CDIC insures joint deposits meeting all eligibility criteria separately from any deposits held by the individual owners in their own right.

To be eligible for this separate coverage:

• the financial institution's records must state that the deposits are jointly owned;
  
• the name and address of each joint owner must be identified on the records of the financial institution;
  
• and all joint deposit holders must have an ownership interest in the funds.

The maximum protection for all deposits held by the same joint owners with each CDIC member institution is $100,000, including principal and interest. The $100,000 maximum applies to the joint owners collectively, NOT to each individual. Joint deposits that use "and" are NOT insured separately from joint deposits that use "or".

If you have eligible joint deposits with another person or other joint deposits with a different joint owner(s) at the same member institution, these would be insurable separately from each other to the $100,000 maximum.

The creation of "artificial" joint deposits for the purpose of obtaining extra deposit insurance protection is contrary to the CDIC Act. If CDIC is called upon to make payment, such deposits may not be recognized as being jointly owned.

Joint deposits held with other individuals, such as members of your family, would be protected separately from your personal deposits at the same CDIC member institution.

a) Your Deposits
Savings account in Canadian currency	$15,000
Three-year term deposits	(value at maturity) $55,000
Total, including interest earned	$70,000
Your deposits are fully insurable by CDIC.

b) Your spouse or common law partner's deposits
Savings account in Canadian currency	$15,000
Five-year term deposits	(value at maturity) $62,000
Total, including interest earned	$77,000
Your spouse's or common law partner deposits are fully insurable by CDIC.

c) Joint deposits held by you and your spouse or common law partner
Savings account in Canadian currency	$20,000
Chequing account in Canadian currency	(value at maturity) $25,000
Four-year term deposits	(value at maturity) $30,000
Total, including interest earned	$75,000
These joint deposits are fully insurable by CDIC.

d) Joint deposits held by you, your spouse or common law partner and your child
Savings account in Canadian currency	$5,000
Five-year term deposits	(value at maturity) $50,000
Total, including interest earned	$57,000
These joint deposits are fully insurable by CDIC, separate from the joint deposits held by you and your spouse or common law partner.

You and two friends are planning to start a business. You hold the following Canadian-currency deposits jointly in all three names at one CDIC member institution:

Savings account	$25,000
Chequing account	$40,000
Term deposits (90-day maturity)	(value at maturity) $50,000
Total	$115,000
CDIC protects these joint deposits only to the $100,000 maximum; the balance of $15,000 would not be insured.
The number of joint owners has no impact on the maximum coverage provided.

Last modified : 13 July 2005