Q and A: Where can I find info about deposit insurance on GICs?

Question:

I would like to know more about deposit insurance on my guaranteed investment certificates (GICs). Where can I find out more?

Answer:

There are a few different institutions that provide deposit insurance, depending on the type of deposit you have.

If your deposit is through a Canadian chartered bank, a loan or trust company, a federally regulated credit union, or an association governed by the Cooperative Credit Associations Act, it may be covered by the Canadian Deposit Insurance Corporation (CDIC). CDIC covers certain deposits up to $100,000. For more information and to see a list of covered institutions, see www.cdic.ca.

If your deposit is through a British Columbia credit union, it may be covered by the Credit Union Deposit Insurance Corporation (CUDIC). CUDIC covers funds on deposit and invested in non-equity shares of BC credit unions. On November 27, 2008, provincial legislature passed amendments to the Financial Institutions Act to provide unlimited deposit insurance protection on all deposits in British Columbia’s credit unions. For more information to see a list of covered institutions, see www.cudicbc.ca.

If your deposit is through a life insurance company, it may be covered by Assuris. Among other things, Assuris covers deposits up to $100,000. For more information and to see a list of covered institutions, see www.assuris.ca.