Dana Flavelle
Business Reporter
The Toronto Star

OTTAWA – Canadian consumers who keep their savings and investments in the bank and other federally regulated financial institutions are now protected for losses up to $100,000.

The federal government yesterday (Feb 23,2005) raised the limit for insured deposits for the first time in 22 years.

The previous limit was $60,000.

The move means Canadians with investments that go bust will receive compensation for losses up to $100,000. effective immediately.

The fund is administered by the Canada Deposit Insurance Corp., which is supported by the financial institutions.

The measures also brings federal institutions into line with provincial regulated deposit takers, such as some credit unions, which already provide up to $100,000 of protection.

The change will enhance protection for consumers, promote competition among deposit taking institutions and help Canadians save for retirement, the government said.

Note from Fiscal Agents Re: Feb. 23 2005. OTTAWA - The federal government raised the ceiling for deposit insurance coverage by the Canada Deposit Insurance Corporation to $100,000 from $60,000.

All the effort put into raising the CDIC limit has paid off.

Since starting the ‘Raise the limit” campaign in October 2004, letters have been pouring into the CDIC’s offices, the Minister of Finance – Frank Goodale, and to our Oakville office, all petitioning for change.

With this support, we’ve been able to persuade the government to look after your interest, by adding $40,000 more coverage for your savings and GICs.

On behalf of all depositors I’ll pass along my personal thanks to you and for your efforts and support.

Fiscal Agents remains committed to providing exceptional value, focused and responsive service for the conservative investor.

Yours truly,

David Newman
President, Fiscal Agents