Do you understand the CDIC protection:

By Bruno Scanga Financial Columnist Protecting your deposits Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that insures more than $1 trillion in deposits held in member institutions. CDIC is fully funded by our members, and coverage is free and automatic. You don’t have to sign up for this service. CDIC protects eligible deposits in Canadian and foreign currency for up to $100,000 (Canadian dollars) in each of CDIC's insurance categories. What’s covered? Deposits in Canadian or foreign currency (including via payroll, Interac e-transfer, or cheque). Guaranteed Investment Certificates (GICs). Other term deposits What’s not covered? Mutual funds,Stocks and bonds, Exchange Traded Funds (ETFs), Cryptocurrencies Example: Jane Doe has placed the following funds at a CDIC member institution. Here’s what does and does not   qualify for CDIC coverage: $ 40,000 in a GIC - $ 25,000 in a savings account $ 25,000 in a chequing account - $ 130,000 in mutual funds $220,000 (not Covered) Total Portfolio $ 90,000 - Total Eligible Deposits $ 90,000 Total Deposits Protected by CDIC Jane’s GIC, savings and chequing accounts are in her name only and all qualify for CDIC coverage within the same coverage category (deposits held in one name). As a result, total amounts in these accounts are combined and are insured for up to a total of $100,000 in the event a member institution’s failure. A word about financial service providers, products, and deposit protection CDIC deposit insurance may be available for eligible financial products offered by a CDIC member, another financial institution, a broker, a third-party financial service provider (for example, a financial technology company), or other providers. To find out if your deposits are protected by CDIC, speak to your financial service provider. What happens if a CDIC member fails? In the unlikely event of failure of a CDIC member institution, CDIC provides access to insured funds (including interest) within days. It’s automatic – we will contact you. What you can do to know what is covered and what is not. Keep your address, phone number, and email up-to-date at your financial institution. Ask your broker or financial advisor about CDIC’s rules for deposits held in trust including keeping up-to-date beneficiary information. Remember Ask about the `` The Simple Question Process TM``