Accounts that Hold Realty Taxes on Mortgaged Properties (Category 6)
CDIC insures deposits made toward reality taxes on mortgaged properties held in Canadian dollars at a CDIC member. If you have a mortgage from a CDIC member you may have agreed to pay monthly installments into a mortgage tax account, to be used to pay municipal taxes on your property.

What’s covered?
Deposits held in Canadian dollars, held in a CDIC member institution, held in a mortgage tax account.

How much is covered?
CDIC insures from $1 to $100,000 that is in an eligible mortgage tax account held at a CDIC member institution. The combined money in eligible mortgage tax accounts is automatically covered up to $100,000 if your institution fails.

For example...
If the total amount of eligible deposits you hold in a mortgage tax account is $500 when your institution goes bankrupt, you will have $500 returned to you. It is possible for more than $100,000 of savings to be insured by CDIC—if they are held in more than one of CDIC’s six deposit insurance categories.