Should Deposit Insurance Be Raised from $100,000?

The Canada Deposit Insurance Corporation’s (CDIC) deposit protection is automatically applied when investors deposit money with a member bank or credit unions.  The object is to protect depositors should a bank fail.  The good news?  There has not been a deposit insurance payout in almost 30 years.  But now the framework is under review and both advisors and their clients may wish to weigh in, in particular because the deposit insurance limit is currently only $100,000 in specific deposit categories. 

In a recent decision from the Supreme Court of British Columbia, it was held that the former common-law partner of a deceased individual was entitled to the pension benefits of his plan because the deceased never changed the beneficiary designation.

Contest announcement from Knowledge Bureau

Witnessing the brave migration of baby turtles from the sand in which they are hatched in to the sea they must live in, is an incredible experience – one that influenced the choice of Puerto Vallarta as the site of the 2015 Distinguished Advisor Conference. 

Substantial tax reform has recently changed the rules for post-death planning for high net worth families.

According to the Bank of Canada, since October 1950,  the record low for the Canadian dollar against the US dollar was recorded on the 21st of January 2002 – just over 13 years ago – when the loonie was worth just .6179. 

Tax tip of the week