Are our investments safe in Canada ?


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tamilkuravan   
Member since: Jun 05
Posts: 5775
Location: God's own country

Post ID: #PID Posted on: 15-07-08 16:49:52

Dear CD's,
Are our investments safe in Canadian banks in the current senario? USA banks like Indymac and mortgage firms like Freddie mac etc.. are struggling to meet the commitment to their customers...
I looked at the banks in Canada. Most bank's are CIDC insured meaning that our deposits are insured for a max. amount of $100,000. What happens to accounts above $100,000.
Is it time for Canadian CD's (who have amounts in excess of $100,000) and put them into Indian nationalised banks/ Swiss Banks/ Tax havens etc....
What will be Canada's future hearing that TD Bank and BMO are heavily invested into USA Credit market Crisis.
Any feedback?

Peace


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I am a Gents and not a Ladies.


Iceberg   
Member since: May 05
Posts: 919
Location: GTA and beyond

Post ID: #PID Posted on: 15-07-08 21:05:29


Your investments are not safe anywhere in the world at anytime.

I wonder who would keep over 100k in bank accounts. You can keep them in GIC's. GIC's are insured for 100K per issuer. So for example if you have an account at a brokerage you can break the GIC in max amounts of 100k. In case the brokerage fails, the CDIC does not cover you but CIPF does. CDIC would cover you when one of the issuer of the GIC fails. So it is very necessary to break your GIC's in amounts less than 100k if safety is of prime concern. CIPF coverage is for 1.0 million per type of account. Could be a RRSP and a regular account.

Secondly TD has always been saying that they do not have any exposure to the US sub prime crisis. The only concern would be the exposure of Commerce Bancorp they bought recently in US. But again they have said that too does not have substantial exposure. Two banks one should worry about are BMO and CIBC. Scotia seems to be the strongest of all.

On a side note the financials looked attractive today and yesterday and I bought a few stocks - TD and BNS (at the current prices yields are over 4.5 % -way above GIC's). the only and major risk is capital.

Hope this helps.


Quote:
Originally posted by tamilkuravan

Dear CD's,
Are our investments safe in Canadian banks in the current senario? USA banks like Indymac and mortgage firms like Freddie mac etc.. are struggling to meet the commitment to their customers...
I looked at the banks in Canada. Most bank's are CIDC insured meaning that our deposits are insured for a max. amount of $100,000. What happens to accounts above $100,000.
Is it time for Canadian CD's (who have amounts in excess of $100,000) and put them into Indian nationalised banks/ Swiss Banks/ Tax havens etc....
What will be Canada's future hearing that TD Bank and BMO are heavily invested into USA Credit market Crisis.
Any feedback?

Peace



Mr.Scorpio   
Member since: Jun 04
Posts: 75
Location: Toronto (416-7305795)

Post ID: #PID Posted on: 15-07-08 22:02:05

Quote:
Originally posted by tamilkuravan

Dear CD's,
Are our investments safe in Canadian banks in the current senario? USA banks like Indymac and mortgage firms like Freddie mac etc.. are struggling to meet the commitment to their customers...
I looked at the banks in Canada. Most bank's are CIDC insured meaning that our deposits are insured for a max. amount of $100,000. What happens to accounts above $100,000.
Is it time for Canadian CD's (who have amounts in excess of $100,000) and put them into Indian nationalised banks/ Swiss Banks/ Tax havens etc....
What will be Canada's future hearing that TD Bank and BMO are heavily invested into USA Credit market Crisis.
Any feedback?

Peace



Investments in Canadian Banks are surely safer as compared to any other FI both domestic and Internationally.Your investments are covered by CDIC per account basis upto $100,000 and if you have investment account under IDA you are covered by CIPF upto $1,000,000.Having said that the top 5 banks in Canada has high Tier 1 ratio which is reflective of their asset base and financial strength.
Hope this helps,


-----------------------------------------------------------------
TS




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