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Which types of savings accounts are automatically insured by CDIC?

OpenAI's Answer

The Canada Deposit Insurance Corporation (CDIC) automatically insures several types of savings accounts. These include:

  1. Savings Accounts: Standard savings accounts at CDIC member institutions.
  2. Chequing Accounts: Although primarily used for transactions, these accounts also fall under CDIC coverage.
  3. Tax-Free Savings Accounts (TFSAs): Contributions to TFSAs are covered.
  4. Guaranteed Investment Certificates (GICs): Only GICs with maturities of five years or less are insured.

Coverage is up to $100,000 per depositor, per insured category, at each CDIC member institution. For more detailed information, visit Canada.ca.

For a visual overview, here's an image showing CDIC coverage categories:

CDIC Coverage Categories

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