Comments on: Of Eggs & Baskets

By: Fabian Berthelette

Fabian Berthelette — Fri, 08 Jan 2010 19:23:06 +0000

Great website, I actually found it to be facinating. I am looking forward to visiting once again to take in what is current.

By: Of Eggs & Baskets « gailvazoxlade.com Instant just to Me

Of Eggs & Baskets « gailvazoxlade.com Instant just to Me — Fri, 01 Jan 2010 11:25:53 +0000

[...] the original: Of Eggs & Baskets « gailvazoxlade.com By admin | category: insurance joint life term | tags: deposit, five-years, from-several, [...]

By: Why You Should Care About Economics | Balance Junkie

Why You Should Care About Economics | Balance Junkie — Mon, 28 Dec 2009 11:35:07 +0000

[...] safe there, but it doesn’t hurt to brush up on the latest CDIC or CIPF information. Gail Vaz-Oxlade recently posted on this [...]

By: Canadian Personal Finance Blog » Blog Archive » Carnival of Money Stories: Happy Pseudo Boxing Day!

Mon, 28 Dec 2009 08:32:35 +0000

[...] Vaz-Oxlad presents Of Eggs & Baskets posted at [...]

By: Leslie

Leslie — Fri, 18 Dec 2009 00:21:15 +0000

As someone who works in a bank, you can hold over $100K in your savings and also in your chequing account and in GICs registered and non-registered. It also depends on if an account is joint as well. Each can be separate entities and most of the CDIC insured banks have more than one company under the umbrella of their bank name. So if you have that kind of cash ask your banker, they have options that keep you covered under CDIC but also let you have everything at one bank too!

By: Heidi

Heidi — Thu, 17 Dec 2009 23:25:20 +0000

Good info to know on today’s blog.

Guess what ? I just received Gail’s new book today from Amazon.ca and I am pumped to start reading it. I’m already starting on the ‘homework’ she gives at the beginning and am looking forward finally getting a handle on my finances in 2010 !!

Wishing everyone a healthy and happy holiday as you share with family and friends !

By: Risa

Risa — Thu, 17 Dec 2009 19:00:15 +0000

Thanks for this info, Gail. I’ve just added another “to do” item for my and hubby over Xmas break. We’re big fans of CYA.

By: Jenn b

Jenn b — Thu, 17 Dec 2009 18:07:34 +0000

Neither my husband nor I have pension plans through work. It’s all up to us and we have been conscious of that when putting money in our RRSPs and TFSAs. We both know people who have lost their entire pension through companies going under. My teacher friends here in Alberta have an underfunded pension which they must contribute to ( union rules) but it may or may not be available to them upon retirement. Unfortunately- none of my teacher friends are making alternate savings to cushion the just in case.

By: Anne

Anne — Thu, 17 Dec 2009 17:06:12 +0000

Wow what an eye opener! What I thought I knew about this was way off. I wonder how many people actually know the truth about this – probably very few. Thanks Gail for putting it here clear and thorough.

By: Jessie's Money

Jessie's Money — Thu, 17 Dec 2009 15:07:03 +0000

Wow, that’s good to know!! I was particularly interested in the last bit about pensions. I’ll be starting contributing to my pension in October, 2010 (yah, only 11 more months) – and I’ll sure be looking into Alberta’s rules going forward!

By: Michael James

Michael James — Thu, 17 Dec 2009 14:40:48 +0000

On the CIPF protection for stocks, bonds and mutual funds, some of your readers may misinterpret the nature of the protection. Investments are not protected from dropping in value in the markets. Investors are protected if their shares or units disappear due to fraud or insolvency of the investment company or bank. But, if your mutual fund drops to half its value because the stock market is tanking, you’re not protected. I’m sure Gail knows this, but I find that some people are confused about CIPF protection.

By: Dawn

Dawn — Thu, 17 Dec 2009 14:39:42 +0000

Not sure about other provinces, but I know in Manitoba, Credit Union deposits of any kind are guaranteed Without Limit…and they usually have waayyy better rates than Chartered Banks, even beat Pres Choice and ING. I love dealing at local CU’s.

By: ib

ib — Thu, 17 Dec 2009 14:19:07 +0000

Another setup that we have in our province MB is the “Credit Union Deposit Guarantee Corporation”. It also covers your deposit. It is separate from the CDIC.

This the excerpt from their site – http://www.cudgc.com/faqs.html
Is this guarantee the same as the banks’ $100,000 insurance?

This guarantee is different than the banks’ insurance. All deposit amounts are fully guaranteed and include accrued interest to the date of payout. Deposit amounts include chequing and savings accounts, RRSP deposits, RRIF deposits, foreign currency deposits and term deposits, including those with terms exceeding five years. For information respecting the guarantee of deposits in banks, refer to Canada Deposit Insurance Corporation.

This covers the money you put into a credit union. It seems to be more comprehensive than the CDIC.

By: Girl Makes Cents

Girl Makes Cents — Thu, 17 Dec 2009 13:54:12 +0000

Good to know, thanks Gail!

By: 2 Cents

2 Cents — Thu, 17 Dec 2009 13:47:06 +0000

This stuff can be a bit confusing, but this is a good reminder for me to take a look at our situation again. For now, things have settled down a little in the financial world, but there is a good chance we’ll face more trouble down the road. The boy scout rule (be prepared) is in effect here. Thanks Gail!