Home > My money > CDIC Deposit-Insurance
CDIC Deposit-Insurance
Laurentian Bank of Canada is a Canada Deposit Insurance Corporation (CDIC) member institution. LBC Trust and Laurentian Trust of Canada Inc. are subsidiaries of Laurentian Bank of Canada and CDIC members in their own right.

CDIC is a federal Crown corporation that insures eligible deposits up to $100,000 per insured category in the event a member institution fails. Read the Protecting your deposits brochure for full details.

The basics

 

Products covered by deposit insurance from the CDIC

  • Bank accounts (savings and chequing)
  • Money orders, bank drafts, certified or official cheques issued by CDIC member institutions
  • Term deposits and guaranteed investment certificates (GICs) with initial terms to maturity of five years or less
  • All guaranteed investments (term deposits and GICs with initial terms to maturity of five years or less that are payable in Canadian dollars) and amounts contributed to registered retirement savings plans (RRSPs),1 registered retirement income funds (RRIFs),1 or tax free savings accounts (TFSAs)1
  • Amounts held for paying your property tax account

Products not covered by deposit insurance from the CDIC

  • Mutual funds (including money market funds), stocks and bonds
  • Term deposits and GICs with initial terms to maturity greater than five years
  • Foreign currency deposits (US dollars and other currencies)
  • Treasury bills and bankers’ acceptances
  • Principal-protected notes that are traded
  • Debentures issued by banks, governments or corporations
  • Deposits with receipts payable to bearer (rather than to a named person)
  • Deposits held at financial institutions that are not CDIC members

A detailed list of products that are eligible for deposit insurance from the CDIC

Laurentian Bank and its subsidiaries Laurentian Trust of Canada and LBC Trust are members of the CDIC. Deposits payable in Canadian dollars that are held at these financial institutions are eligible for insurance up to $100,000.

LAURENTIAN BANK OF CANADA

List of trade names:

  • Private Banking

Deposit accounts

+ Interest accounts

  • À la carte2
  • Cash Account3,4,5,6
  • Investment Excellence
  • Tax Account
  • Trust Account for Professionals

+ Non-interest accounts

  • Chequing Account2
  • Chequing Savings2
  • Current Account (commercial clients)
  • Day by Day2
  • Operations Account
  • Prime Savings2
  • Senior Citizen Account2

+ Periodic Savings and Investment Plan – The Goal Getter

  • Budget Plan
  • Project Plan2
  • Security Plan

+ Registered plans

  • Guaranteed investment product and cash in a registered retirement savings plan (RRSP)
  • Guaranteed investment product and cash in a tax-free savings account (TFSA)
  • Guaranteed investment product and cash in a registered retirement income fund (RRIF)

+ Investments

  • Guaranteed investment certificate (GIC)3,4,5,6
  • Blue Chip ActionGIC3,4,5,6
  • Canadian ActionGIC2,3,4,5,6
  • Canadian Growth ActionGIC2,3,4,5,6
  • GIC Xtra2,4,5,6
  • Multi-Rater GIC2,3,4,5,6
  • Multi-Rater Xtra GIC2,4,5,6
  • Term deposit (TD)3,4,5,6

+ Other

  • Certified cheque
  • Official cheque
  • Money order and bank draft


LBC TRUST

List of trade names:

  • Nil

+ Investments

  • Guaranteed investment certificate (GIC)4,5,6
  • Blue Chip ActionGIC4,5,6
  • Canadian ActionGIC2,4,5,6
  • Canadian Growth ActionGIC2,4,5,6
  • GIC Xtra2,4,5,6
  • Multi-Rater GIC2,4,5,6
  • Multi-Rater Xtra GIC2,4,5,6
  • Term deposit (TD)4,5,6


LAURENTIAN TRUST OF CANADA INC.

List of trade names:

  • Nil

+ Investments

  • Guaranteed investment certificate (GIC)4,5,6
  • Blue Chip ActionGIC4,5,6
  • Canadian ActionGIC2,4,5,6
  • Canadian Growth ActionGIC2,4,5,6
  • GIC Xtra2,4,5,6
  • Multi-Rater GIC2,4,5,6
  • Multi-Rater Xtra GIC2,4,5,6
  • Term deposit (TD)4,5,6


Deposit insurance categories

There are six different coverages for each institution:

  1. Individual unregistered: deposits held in one name
  2. Individual TFSA: deposits held in tax-free savings accounts
  3. Individual RRSP/LIRA: deposits in registered retirement savings accounts or locked-in retirement accounts
  4. Individual RRIF/LIF: deposits in registered retirement income funds or life income funds
  5. Joint: deposits held in more than one name
  6. Trust: deposits held in trust for another person

As an example, see how deposit insurance covers one family’s deposits held at a CDIC member institution:

Use the CDIC’s estimator to discover how much of your deposits are eligible for insurance.

Contact the CDIC by calling 1-800-461-7232 or visiting cdic.ca.

 

Legal notice

1. Cash includes initial principal and interest earned.
2. Although still active, this type of account is no longer offered by Laurentian Bank.
3. Conventional Retirement Savings Plan.
4. Conventional Retirement Savings Plan, Locked-In Retirement Account, Group Retirement Savings Plan and Fixed-Term Annuity Savings Plan.
5. Tactical Retirement Savings Plan, Tactical Group Retirement Savings Plan, Tactical Retirement Income Fund, Tactical Life Income Fund and Tactical Locked-In Retirement Account.
6. Self-Directed Retirement Savings Plan, Self-Directed Locked-In Retirement Account, Self-Directed Fixed-Term Annuity Registered Savings Plan and Self-Directed Retirement Income Fund.