Coverage Chart
The chart below shows how CUDIC’s comprehensive deposit insurance coverage program works for you.
Account Details |
Amount |
Covered |
Not Covered |
|---|---|---|---|
| Chequing account in your name | $20,000 | $20,000 | |
| Savings account in your name | $45,000 | $45,000 | |
| Term deposit maturing in 5 years | $200,000 | $185,000 | $15,000 |
| Total deposits | $265,000 | $250,000 | $15,000 |
| Savings account in spouse’s name | $275,000 | $250,000 | $25,000 |
| Savings account in joint name with spouse | $200,000 | $200,000 | Note 1 |
| RRSP – Contract #1 (your name) | $270,000 | $250,000 | $20,000 |
| RRSP – Contract #2 (your name) | $200,000 | $200,000 | Note 2 |
| RRSP – Contract #3 (spousal) | $250,000 | $250,000 | |
| RRSP – Contract #4 (your name) | $250,000 | $250,000 | |
| RRSP – Contract #5 (for Grandson A) | $50,000 | $50,000 | |
| RRSP – Contract #6 (Spouse’s name) | $250,000 | $250,000 | |
| TFSA – contract #1 (your name) | $270,000 | $250,000 | $20,000 |
| TFSA – contract #2 (your name) | $200,000 | $200,000 | Note 2 |
| Mutual Funds | $50,000 | $50,000 | |
| U.S. dollar Chequing Account | $20,000 | $20,000 | |
| Trust Account for Grandchildren A, B, C (shared equally) | $750,000 | $750,000 | |
| 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. |
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