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add your name to our campaign, please fill out the form
below and click the Send Message button. You will receive
a confirmation email in your inbox soon afterwards - simply
click the link in the message after verifying the contact
info you have entered, and we will send a copy of the
letter below (verbatim) to Mr. Flaherty's email address,
formatted with your contact information. |
Dear Minister Flaherty,
The Government needs to recognize that all
guaranteed registered retirement investment products, whether
they be RRSPs, RRIF, or LIFs, held at member financial institutions
of the Canada Deposit Insurance Corporation (CDIC), should
carry 100% deposit insurance protection.
CDIC coverage protects retirement deposits
to a maximum of $100,000 per individual, per institution.
Yet, by contrast, as many as half of provincial deposit insurance
schemes across Canada insure retirement accounts to 100% of
their accumulating value.
CDIC-insured deposits in retirement accounts
are regarded by income-dependent seniors as safe havens for
their savings. However, the range of types of institutions,
or of locations of issuer, which should not effect retirement
income, does indeed have an effect. That variability poses
the peril of under-insurance and under protection for a good
number of retirement accounts.
Do we need to revive a fading memory - the
memory of debacles of some financial institutions in the 1980s?
As you're aware, the cost of additional coverage
is not an expense of government - it's an operational cost
borne by the financial institution. Moreover, like any CDIC
expense, it is ultimately included in the price of the financial
product purchased - therefore at my cost.
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