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CDIC Insurance Maximum Amount Question
June 3, 2012
3:28 pm
Danilla
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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!

June 3, 2012
7:16 pm
Doug
British Columbia, Canada
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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

June 4, 2012
8:57 am
NorthernRaven
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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.

June 8, 2012
7:38 am
Doug
British Columbia, Canada
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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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