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Email this3:28 pm
The CDIC covers up to $100,000. If for example, you have $100,000 on your Peoples Trust Savings Account and another $20,000 on your Peoples Trust TFSA. Is the $20,000 covered by CDIC as well? Also, how about your money on other banck and on your spouse account?
Thanks in advanced!
7:16 pm
December 12, 2009
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A TFSA is covered only within one's individual deposit limit at that CDIC member institution unlike an RRSP or RRIF, which are insured separately.
Additionally, if you have a business account and that business is unincorporated, the business deposits of the CDIC member institution are CDIC insured but insured under one's own, personal individual deposit limit.
Cheers,
Doug
8:57 am
August 4, 2010
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Actually, I believe Doug is incorrect (no offense), and TFSAs are a separate category. The CDIC site says that
CDIC insures eligible deposits held in TFSAs separately from other types of savings.
Check the linked CDIC page for details.
7:38 am
December 12, 2009
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NorthernRaven said:
Actually, I believe Doug is incorrect (no offense), and TFSAs are a separate category. The CDIC site says that
CDIC insures eligible deposits held in TFSAs separately from other types of savings.
Check the linked CDIC page for details.
Oh, I stand corrected then. I was basing this information on what I "knew" when TFSAs first came out in 2009 and there was quite a bit of confusion in regards to how TFSAs are insured - CDIC-wise.
I remain confident in the part about sole proprietorship commercial deposits, however.
Cheers,
Doug
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