As of January 1, 2021, all balances in your Wealthsimple Cash account are now eligible for protection from the Canada Deposit Insurance Corporation (CDIC) because your balances are held in trust at a CDIC member institution. CDIC is a federal Crown corporation. CDIC is not a bank or a private insurance company.
How does coverage work?
CDIC protects eligible deposits held at CDIC member institutions (List of Members - cdic.ca) in case of a member’s failure. For eligible deposits held in trust at a CDIC member institution, CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met. Coverage is free and automatic. For more information on how CDIC trust protection works, click here.
Good to know:
- Your Invest accounts (TFSAs, RRSPs, etc.) are covered by CIPF. More information in our Help Centre article.
- Joint accounts are covered up to $100,000 per set of joint owners. More information on this here.
- Corporate Cash accounts are also covered up to $100,000 - this is separate from personal accounts. More information here.
- Due to our contractual agreements, Wealthsimple is not able to disclose who its partner banks are.