If one of the big banks in Canada goes bankrupt, what happens to your money? We've seen some banks fail in the U.S. recently, and it's gotten many Canadians worried about what would happen if our banks failed in Canada. The good news is that your money is protected even if your bank goes bankrupt thanks to CDIC. This video explains how CDIC's deposit insurance works, what's covered and not covered, and how despite Canada having had 43 bank failures since 1967, not a single bank customer has lost a protected dollar.
*This video was made in partnership with the Canada Deposit Insurance Corporation (CDIC). To learn more about how your bank deposits are protected visit https://www.cdic.ca/*
📖 CHAPTERS
00:00 Introduction
01:26 Fact 1
01:34 Fact 2
01:45 Fact 3
02:01 Fact 4
02:16 Fact 5
02:28 Fact 6
02:38 Fact 7
03:10 How CDIC's deposit protection works
03:20 What's protected
03:34 What's not protected
03:43 Protection limits
05:19 CDIC's protection calculator
📌 RESOURCES I MENTIONED
CDIC Deposit Insurance Calculator https://www.cdic.ca/depositors/videos-and-resources/deposit-insurance-calculator/dashboard/select-category
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