The CFFiM recommended that the government:

• Increase coverage from $100,000 to $250,000 per category for non-registered accounts.
• Provide unlimited coverage for deposits in registered and tax-free accounts.
• Keep it simple by avoiding targeted or tiered deposit insurance coverage.
• Provide clear, accessible information on deposit insurance coverage through multiple channels tailored to different demographic groups.

The growing share of uninsured deposits highlights the importance of reviewing and expanding deposit insurance coverage to maintain depositor confidence and safeguard financial stability.

In addition to promoting financial stability, more deposit insurance coverage is a means to boost competition in the financial sector, move Canada toward more harmonized coverage, and ensure depositors at both large and smaller institutions are treated equitably in resolution situations.

A well-designed deposit insurance scheme should be transparent, easy to understand, simple to administer, adequately funded, and supported by an efficient recovery and resolution framework.

Supporting reasons can be found in our comment letter.