Yes, it's finally happened - The CDIC deposit insurance limit of $100,000 is now in force. Royal Assent was given to Bill-C48 on June 29th, bringing the increased coverage into play and retroactively from February 23, 2005 - thus adding some $40,000.00 more insurance for each of your CDIC eligible guaranteed investments.

What this means to you is significantly more protection for your deposits. For example, an individual could now have up to $200,000.00 protection at any one institution: $100,000.00 in cash, the same amount in an RRSP or RIF. If you have an investment that is registered with you and your spouse, that’s another $100,000.00. A total of $120,000.00 more in CDIC deposit protected coverage.

Thousands sent letters; the national media covered the petition’s introduction, the FCIDB a deposit brokers trade group organized its member with its own Raise-the-Limit campaign. The Consumers Counsel of Canada lent its weight to the project. An impressive list of Financial commentators such as Linda Letherdale – Toronto Sun, Gordon Pape 50plus magazine, Ellen Roseman – Toronto Star, Don Wall – Forever Young and Rod Carrick – Globe and Mail and many more joined in spreading the word. All recognizing as we did how ineffectual the protection was for all Canadians with their savings at any of the Banks and trusts.

It’s been a privilege for Fiscal Agents to be an active participant in changing the amount of deposit insurance coverage for you. While our next goal is to campaign for the reintroduction of the $1,000.00 interest income tax credit on behalf of conservative investors, we’re hoping your support for this will be as strong. We’ll keep you informed as we proceed.

Read more about the campaign and our involvement here.