a bank failure, the amount such compensation should be, and where the funding should come from.
South Africa's Corporation for Deposit Insurance (CODI) became operational in April 2024!
8:19 am
August 4, 2010
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Note that the South African R100,000 coverage seems to convert to only around CAD$7700 if I didn't mix up something, so no complaining about CDIC limits... 
12:08 pm
January 12, 2019
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.
No offence, but that's ⬆️ not such a good example. SA is halfway round the world, and a longtime troubled country, with a very different economy.
Maybe try this example instead . . .
- USA: 14 Insured categories @ US$250,000 ($349,225.00 CAD) Each.
.
That's a Much Better closer-to-home realistic example, of why our CDIC limits are Well Overdue for a 'Major Upgrade'.
- Dean
" Live Long, Healthy ... And Prosper! "
1:00 pm
March 15, 2019
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Not to pick on SA but my friend's parents chose to retire to SA because:
1) Weather is nice year-round
2) Housing is cheaper
3) Servants can take care of your normal needs
4) The CAD and USD goes a lot further
Of course there are also negatives which I'm sure I don't need to explain here.
On the other hand I vaguely know one couple who retired to Belize.
https://en.wikipedia.org/wiki/Belize
9:19 am
December 18, 2024
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Does any one have a "crystal ball" idea of when we might see a decision what CDIC coverages will change and when will the implementation date be in place??
Edit: I see the last change took 4 years.
10:20 am
January 12, 2019
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.
I'd like to know too ⬆️, but . . .
The process is just in the Early Review Stage now. Implementation (if any), is a long way from even being scheduled.
Stay Tuned & Cross Our Fingers,
- Dean
" Live Long, Healthy ... And Prosper! "
1:05 pm
April 6, 2013
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Department of Finance just started the consultations on July 22. Comments and proposals are being accepted until September 26:
The government invites all interested Canadians and stakeholders to review the consultation paper and to email their comments on the questions and proposals by September 26, 2025, to DepositInsuranceReview-….gc.ca with “Deposit Insurance Review” as the subject line.
Any changes to the $100,000 limit will need Parliament to amend the CDIC Act. That limit is explicitly set in section 12:
Duty to insure
12 The Corporation shall insure each deposit with a member institution except
(a) a deposit that is not payable in Canada;
(b) a deposit in respect of which Her Majesty in right of Canada would be a preferred claimant; and
(c) so much of any one deposit as exceeds one hundred thousand dollars.
9:09 am
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.
So how many of us here are going to follow Rail Baron's lead ⬆️❓
We on this site are Famous for complaining about the Low CDIC coverages. Now we have an opportunity to make positive suggestions to those who are in the decision making process. It's time to ... 'Step Up To The Plate'❗
For those who may have missed it, this is where you start . . .
.
Some of us here have already done this ... Who's Next❓
- Dean
" Live Long, Healthy ... And Prosper! "
10:17 am
May 24, 2016
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I wrote!
1:55 am
February 7, 2019
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Dean said
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.
So how many of us here are going to follow Rail Baron's lead ⬆️❓
We on this site are Famous for complaining about the Low CDIC coverages. Now we have an opportunity to make positive suggestions to those who are in the decision making process. It's time to ... 'Step Up To The Plate'❗
For those who may have missed it, this is where you start . . .
.
Some of us here have already done this ... Who's Next❓Dean
I did too ...
| CGO |
7:10 am
March 15, 2019
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Question: Has anybody lost money in the last 50 years with a Canadian financial institution?
I think the Canadian government and/or the industry has always arranged a rescue.
7:59 am
April 6, 2013
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Yes, Principal Group failure in the 1987.
Took until 2001 for people to receive 90% of their money back. See previous post.
There would have been losses to uninsured depositors of Northland Bank and Canadian Commercial Bank in 1985 if it hadn't been for public statements from regulators and governments that the banks were fine now, months before they failed.
3:12 pm
October 27, 2013
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As have I commented. The 5 proposals as presented seem reasonable with a few caveats (builds) that I commented on. Specifically, I suggested tying insured coverage increases to CPI in $10k increments (TFSA kind of approach) and suggested selective upgrades for Temporary Coverage.
8:57 am
September 15, 2017
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This is the email address for submissions:
DepositInsuranceReview-Examenducadredassurancedepots@fin.gc.ca with "Deposit Insurance Review" as the subject line.
Note that the last review in 2014 took 4 years to implement changes!
8:49 am
January 12, 2019
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.
Given what Peter pointed out in his latest August newsletter (Savers Roundup August 2025), a CDIC limit increase to $150K would constitute 'No' increase at all, when 20 years of inflation are factored in . . .
- "20 years ago (in 2005), the CDIC coverage limit per deposit category was increased from $60K to $100K. Now, the federal government is considering raising that limit from $100K to $150K. That would follow quite closely to inflation, as the Bank of Canada’s own inflation calculator returns a roughly 54% inflation increase between 2005 and 2025."
Each and every one of us should be petitioning the DoFC for a 'Much' Higher limit ($250K ... $300K ... etc.). For those who haven't done so already (most of us here?) this is where you start (DoFC email address is included) . . .
.
"Speak now, or forever hold your peace", also applies here.
- Dean
" Live Long, Healthy ... And Prosper! "
9:10 am
October 27, 2013
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FWIW, my response said $150k is fine (based on inflation since the last change) and to make further increases automatically in line with CPI increases at logical intervals. I object to a need for more than $150k per non-registered account except in the Temporary High Balances for things like RE transactions, Estate accounts, etc. That would fix a number of vulnerabilities.
None of us need more than that kind of cash sitting around in non-registered bank accounts without taking some personal responsibility for same.
Note the proposal is for unlimited balances in registered and tax free accounts where the bulk of funds should be longer term anyway. I would suggest one needs to think about this sort of thing more logically (in an overall context of all the proposals collectively) than just shoot for the moon without solid reasons to do so (unreasonable proposals will be ignored anyway).
11:17 am
April 6, 2013
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The consultation is not really a poll or a vote. It won't take more than one person to send in a good idea for the government to accept the idea and implement it. Government will consider and reject ideas that aren't considered to be good policy, like an unlimited or a really high limit for deposit insurance.
One of the proposals is to combine the separate categories for registered accounts into a single category and have "unlimited" deposit insurance for that combined category. But, that category isn't not going to have unlimited deposit insurance should it be implemented. The discussion paper explains how that proposed "unlimited" coverage would be limited:
… For example, if the deposit insurance categories for registered and tax-free products were merged (see the option of four categories in Figure 2 above), deposit insurance coverage could be made unlimited (i.e., no limit). Amounts held in registered and tax-free categories are otherwise limited by tax rules set under the Income Tax Act. This could streamline the framework while still maintaining an effective limit through the tax rules. Such an approach is not unlike the approach taken by the provinces of Ontario and Prince Edward Island, where registered accounts (e.g., RRSP, RRIF, TFSA) have unlimited coverage.
Please write your comments in the forum.