We are pleased to announce the winners of our contest. Thank you to all who participated.

Congratulations to our four winners: R. Johnston, Waterloo, ON, D. Dean, Loretto, ON, M. A. Raza, Toronto, ON and M. Grewal, Vancouver, BC.

Learn more about CDIC deposit insurance

Learn more about CDIC deposit insurance

Tip of the day # 1

CDIC insures trust accounts up to $100,000 per beneficiary, not per trustee. Explanation: For example, a trustee could have a trust account in the amount of $500,000 fully covered by CDIC provided the banks records indicate that it is equally divided between five beneficiaries.

Tip of the day # 2

GICs with a term to maturity of five years or less are covered by CDIC, but they are not separately insured unless they are placed within different CDIC insurable categories. Explanation: If your client purchases an eligible GIC and doesnt place it in a trust or registered product, it would be considered as savings held in one name and combined with other deposits in that category (i.e. daily chequing accounts) in the event of a failure.

Tip of the day # 3

3. Joint accounts help to maximize household CDIC coverage for your clients. Explanation: If your client holds an account in his or her name, has a joint account with a spouse, and that spouse has an account in his or her name, that is a total of $300,000 in potential coverage with CDIC.

Tip of the day #4

There have been 43 bank failures in Canada since CDIC was established. Explanation: For a history of past failure, see CDICs website .

Tip of the day #5

CDIC is a federal crown corporation that does not receive taxpayer dollars. It is entirely funded through premiums paid by the banks. Explanation: Deposit insurance is different from many types of insurance. You do not pay premiums. CDIC member institutions pay premiums to CDIC to cover the cost of insuring deposits.

Tip of the day #6

CDIC is Canadas authority for resolving our most important banks in the event of failure. Explanation: Canadas six largest banks have been designated as domestic systemically important banks and CDIC would be the lead authority if any resolution were ever to happen to any of those institutions.

Tip of the day #7

CDIC has many resolution powers more than just payout! Explanation: Other powers available to CDIC include restructuring of a bank, assisting in the sale of a bank, or actually selling off the failed banks assets and liabilities.

Tip of the day #8

Eligible deposits held in TFSAs are insured up to $100,000 separately from other deposits in the same CDIC member institution. Explanation: Not all accounts and financial products that can be held in TFSAs are eligible for coverage by CDIC. For example, CDIC does not insure mutual funds or stocks.

Tip of the day #9

The 2014 Federal Budget included proposals that will specifically impact CDIC and its powers. Explanation: Of particular significance was the announcement of a review of Canadas deposit insurance program to help ensure deposit insurance continues to meet the needs of Canadians.

Tip of the day #10

Foreign currency accounts (including US dollar deposits) are not covered by CDIC. Explanation: Remind your snowbird clients!

Tip of the day #11

CDIC does not protect against fraud. Explanation: CDIC insures Canadians savings against the failure of a bank or other CDIC member institution. The Financial Consumer Agency of Canada (www.fcac-acfc.gc.ca) has useful tips on its website on how you can protect yourself from debit card fraud.

Tip of the day #12

CDIC was established to ensure that Canadians do not lose their life savings in the event of a bank failure. Explanation: CDIC provides deposit insurance to help make Canadas financial system stable.

Tip of the day #13

CDIC covers up to $100,000 including both principal and interest. Consider your clients balances. Explanation: If your client purchases a $100,000 GIC, any interest earned will not be protected by CDIC in the event of a bank failure.

Tip of the day # 14

CDIC has developed an app to estimate coverage. Download it to your mobile device and show it to your clients. Explanation: The app is free and available in Apple, Android, Windows and BlackBerry stores.

Tip of the day # 15

Dont forget that your small business or charity clients are depositors too! Explanation: Eligible deposits are protected to a maximum of $100,000 per insurable category.

Tip of the day #16

www.youtube.com/user/cdicchannel

Tip of the day #17

Your clients can potentially have much more than $100,000 in coverage within the same member financial institution. Explanation: Eligible deposits are insured separately up to a maximum of $100,000 per insured category such as deposits held in one name, jointly, in trust, in an RRSP, in a RRIF or in a TFSA.

Tip of the day #18

To be insured by CDIC, your clients deposits must be with a CDIC member. Explanation: Almost 80 financial institutions are CDIC members. These include deposit-taking institutions: loan and trust companies, federally-regulated credit unions and associations governed by the Cooperative Credit Associations Act. Heres a link to our list of members?

Tip of the day #19

CDIC has a free, accredited webinar on Investment Executives CE Corner. Explanation: CDICs 2014 Annual Public Meeting is accredited. Check it out!

In order to be eligible for CDIC coverage, all trust accounts must comply with the disclosure requirements. Explanation: If you hold a trust deposit with two or more beneficiaries, you need to provide your financial institution with the following information by May 30th of each year: the fact that the deposit is held in trust, name and address of the trustee, name and address of each beneficiary, amount or percentage of the deposit for each beneficiary .