Changes coming to Canada Deposit Insurance Framework

[Ciel]

Random reading of some contest winners online indicated one prize win was related to a contest (which I did not know about)for the above CDIC changes. The changes will gradually change starting at the end of this month and more changes by April 2021.

https://www.cdic.ca/your-coverage/ch...it-protection/

https://www.cdic.ca/financial-commun...sit-insurance/

[Ciel]

Change to deposit protection	Effective date
Expanded coverage of eligible deposits held in foreign currencies	April 30, 2020
Extended coverage of eligible deposits with terms greater than 5 years	April 30, 2020
Elimination of coverage for travellers’ cheques (travellers’ cheques are no longer issued by CDIC member institutions)	April 30, 2020
Separate coverage for up to $100,000 in eligible deposits held under Registered Education Savings Plans (RESPs)	April 30, 2021
Separate coverage for up to $100,000 in eligible deposits held under Registered Disability Savings Plans (RDSPs)	April 30, 2021
Removal of separate coverage for deposits in mortgage tax accounts (these deposits will be combined with eligible deposits in other categories such as savings in one name)	April 30, 2021
New requirements for deposits held in trusts, including nominee brokered deposits that enhance CDIC’s ability to extend protection to these deposits and reimburse them quickly after a CDIC member failure.	April 30, 2021