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What is Canadian Investor Protection Fund mean?
The Canadian Investor Protection Fund (CIPF) is a not-for-profit corporation created by the Canadian investment industry in 1969 to protect investor assets in the event of a CIPF member's bankruptcy. CIPF is funded by its members, which are the approximately two hundred investment dealer firms regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
Investors automatically receive coverage by opening an account with a CIPF member. Each investor's coverage, when held at a CIPF member, is:
CA$ 1 million for all non-registered accounts and TFSAs combined,another $1 million for RRSPs and RRIFs,and a further $1 million for RESPs.So if a person's assets are distributed between the different classes of accounts (taxable & TFSA, RRSP/RRIF, RESP), they have up to CA$ 3 million in coverage at a particular CIPF member institution. An individual then may also have these accounts at other institutions for further diversification.
When a CIPF member becomes bankrupt, the CIPF will move the investor's account, within the limits of coverage, to another investment dealer where the investor can access it.
referencePosted on 21 Sep 2024, this text provides information on Miscellaneous in Regional related to Regional. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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