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, thats
another $100,000.00. A total of $120,000.00 more in CDIC deposit
Thousands sent letters; the national media covered the petitions
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
Its 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, were hoping your support for this will be
as strong. Well keep you informed as we proceed.
more about the campaign and our involvement here.