If your financial institution goes bankrupt, contact one of these organizations to find out how your assets are protected:
The Canada Deposit Insurance Corporation (CDIC)
CDIC protects your money by insuring deposits with member banks, trustTrust An account set up to hold assets for a beneficiary. A trustee manages the assets until the beneficiary reaches legal age.+ read full definition companies and loanLoan An agreement to borrow money for a set period of time. You agree to pay back the full amount, plus interest, by a set date.+ read full definition companies up to $100,000. Learn more about what CDIC covers.
The Canadian Investor Protection Fund (CIPF)
CIPF protects assets and cash you have invested with brokerage firms up to $1,000,000. Your firm must be a member to be eligible for CIPF coverage. All Investment Industry Regulatory Organization of Canada (IIROC)Investment Industry Regulatory Organization of Canada (IIROC) National self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.+ read full definition regulated firms must be members of CIPF. Learn more about how CIPF protects your money.
The Mutual Fund Dealers Association (MFDA) Investor Protection Corporation
The MFDA protects assets and cash you have invested, up to $1,000,000 per client accountAccount An agreement you make with a financial institution to handle your money. You can set up an account for depositing and withdrawing, earning interest, borrowing, investing, etc.+ read full definition with member firms. Learn more about how the MFDA protects your money.
If the firm you are dealing with goes bankrupt, some or all of your money may be protected. Before you open an account, find out how you’re protected.