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Coverage is free and automatic – members of Coast Capital Savings Federal Credit Union do not have to apply for it. In the event of a failure of a member institution, CDIC would reimburse eligible deposits (including interest) payable in Canada up to Canadian currency equivalent of $100,000 CAD per deposit category.
Coast Capital Savings Federal Credit Union operates under the following trade names: Coast Capital and Coast Capital Savings.
Why would I need deposit insurance?
In the event of a failure of a member institution, CDIC would reimburse eligible deposits (including interest) up to $100,000 per deposit category. However, there have never been any claims against deposit insurance relating to deposits held with Coast Capital Savings. We have robust risk management in place to ensure the adequacy of our liquidity to protect members’ deposits. As a federally regulated credit union, we comply with the liquidity and capital adequacy requirements set out by the Office of the Superintendent of Financial Institutions (OSFI).
Can I get more than $100,000 of deposit insurance coverage?
Yes, you can get more than $100,000 in coverage from CDIC. For example, one person can obtain up to $300,000 of coverage for their eligible deposits by adding funds to non-registered accounts, RRSPs and TFSAs. If this person has a spouse, the spouse will have the same amount of coverage available separately for eligible deposits held solely in the spouse’s name. Additional coverage of up to $100,000 will be available if they place eligible deposits in a joint account. More coverage could be available depending on family circumstances and preferences. Contact us to find out more details.
What’s eligible for CDIC coverage?
CDIC provides deposit insurance for eligible deposits payable in Canada up to $100,000 per each of the following deposit categories:
Canada Deposit Insurance Corporation (CDIC): Protecting Your Deposits
Coast Capital Savings Federal Credit Union is a proud member of the Canada Deposit Insurance Corporation (CDIC). CDIC is a federal crown corporation created by Parliament in 1967 to protect money on deposits in the event a member institution becomes insolvent. CDIC protects eligible deposits to a maximum of $100,000 per depositor and per eligible deposit category.
Coverage is free and automatic – members of Coast Capital Savings Federal Credit Union do not have to apply for it. In the event of a failure of a member institution, CDIC would reimburse eligible deposits (including interest) payable in Canada up to Canadian currency equivalent of $100,000 CAD per deposit category.
Coast Capital Savings Federal Credit Union operates under the following trade names: Coast Capital and Coast Capital Savings.
Examples of eligible deposits include:
- Deposits Held in One Name
- Deposits in More Than One Name (Joint Deposits)
- Deposits held in Trust
- Deposits in an RRSP
- Deposits in an RRIF
- Deposits in a TFSA
- Deposits in an RDSP
- Deposits in an RESP
- Deposits in an FHSA
For more information about CDIC:
- Call 1.800.461.2342
- Visit www.cdic.ca
- Refer to the CDIC 'Protecting Your Deposits' brochure
- Refer to the Coast Capital Savings Statement on Transitional Coverage
- To calculate your coverage, visit the CDIC coverage calculator.
Maximizing Coverage
Important Note: As of April 30, 2020, deposits in foreign currencies (such as USD) and term deposits with terms greater than five years are eligible for deposit insurance. Foreign currency deposits are eligible for coverage up to their Canadian currency equivalent of $100,000 CAD. Eligible foreign currency deposits will also be paid out in Canadian currency.
Did you know that you can get more than $100,000 in deposit insurance coverage from CDIC?
In the example below, Joe has obtained up to $300,000 of coverage for his eligible deposits by adding funds to non-registered accounts, RRSPs, and TFSAs, all which count as separate eligible deposit categories which have their own $100,000 maximum coverage amount.
| Name Registration | Deposit | Balance |
|---|---|---|
| Joe | Coast Capital Savings Account |
$60,000
|
| Joe | Coast Capital Savings USD Account | Equivalent of CAD $20,000 |
| Joe | Coast Capital Chequing Account | $20,000 |
| Joe | Coast Capital RRSP | $100,000 |
| Joe | Coast Capital TFSA | $100,000 |
| Total Deposits | $300,000 | |
| Total Deposits Insured by CDIC | $300,000 |
In another example, John and Jane have obtained $300,000 of coverage each individually for their eligible deposits by adding funds to non-registered accounts, RRSPs, and TFSAs. They have also obtained an additional $100,000 of coverage by placing funds in a joint account, which is an additional eligible deposit category with its own $100,000 maximum coverage amount.
| Name Registration | Deposits | Balance |
|---|---|---|
| John | Coast Capital Savings Account | $72,000 |
| John | Coast Capital Savings USD Account | Equivalent of CAD $20,000 |
| John | Coast Capital Chequing Account | $8,000 |
| John | Coast Capital RRSP | $100,000 |
| John | Coast Capital TFSA | $100,000 |
| Jane | Coast Capital Chequing Account | $100,000 |
| Jane | Coast Capital RRSP | $100,000 |
| Jane | Coast Capital TFSA | $100,000 |
| John & Jane | Coast Capital Joint Savings Account | $100,000 |
| Total Deposits | $700,000 | |
| Total Deposits Insured by CDIC | $700,000 |
Contact us to find out how you can maximize your deposit insurance coverage.
FAQ
What is the Canada Deposit Insurance Corporation (CDIC)?
CDIC is a federal crown corporation created by Parliament in 1967 to protect money on deposits in the event a member institution becomes insolvent. CDIC insures eligible deposits held by its member institutions, which include banks, federal credit unions, trust and loan companies, and retail associations.
CDIC is a federal crown corporation created by Parliament in 1967 to protect money on deposits in the event a member institution becomes insolvent. CDIC insures eligible deposits held by its member institutions, which include banks, federal credit unions, trust and loan companies, and retail associations.
Why would I need deposit insurance?
In the event of a failure of a member institution, CDIC would reimburse eligible deposits (including interest) up to $100,000 per deposit category. However, there have never been any claims against deposit insurance relating to deposits held with Coast Capital Savings. We have robust risk management in place to ensure the adequacy of our liquidity to protect members’ deposits. As a federally regulated credit union, we comply with the liquidity and capital adequacy requirements set out by the Office of the Superintendent of Financial Institutions (OSFI).
Can I get more than $100,000 of deposit insurance coverage?
Yes, you can get more than $100,000 in coverage from CDIC. For example, one person can obtain up to $300,000 of coverage for their eligible deposits by adding funds to non-registered accounts, RRSPs and TFSAs. If this person has a spouse, the spouse will have the same amount of coverage available separately for eligible deposits held solely in the spouse’s name. Additional coverage of up to $100,000 will be available if they place eligible deposits in a joint account. More coverage could be available depending on family circumstances and preferences. Contact us to find out more details.
What’s eligible for CDIC coverage?
CDIC provides deposit insurance for eligible deposits payable in Canada up to $100,000 per each of the following deposit categories:
- Deposits Held in One Name
- Deposits in More Than One Name (Joint Deposits)
- Deposits held in Trust
- Deposits in an RRSP
- Deposits in an RRIF
- Deposits in a TFSA
- Deposits in an RDSP
- Deposits in an RESP
- Deposits in an FHSA
What’s not eligible for CDIC coverage?
CDIC does not provide coverage for:
CDIC does not provide coverage for:
- membership shares issued by a federal credit union
- any shares issued by a federal credit union
- debentures issued by a federal credit union;
- shares issued by other corporations
- mutual funds
- bonds, notes, treasury bills, and debentures issued by governments or corporations
- money orders, certified cheques, traveller’s cheques, drafts, and prepaid letters of credit in respect of which a federal credit union is not primarily liable
- principal protected notes that are traded
What’s the difference between CDIC coverage and Credit Union Deposit Insurance Corporation Coverage (CUDIC) coverage?
Prior to becoming a federal credit union on November 1, 2018, deposits held with Coast Capital Savings were insured by CUDIC. Since becoming a federal credit union on November 1, 2018, deposits held with Coast Capital Savings are insured by CDIC. Under CUDIC, eligible deposits held with Coast Capital Savings were insured to an unlimited amount. Under CDIC, coverage is limited to $100,000 per depositor per deposit category.
Are balances I held before November 1, 2018 covered by CDIC or CUDIC?
As of November 1, 2018 all eligible pre-existing deposits and any new eligible deposits with Coast Capital Savings are protected by CDIC. CDIC provides transitional coverage for eligible pre-existing deposits as outlined in our Statement of Transitional Coverage.