Deposits held in a Registered Retirement Savings Plan (RRSP)
Registered Retirement Savings Plans
CDIC protects eligible deposits within Registered Retirement Savings Plans (RRSP). Coverage can apply to:
- RRSPs
- Other types of registered retirement savings plans
- Spousal RRSPs
Example
Alexandre is a football player, and as his career ends, he has been planning for the next chapter in life.
This is Alexandre’s RRSP portfolio. Here is what does (✓) and does not (✗) qualify for CDIC coverage:
- $21,000 in a GIC
- $5,500 in cash deposits
- $11,500 in stocks and bonds
- $9,000 in mutual funds
Total portfolio
$47,000
Eligible deposits
$26,500
Protected by CDIC
$26,500
In Alexandre’s RRSP portfolio, the GIC and cash deposits are eligible for coverage.
Spousal Registered Retirement Savings Plans
Spousal RRSPs allow a spouse to contribute to the RRSP in the name of the other spouse or common-law partner. CDIC determines coverage based on whose name the RRSP is in (i.e. the owner, not the contributor). So, CDIC coverage applies to the owner.
Example
Debbie is retired and a member of her community centre, she often organizes bake sales, while her partner usually bakes the desserts. Debbie and her partner also share a passion for gardening and have undertaken it full time since retiring.
This is Debbie’s RRSP portfolio. Here is what does (✓) and does not (✗) qualify for CDIC coverage:
- $15,000 in a GIC contributed by Debbie’s spouse (where Debbie is the owner of the account)
- $60,000 in another GIC deposited by Debbie
- $5,000 in a mutual fund
Total portfolio
$80,000
Eligible deposits
$75,000
Protected by CDIC
$75,000
In Debbie’s RRSP portfolio, the GICs are eligible for coverage.
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