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CDIC insurance for accounts over $100k

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asked Aug 10, 2017 04:07 PM by
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Hello,

I have a fairly basic question: I know that TFSA and RRSP accounts with financial institutions are insured up to $100k through CDIC.

What happens when I hit $100k in my Questrade account and Questrade goes under at some point? Would I then loose everything over $100k? But I am still the owner of those ETFs over 100k...

Thanks for any clarification.

Thanks, Helmut

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answered Aug 11, 2017 07:38 AM by
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updated Aug 14, 2017 07:35 AM by
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My understanding was that CDIC is for deposits, GICs, etc., rather than investments.

Questrade says on their website that they are a member of CIPF, which insures investors in the case of Questrade going insolvent. It looks like the insurance limit for this is $1M for TFSA/non-registered accounts combined, and $1M for registered retirement accounts.

http://www.cipf.ca/Public/CIPFCoverag...

So, if you have over $100k in your Questrade account, and the company goes under, you would be insured for the ownership of the ETFs.

Jin or anyone who knows the details better can clarify, but that was what I understood to be the coverage when I researched this myself before joining Questrade.

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