Q&A: GIC insurance

Zoomer | January 12th, 2012

Question: I have $170,000 in GICs with the same bank. Can I open an account with another bank and split the $170,000 in half, i.e. $85,000 each, so I can be insured with CIDC? – George N.

Gordon Pape answers: Yes, but not until the existing GIC matures. The Canada Deposit Insurance Corporation protects your eligible deposits up to $100,000 per financial institution. You can spread the money around any way you wish.

Do you have a money question you’d like to ask Gordon? Send it along and then check out our Q&A section regularly to see if it was chosen for a response. Sorry, we cannot send personal answers.