Coverage Chart

Use these coverage examples to see exactly how your deposits are protected. The scenarios below show what’s fully covered, partially covered, or not covered under CUDIC’s deposit insurance – helping you understand your protection based on your specific account types and amounts.

Personal Accounts

  • Chequing (your name): $20,000 – Fully covered
  • Savings (your name): $45,000 – Fully covered
  • Term deposit (5 years): $200,000  $185,000 covered, $15,000 not covered
  • Total personal deposits: $265,000 – $250,000 covered, $15,000 not covered

Spouse & Joint Accounts

  • Savings (spouse’s name): $275,000 – $250,000 covered, $25,000 not covered
  • Joint savings (with spouse): $200,000 – Fully covered (Note 1)

Registered Plans (RRSPs)

  • RRSP #1 (your name): $270,000 – $250,000 covered, $20,000 not covered
  • RRSP #2 (your name): $200,000 – Fully covered (Note 2)
  • RRSP #3 (spousal): $250,000 – Fully covered
  • RRSP #4 (your name): $250,000 – Fully covered
  • RRSP #5 (for Grandson A): $50,000 – Fully covered
  • RRSP #6 (spouse’s name): $250,000 – Fully covered

Tax-Free Savings Accounts (TFSAs)

  • TFSA #1 (your name): $270,000 – $250,000 covered, $20,000 not covered
  • TFSA #2 (your name): $200,000 – Fully covered (Note 2)

Not Covered

  • Mutual funds: $50,000 – Not covered
  • U.S. dollar chequing account: $20,000 – Not covered

Trust Accounts

  • Trust for Grandchildren A, B, C (shared equally): $750,000 – Fully covered

Note 1 – By transferring $15,000 from your savings account and $25,000 from your spouse’s savings account to your joint savings account, you can achieve full coverage of all deposit accounts.

Note 2 – By transferring $20,000 from contract #1 to contract #2 or a new contract, you can achieve full coverage of your RRSP accounts. The same applies to your TFSA accounts however as contribution limits for TFSA accounts are much lower, it will take considerable time to reach the $250,000 coverage.