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Deposit Insurance Files

How is my GIC Protected?

All Canadian Financial Institutions (Banks, Trust Companies and Credit Unions) are members of Deposit Insurance Corporations and coverage amounts depend on the Financial Institution. Banks and Trust Companies (including Mortgage Corporations) are members of the Canadian Deposit Insurance Corporation (CDIC). Credit Unions are covered by provincial insurance corporations.  

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Are my US Dollar GICs insured by the CDIC?

U.S. dollar and other foreign currency Guaranteed Investment Certificate (GIC) deposits are not eligible under the Canadian Deposit Insurance Corporation (CDIC).

The Credit Union Deposit Insurance Corporation(CUDIC) of British Columbia covers U.S. dollar deposits.

Does Credit Union insurance cover me if I live out of province?

Yes, your Guaranteed Investment Certificate (GIC) principal and interest is covered, no matter where you reside. For estate planning, it is always recommended to invest all non-registered GICs in joint name with rights of survivorship so that you don’t have to file probate out of province.

How does CDIC insure 5yr GICs that mature on a non-business day?

Where a five-year GIC’s maturity falls on a non-business day, the GIC will be eligible for deposit insurance if the agreement between the depositor and the member institution provides that the GIC is for a five-year term, or if the GIC was advertised or otherwise offered by the member as having a five-year term.

The GIC will not be eligible for deposit insurance if, on the other hand, the agreement between the depositor and the member institution provided for a GIC with a term exceeding five years, or if the GIC was advertised or otherwise offered by the member institution as having a term of more than five years.