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    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #1

    Feb 14, 2006, 05:00 PM
    To All CANADIANS and investors in Canada
    I thought this was information worth sharing with all my fellow Canadians and anyone who has a bank account here in Canada.

    The CDIC (Canada Deposit Insurance Corporation), is government insurance that protects up to $60,000 of your money in a bank account in case they go under. So if the CIBC was to go bankrupt, you would get back all your money via the government up to $60,000.

    They have now raised that limit to $100,000.

    It was apparently announced in the Martin-NDP Budget, and it is retroactive to Feb 23, 2005.

    Website reference: http://www.cdic.ca/

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