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.
| 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 personal deposits | $265,000 | $250,000 | $15,000 |
| Savings account in spouse’s name | $275,000 | $250,000 | $25,000 |
| Joint Savings account 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 (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.