Deposit Insurance - Over $100K

[destillat]

CDIC insures deposits up to $100K per person, per institution, per type of account.
Are there any options (extra insurance, etc) for accounts over $100K?
I been searching and the only suggestion I have found is to split up funds across institutions and type of accounts, which is a bit of a pain.
Any options?

 

[danmand]

Ontario Opportunities Fund
.


By contributing to this fund you are helping to reduce Ontario's debt. Your contribution allows you to claim a non-refundable tax credit for the year in which you make your contribution.

How do I make a contribution?

There are two ways you can contribute to the Ontario Opportunities Fund:
1.by redirecting your income tax refund, or
2. by sending a cheque or money order to the province.

 

[destillat]

Ontario Opportunities Fund
.


By contributing to this fund you are helping to reduce Ontario's debt. Your contribution allows you to claim a non-refundable tax credit for the year in which you make your contribution.

How do I make a contribution?

There are two ways you can contribute to the Ontario Opportunities Fund:
1.by redirecting your income tax refund, or
2. by sending a cheque or money order to the province.

I just checked the calendar, and it isn't even close to April 1st.

 

[notthemama]

What is your worry?
When was the last time you heard of a Canadian bank failing.
I regularly maintain a 6 digit balance and I sleep well.

 

[SkyRider]

What is your worry?
When was the last time you heard of a Canadian bank failing.
I regularly maintain a 6 digit balance and I sleep well.

The risk is really with the smaller institutions like eqbank, Home Trust, etc. Historically, Ottawa would step in and arrange a merger with one of the Big 5 to protect the depositors. This was the case when the trust companies went belly up years ago.

 

[danmand]

I just checked the calendar, and it isn't even close to April 1st.

I doubt a cheque will be returned, if you send it today.

 

[destillat]

Good points.

 

[explorerzip]

What is your worry?
When was the last time you heard of a Canadian bank failing.
I regularly maintain a 6 digit balance and I sleep well.

Very unlikely to happen in Canada, but anything can happen if the government loosens the regulations too much like they did in the States.

 

[Butler1000]

I wonder how many PM's from providers will suddenly pop up in the OP'S box?

 

[belette68]

CDIC insures deposits up to $100K per person, per institution, per type of account.
Are there any options (extra insurance, etc) for accounts over $100K?
I been searching and the only suggestion I have found is to split up funds across institutions and type of accounts, which is a bit of a pain.
Any options?

Not my business but why in the world a guy with that kind of money would ask financial advise from a hooker board? Last I check, this was not required knowledge for an SP ?

 

[Keebler Elf]

If the Canadian banks are failing we've all got much bigger problems to deal with...

 

[notthemama]

If the Canadian banks are failing we've all got much bigger problems to deal with...

If Canadian banks start to fail the CDIC ain't gonna do you much good because the whole world economy is gone.
Start collecting beaver pelts and cooking maple syrup.
Make friends with the survivalists you used laugh at.
I figure most city folk got they selves 10-14 days max. Them usually start to panic on the second day of a bit a snow.
For the young attractive ladies out there, the ones with theys own teeth and slim asses so as they don't eats too much, keep me in mind.
I is prepared.:thumb:

 

[Ceiling Cat]

If you have $100,000 in a bank account, you are missing out on opportunities galore.

 

[destillat]

Not my business but why in the world a guy with that kind of money would ask financial advise from a hooker board? Last I check, this was not required knowledge for an SP ?

The lounge is full of very experienced, smart, wealthy men... I have asked for and gotten, as well as read, TONS of great advice here.
It is an easy way to tap into a wealth of knowledge.

 

[destillat]

If you have $100,000 in a bank account, you are missing out on opportunities galore.

You're probably right.
For the short term at least, I have decided that I am very risk averse.

 

[Ceiling Cat]

You're probably right.
For the short term at least, I have decided that I am very risk averse.

For safe long term bets I recommend Dividend-Growth Stocks with a dividend. Get paid to wait.

Bank of Nova Scotia (TSX:BNS) Very safe, Very conservative. Analyst opinion - buy with a 25% upside. Annual Dividend 5.40%

TransCanada Corporation (TRP) Stock beaten down, but this is a sure safe long term bet. Truly a buy low sell high proposition here.
oil is not going away soon, and there will always be a need for oil transportation. As fast as this stock went down, it will rise as quickly.
Especially if there is an announcement of a go on the Energy East pipeline project. Annual Dividend 4.80%

Many other conservative, safe sure long term bets with Annual Dividend Yields.

 

[SkyRider]

TransCanada Corporation (TRP) Stock beaten down, but this is a sure safe long term bet. Truly a buy low sell high proposition here.
oil is not going away soon, and there will always be a need for oil transportation. As fast as this stock went down, it will rise as quickly.
Especially if there is an announcement of a go on the Energy East pipeline project. Annual Dividend 4.80%

No pipelines will ever be built as long as the liberals are in power. They hate oil, pipelines, industries, etc. Bunch of tree huggers.

 

[fuji]

You're probably right.
For the short term at least, I have decided that I am very risk averse.

Buy Government of Canada bonds. Same assurance as CDIC. If GoC defaults on its bonds, which will never happen, it ain't paying out CIDC either.

 

[bigshot]

If you have $100,000 in a bank account, you are missing out on opportunities galore.

Not necessarily true. This may well be a small percentage of his overall net worth, and as such, keeping cash on hand is wise. He may also have plans that will deplete these funds in the near future, so he wants to protect himself in the near term. I am sitting with over $100k in cash and don't feel compelled to deploy these funds at this time. It's not the big deal that some would think...

 

[Ceiling Cat]

No pipelines will ever be built as long as the liberals are in power. They hate oil, pipelines, industries, etc. Bunch of tree huggers.

Never say never. The pipelines ( Energy East, the two going to the Pacific coast and the XL pipeline going to the gulf ) are strategic to the national security of the USA and Canada. It is also economically important that we keep money here in Canada and the USA and not send it to the middle east and South America to fuel conflict. Those that argue that pipelines are not safe have conveniently forgotten about the train disaster at Lac Megantic and the fact that giant oil tankers filled with foreign oil steam down the St. Laurence river to supply the refineries in Montreal. I am betting it will be built, I will not bet that it will be built or started during a Liberal administration but you never know. With or without the pipelines being built Trans CanPipe is still a good long term bet.