Savings Held for Paying Realty Taxes on Mortgage Payments
CDIC deposit insurance covers deposits made toward realty taxes on mortgaged properties held in Canadian
dollars at a CDIC member. Some people pay monthly installments into a mortgage tax account. Their financial
institution draws money from that account to pay municipal taxes on their property.
What’s covered?
From $1 to $100,000 held in eligible mortgage tax accounts. The deposits must be held in
Canadian dollars at a CDIC member institution.
For example . . .
Say you have two mortgage tax accounts in the same financial institution. How much would you get from CDIC
if the institution were to fail? CDIC would add up the amount in both accounts and pay up to $100,000 of the
total. So:
- If you had $500 in one mortgage tax account and $300 in the other, for a total of $800 at the time the
financial institution failed, you would get $800 from CDIC.
CDIC covers more!
Click on any of the following to see what else CDIC covers: savings held in one name, savings held in
trust, savings held in an RRSP, savings held in a RRIF. CDIC also insures savings held in more than one name (joint deposits).
