Working hard to keep your money safe and protected

Working hard to keep your money safe and protected Most Canadians are confident about putting their money in the bank. Have you ever wondered why that is? Did you know that there is a federal Crown corporation working hard every day to keep your deposits safe? The Canada Deposit Insurance Corporation (CDIC) was established by Parliament in 1967 and has protected Canadian deposits for 50 years. In fact, CDIC has protected nearly 2 million of us from the risk of having our life savings wiped out as a result of the failure of our financial institution. So how exactly has it ensured that no Canadian has ever lost a dollar of deposits under its protection? When CDIC was established, the deposit insurance limit was set at only $20,000. The maximum protection limit was raised over the years and is now set at $100,000 per deposit category. In addition, over the years Parliament extended CDIC’S protection, and it has grown to cover eligible deposits in RRSPS, TFSAS, RRIFS, and even trust accounts. At the end of the day, Canadians are right to be confident that their hard-earned savings will be there when they need them. Eligible deposits are automatically protected. You don’t have to apply, and you don’t have to file a claim in the event your financial institution fails. But not everything is covered. Find more details on CDIC’S 50 years of deposit protection and calculate your level of coverage at www.cdic.ca. www.newscanada.com