The federal government is looking for feedback on changes to Canada’s deposit insurance framework that could see the coverage limit raised to $150,000.
Right now, the Canada Deposit Insurance Corp. will guarantee Canadians’ deposits up to $100,000 in the event of a bank failure as long as they’re held with a member institution.
All large Canadian banks and many other financial institutions are a part of the CDIC framework, which covers most deposits and guaranteed investment certificates but not mutual funds, stocks, bonds or cryptocurrencies.
Finance Canada is asking Canadians and other stakeholders in the financial system to weigh in on the proposed higher limit and a few other potential changes by Sept. 26….