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ore CDIC deposit protection needed for registered retirement investments

Mission Statement


Mission Statement

Do petitions work?

Petition Letters

Summary of
Deposit Insurance Agencies

Other Links

All guaranteed registered retirement investment products held at CDIC member financial institutions - whether RRSPs, RRIFs or LIFs - should carry 100% deposit insurance protection.

Investors conscious of deposit insurance limitations and sensitive to interest-rate returns often choose small or mid-sized institutions for higher retail deposit rates on their retirement deposit accounts.

Canada Deposit Insurance Corporation (CDIC) coverage protects investment deposits to a maximum of $100,000 per individual, per institution. Joint registration is only available for non-registered accounts.

Seniors are becoming concerned that when they are widowed, retirement plan balances transferred to the surviving spouse's name could exceed the insurable value of CDIC deposit protection.

"Over the last few decades, we've seen retiring couples refocus their portfolios towards income-producing investments, choosing secure fixed-rate investments such as GICs or long-term annuities," says Martin Kosterman, a retirement income specialist, investment fund consultant and senior insurance advisor at Fiscal Agents.

The sometimes roller-coaster effect found in the equity markets is less palatable for seniors, as other lifestyle and time-of-life realities unfold. "Choosing the simplicity and protection of fixed-income or conservatively managed accounts is common practice when security outweighs growth," says Kosterman.

Most retirees and pre-retirees have recent memories of dealing with their own parents' financial needs, with liquidity and income requirements playing major roles. With such valuable insights, better planning is being undertaken for their own accounts.

Over time, these individuals have benefited from sound investment planning and accumulated RRSP-type portfolios in excess of the deposit insurance limits. To maintain financial security, additional deposit protection is now needed.

Fifty percent of provinces have realized the need for higher coverage limits for provincially insured retirement deposits, such as those purchased from credit unions, and have much higher limits than CDIC. For example, Alberta, Saskatchewan, Manitoba, PEI, and New Brunswick provincial deposit insurance protection is unlimited at 100%, wherein $100,000,00 B.C, Quebec and Nova Scotia and Newfoundland at $250,000. Ontario provides $100,000.00 per registered account. If the provinces can provide a higher limit for their credit unions why can't the federal government bring its coverage for banks and trust companies in line with current needs?

Do petitions work?

What we've seen in the past is that your voice has made the difference - CDIC Coverage was $60,000. with the help of a investors petition it now stands at $100,000 Follow this link to read about that campaign.

We at Fiscal Agents feel that CDIC coverage should be increased to 100% for registered plans. This probably won't happen anytime soon however without a lobbying effort on the part of the public. We are therefore recommending that all concerned either write directly to the Finance Minister Jim Flaherty or complete one of our preprinted form letters available via the links below, forwarding it to our offices which we will submit in bulk to the Finance Minister. The respective addresses are as follows:

James M. Flaherty
Minister of Finance
140 O'Connor Street
Ottawa, Ontario
K1A 0G5
Fiscal Agents
25 Lakeshore Rd. W.
Oakville, ON
L6K 1C6

Fax: (905) 844-8552

Petition Letters

Below are links to the pre-printed letters we have made available suitable for mailing or sending via fax, in Adobe PDF format.

For any questions that you may have about current CDIC policies please contact them directly at 1-800-461-2342. You can also contact our office at (905) 844-7700 if you have any questions about deposit insurance coverage on your existing investments.

Summary of Canadian Deposit Insurance Agencies

In the table below are the contact information and dollar amount of coverage provided by various deposit insurance agencies across Canada. To review each deposit insurer use the links provided.

Registered retirement deposit Insurer

Amount updated

Canada Deposit Insurance Corporation $100,000 613.992.7124
Credit Union Deposit Insurance Corporation of B.C. $100,000 604.660.2947
Alberta Credit Union Deposit Guarantee Corporation 100% 780.428.6680
Saskatchewan Credit Union Deposit Guarantee Corporation 100% 306.566.1286
Credit Union Deposit Guarantee Corporation (Manitoba) 100% 204.947.1723

Deposit Insurance Corporation of Ontario

$100,000 416.325.9580
Quebec Deposit Insurance Board (QDIB)


Credit Union Deposit Insurance Corporation (PEI)


Nova Scotia Credit Union Deposit Insurance Corporation $250,000 902.422.4431
New Brunswick Credit Union Deposit Insurance Corporation


Newfoundland and Labrador Credit Union Deposit Guarantee Corporation $250,000 709.279.0170
Assuris Canadian Life insurance issuers (ne Comcorp)



Other Links

CDIC have a Deposit insurance calculator that will guide you through a series of questions about the deposits for which you wish to calculate deposit insurance coverage. This process should take approximately 10 to 15 minutes. The calculator will then produce a report showing your deposit insurance coverage based on the information you provide.

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