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Calgary Financial information: Safeguard Your Savings



(NC)-In the current environment, it's more important than ever for Canadians to find out if - and how - their savings are protected. Though it's rare for financial institutions in this country to fail or go bankrupt, it does happen.

And that's why the Canada Deposit Insurance Corporation (CDIC) exists. CDIC is the federal government organization that protects your savings if there is a financial institution failure. It's important to understand how much of your savings are protected, what institutions are members of CDIC and what types of savings are protected in case there is a failure.

If you have a bank account in Canada, then chances are CDIC protects your savings. Not sure? Let's look at the ABCs.

To qualify for up to $100,000 in CDIC coverage, your savings must be in:

A. Accounts that are eligible-for example, savings and chequing accounts, and GICs of 5 years or less.

These accounts must be held at

B. Banks and other financial institutions that are members of CDIC

and in

C. Canadian dollars.

Keep in mind that there are some savings CDIC does not insure - for example, savings held in U.S. dollars or other foreign currency. In addition, CDIC does not protect mutual funds, stocks, or GICs or other term deposits that mature in more than five years. CDIC deposit insurance does not protect against fraud, theft or scams.

You can find out more about what's covered and what's not online at www.cdic.ca, toll-free at 1-800-461-CDIC (2342) or ask where you bank or invest. - News Canada

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