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Deposits held in a Tax-Free Savings Account (TFSA) are protected separately from the depositors’eligible depositsheld in otherinsured categories, such as thoseheld in their individual names.
Here’s an example of a portfolio within a TFSA at one CDIC member institution – and what does (✓) and does not (✗) qualify for CDIC coverage:
Portfolio
- $20,000 in a GIC
- $90,000 in a term deposit
- $50,000 in stocks and bonds
- $130,000 in mutual funds
Total Portfolio
$290,000
Eligible Deposits
$110,000
Protected by CDIC
$100,000
What’s protected and why:
Within the insured category of TFSA, the above GIC and term deposit areeligible deposit productsand are therefore combined for coverage of up to $100,000 of CDIC protection. So $100,000 of the eligible $110,000 within the TFSA category are protected. CDIC coverage does not apply to stocks, bonds or mutual funds, so those investments, which amount to $180,000 of the total $290,000 in the category, are not eligible to be insured by CDIC.
Have more questions about how CDIC deposit protection works?
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