Deposits held in a RDSP
Deposits held in a Registered Disability Savings Plan (RDSP) are protected separately from the depositors’ eligible deposits held in other insured categories, such as those held in individual names.
Here’s an example of a portfolio within a RDSP at one CDIC member institution – and what does (✓) and does not (✗) qualify for CDIC coverage:
Portfolio
- $20,000 in a GIC
- $90,000 in a term deposit
- $50,000 in stocks and bonds
- $130,000 in mutual funds
Total Portfolio
$290,000
Eligible Deposits
$110,000
Protected by CDIC
$100,000
What’s protected and why:
Within the insured category of RDSP, the above GIC and term deposit are eligible deposit products and therefore are together covered for up to $100,000 of CDIC protection. So $100,000 of the eligible $110,000 within the RDSP category are protected. CDIC coverage does not apply to stocks, bonds or mutual funds, so those investments, which amount to $180,000 of the total $290,000 in the category, are not eligible to be insured by CDIC.
Eligible deposits held in RDSPs are protected up to a coverage limit of $100,000 per beneficiary at each CDIC member institution.
For Example:
At one member institution you have:
-
$45,000
in a GIC held in an RDSP for Child 1
-
$105,000
in a term deposit held in another RDSP for Child 2
Total
$150,000
Protected by CDIC
$145,000
You will receive coverage for the full amount ($45,000) held in the RDSP for Child 1, because the amount is within the $100,000 coverage limit. You will receive coverage for $100,000 of the $105,000 held in the RDSP for Child 2.
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