TFSA CDIC Guarantee?

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Rockslinger

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I have a non-registered savings account and also a TFSA with the same financial institution. I spoke to a few people and am getting conflicting information:confused:. Does the $100,000 CDIC guarantee apply separately to each account for a total of $200,000 coverage?
 
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dunkula

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Depends on what investments you hold in your TFSA ( mutual funds and stocks are not covered ) GIC's and other term deposits of 5 years or less are covered. The $100,000 coverage is not per account rather total of all eligible investments with that particular financial institution
 
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Rockslinger

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dunkula said:
Depends on what investments you hold in your TFSA ( mutual funds and stocks are not covered ) GIC's and other term deposits of 5 years or less are covered. The $100,000 coverage is not per account rather total of all eligible investments with that particular financial institution
Click to expand...
I have very simple invests. The money is in a daily interest savings account in both the non-registered and TFSA. That this mean my total CDIC coverage is only $100,000?
 
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GPIDEAL

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CDIC was never unlimited and was only meant to be for the aggregate of your deposits. I remember when the limit was $60,000.
 
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GPIDEAL

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Rockslinger said:
I have very simple invests. The money is in a daily interest savings account in both the non-registered and TFSA. That this mean my total CDIC coverage is only $100,000?
Click to expand...
If you are concerned about insurance protection, maintain deposits with different banks.
 
O

oil&gas

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If I have a cash reserve far bigger than $100,000 and insurance against
bank runs is on my mind I'll just park my money in a government T-bill fund.
For me to have that much spare cash I must already have a steady stream
of income from other securities like preferred shares, bonds and dividend
stocks. The dismal interest return from a typical T-bill fund is just a price to
pay for guaranteed safety of my deposit.
 
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iamasian

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CDIC covers $100,000 per bank, including their bank subsidiaires.
Example: CIBC and PCF are one institution.

CIPF (Canadian Investor Protection Fund) covers up to $1MM but Not sure if it's per firm.
 
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dunkula

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Rockslinger said:
I have very simple invests. The money is in a daily interest savings account in both the non-registered and TFSA. That this mean my total CDIC coverage is only $100,000?
Click to expand...

I don't see why your worried about your TFSA cdic coverage if your $ are in a daily interest savings a/c ( earning close to nothing...maybe 0.5% ) Even if you maxed out your contribution ( $25,500 ) it's gonna take decades for your savings to accumulate level even remotely close to 100K
 
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Malibook

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dunkula said:
I don't see why your worried about your TFSA cdic coverage if your $ are in a daily interest savings a/c ( earning close to nothing...maybe 0.5% ) Even if you maxed out your contribution ( $25,500 ) it's gonna take decades for your savings to accumulate level even remotely close to 100K
Click to expand...
"I have a non-registered savings account and also a TFSA with the same financial institution.

The money is in a daily interest savings account in both the non-registered and TFSA."
 
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