How are your savings protected?

(NC) With the rise in interest rates and inflation over the last few years, it’s no wonder people today are more concerned with their money. But did you know that, in Canada, your deposits and investments may be protected by various government organizations?

Here are three ways to find out how your money is protected:

• Learn about the different protection frameworks: Become familiar with which financial products are eligible for protection and by whom. There are different organizations that offer protection depending on the type of product, including:

  • Federal deposit insurance: Protects deposits in banks and other federally regulated institutions.
  • Provincial deposit insurance: Protects deposits in provincial credit unions.

  • Investor protection: Offers protection for other investments like mutual funds, stocks and bonds.

• Find online resources: You can find out which of these organizations your financial institution is a member of, and how coverage may apply to your financial portfolio by visiting the organization’s website. For instance, the Canada Deposit Insurance Corporation (CDIC), the federal deposit insurer, provides a list of all its member institutions. They also have additional information and tools, like their online calculator, which you can use to help determine your coverage at CDIC.ca.

• Ask questions: Don’t hesitate to reach out to your financial institution to find out how your financial products are protected.

With all the changes and uncertainty over the last few years, one thing you shouldn’t have to worry about is whether your money is safe.