Lana's business has two accounts at a bank: $150,000 in an investment account and $300,000 in a savings account. If the bank fails, how much of the business's deposits are protected by the CDIC?

Question

Quizplus · Accepted Answer

The CDIC (Canada Deposit Insurance Corporation) protects eligible deposits up to a maximum of $100,000 per member. Therefore, only the $300,000 in the savings account is protected, while the $150,000 in the investment account is not eligible for protection. Therefore, the total amount protected would be $300,000.

Lana's Business Has Two Accounts at a Bank: $150,000 in an Investment