CDIC: Best Way to Protect Your Cash in Canada (English)

Is your money protected by the CDIC? Keep reading below to find out how to keep your hard earned money safe.

Tiền của bạn có được bảo vệ vởi CDIC không? Hãy đọc để tìm hiểu làm thế nào để gởi tiền của bạn cho an toàn. Vietnamese posting here.


The CDIC insures eligible deposits in banks, trust companies, and loan companies against loss in case of member failure, BUT only to a maximum of $100,000 (principal and interest) per depositor, per category listed below:

  1. In one name: Savings/Chequing Accounts/Term Deposits (GICs) with original terms to maturity of 5 years or less
  2. In more than one name: Savings/Chequing Accounts/Term Deposits (GICs) with original terms to maturity of 5 years or less
  3. In Trust: Savings/Chequing Accounts/Term Deposits (GICs) with original terms to maturity of 5 years or less
  4. In RRSPs: Eligible deposits Savings Accounts/Term Deposits (GICs) with original terms to maturity of 5 years or less
  5. In RRIFs: Eligible deposits Savings Accounts/Term Deposits (GICs) with original terms to maturity of 5 years or less
  6. In TFSAs: Eligible deposits Savings Accounts/Term Deposits (GICs) with original terms to maturity of 5 years or less
  7. Eligible deposits for realty taxes on mortgages: Savings Accounts/Chequing Accounts/Term Deposits (GICs) with original terms to maturity of 5 years or less

Uninsured products include:

  1. mutual funds, stocks, and bonds,
  2. Term Deposits (GICs) with original terms to maturity of 5 years +
  3. foreign currency deposits

The CDIC has a nice infographic here which lists the remainder of the uninsured products.

Please use their online calculator to make sure your hard earned money is protected! Or contact the CDIC.

 

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WCB Coverage in Alberta

WCB insurance provides your employees with benefits and services after an injury happens. You may have to sign up for WCB coverage for your employees. Please contact WCB Alberta to find out if WCB coverage is mandatory for your corporation. If so, you must open an account within 15 days of hiring your first worker.

If your corporation is an exempt industry you can voluntarily apply for WCB coverage for your employees.

As a business owner, you are not automatically covered by WCB but coverage is available and automatically renews every December 31st. Please remember to base your coverage on your actual EMPLOYMENT EARNINGS (earnings before taxes). If injured you will need to provide records to prove your employment earnings such as your T1 general or T4 slip.

ANNUAL RETURNS

Annual returns must be submitted before the last day of February each year to avoid penalties. At the beginning of the year, you will receive a letter from WCB with your Annual Return Password. If our office prepares your payroll please remember to forward the letter to our office so we can help you file your return on time!