Comments on: CDIC Coverage is expanding | Separate RESP & RDSP coverage coming https://www.moneywehave.com/cdic-coverage-is-expanding/ Personal Finance and Budget Travel for Canadians Mon, 18 Apr 2022 05:24:32 +0000 hourly 1 https://wordpress.org/?v=7.0 By: Barry Choi https://www.moneywehave.com/cdic-coverage-is-expanding/#comment-215905 Sat, 09 Apr 2022 00:12:41 +0000 https://www.moneywehave.com/?p=772241#comment-215905 In reply to Jim R.

Jim,

That’s correct. The funds would need to be in 3 separate eligible accounts.

]]> By: Jim R https://www.moneywehave.com/cdic-coverage-is-expanding/#comment-215904 Sat, 09 Apr 2022 00:05:39 +0000 https://www.moneywehave.com/?p=772241#comment-215904 In reply to Barry Choi.

Since we are talking about 3 savings accounts; that’s three accounts in the same category at the same bank. As such, the total coverage for the 3 would be just $100,000, no? To get $100,000 coverage for each account, the 3 accounts would have to be in 3 different categories, I believe.
If you want $100,000 coverage for 3 savings accounts, you’d have to put each one in a different bank.

This is why it says above “you could have up to $800,000 in coverage”. There are 8 categories, and 8 x $100,000 is $800,000.

]]> By: Barry Choi https://www.moneywehave.com/cdic-coverage-is-expanding/#comment-215844 Mon, 28 Mar 2022 12:14:47 +0000 https://www.moneywehave.com/?p=772241#comment-215844 In reply to M.Gruber.

Seems like 1985 was the last time a bank failed.

https://www.cdic.ca/your-coverage/deposit-protection-for-all-life-stages/cdic-articles/bank-failures-in-canada-a-history/

https://www.bankofcanada.ca/wp-content/uploads/2010/07/bank.pdf

]]> By: M.Gruber https://www.moneywehave.com/cdic-coverage-is-expanding/#comment-215843 Mon, 28 Mar 2022 11:40:08 +0000 https://www.moneywehave.com/?p=772241#comment-215843 Do you have the dates and the who ( bank ) s that have failed? Has there ever been payouts ?

]]> By: Barry Choi https://www.moneywehave.com/cdic-coverage-is-expanding/#comment-215836 Fri, 25 Mar 2022 20:11:51 +0000 https://www.moneywehave.com/?p=772241#comment-215836 In reply to Ann.

Hi Ann,

As long as the total combined eligible funds don’t exceed $100,000, you’d be covered.

]]> By: Ann https://www.moneywehave.com/cdic-coverage-is-expanding/#comment-215835 Fri, 25 Mar 2022 19:47:52 +0000 https://www.moneywehave.com/?p=772241#comment-215835 Will I be covered for both if I have 2 TFSA accounts at the same bank?

]]> By: Barry Choi https://www.moneywehave.com/cdic-coverage-is-expanding/#comment-215829 Tue, 22 Mar 2022 14:03:00 +0000 https://www.moneywehave.com/?p=772241#comment-215829 In reply to Larry.

Larry,

That is correct.

]]> By: Larry https://www.moneywehave.com/cdic-coverage-is-expanding/#comment-215828 Tue, 22 Mar 2022 14:00:16 +0000 https://www.moneywehave.com/?p=772241#comment-215828 So if you have 3 savings accounts in one name…in one bank are the covered for $100;000 each?

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