| To
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 (completely 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 member insured deposits for retirement accounts are the only safe-haven
for income-dependent seniors retirement savings. The disparages between types
of institutions or location of issuer's, should not be a factor when it comes
to the safety of retirement savings, yet it is.
Moreover, married seniors especially are concerned that retirement accounts
held by both spouses and concentrated at one issuer - separately insured until
the death of either party are endemically problematic. The demise of a spouse
causes the retirement account to be automatically transferred into their name,
and unless the registered monies are transferred to a new carrier (impractical
or prohibited within a fixed term), the surviving spouse's combined retirement
monies then are likely to exceed the CDIC limit and unbeknownst to them - put
at risk!
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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