Deposits held in more than one name (Joint deposits)
Co-owned deposits include:
- Joint chequing account with a spouse
- Joint savings account with a spouse
- Joint savings account with a child
- Joint chequing account with a parent
A set of owners (e.g., a couple) will receive $100,000 for all their joint accounts combined. For each set of different owners, they will receive an additional $100,000 in coverage.
Example
Shaheida loves to redecorate her and her spouse’s home. In another life, she thinks she might have been an interior designer. Her partner enjoys gardening and is building a green house in their backyard. They prioritize their hobbies using their joint spousal accounts.
This is Shaheida’s joint deposit portfolio. Here is what does (✓) and does not (✗) qualify for CDIC coverage:
-
$75,000
in a joint savings account with spouse
-
$25,000
in a joint chequing account with spouse
-
$150,000
in a joint savings account with child and spouse
Total portfolio
$250,000
Eligible deposits
$200,000
Protected by CDIC
$200,000
Shaheida and her spouse will receive a total of $100,000 in coverage for their two joint accounts.
She will also receive an additional $100,000 in coverage for the $150,000 held by her, her child, and her spouse.
To be eligible for separate coverage, the records at the member institutions must include:
- A statement that the deposit is owned jointly
- Name and address of each owner
If Shaheida’s member institution failed, CDIC coverage would apply to eligible deposits per set of joint depositors.
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