Deposits held in a Registered Education Savings Plan (RESP)
CDIC protects eligible deposits held in a Registered Education Savings Plan (RESP).
Example
Edie hopes to return to college after taking a break to open her own flower shop.
This is Edie’s RESP portfolio. Here is what does (✓) and does not (✗) qualify for CDIC coverage:
- $15,000 in a GIC
- $11,000 in stocks and bonds
- $8,000 in mutual funds
Total portfolio
$34,000
Eligible deposits
$15,000
Protected by CDIC
$15,000
In Edie’s RESP portfolio, the GIC is eligible for coverage.
Registered Education Savings Plan with multiple beneficiaries
Example
Carlos has three daughters that enjoy learning: Celia, Maya, and Tegan. He has opened RESPs for each of them.
This is Carlos’ RESP portfolio. Here is what does (✓) and does not (✗) qualify for CDIC coverage:
- $17,000 in a GIC held in a RESP for Celia
- $33,000 in a GIC held in a RESP for Maya
- $24,000 in a HISA held in a RESP for Tegan
Total portfolio
$74,000
Eligible deposits
$74,000
Protected by CDIC
$74,000
In Carlos’ RESP portfolio, each of his daughters’ RESP accounts are covered up to $100,000.
Deposit insurance is free and automatic.
Our calculator can help you understand coverage. Protection is based on several deposit categories that keep your money safe throughout your life.
Calculate your coverage