CDIC Launches "Ask an Advisor"

OTTAWA, ONTARIO--(Marketwired - June 3, 2013) - For many Canadians, protecting their money is as important as making it grow, which is why Canada Deposit Insurance Corporation (CDIC) partners with financial advisors to help people make informed decisions about their savings.

Building on this partnership, CDIC is launching a new "Ask an Advisor" online feature to offer Canadians tips about deposit insurance coverage.

"Our research shows that more than 8 million Canadians can be reached through their financial advisors in a typical year," said CDIC President and CEO Michèle Bourque. "We want to ensure that CDIC deposit insurance is one of the topics of their conversations. This new feature encourages financial advisors to share their knowledge of how Canadians can protect their money."

Every two weeks, "Ask an Advisor" poses a frequently-asked question to financial advisors from across Canada and posts the answer on the CDIC website www.cdic.ca . The exchanges will also be communicated through social media. Canadians are invited to send questions about protecting their deposits to info@cdic.ca .

"We are proud to be a part of this excellent education initiative," said Greg Pollock, President and CEO of Advocis. "The more Canadians understand how their money is protected, the more at ease they will feel about their finances."

Deposit insurance is an important part of personal financial management, particularly for Canadians aged 50 and over. CDIC works with Advocis (the Financial Advisors Association of Canada), the Registered Deposit Brokers Association and other groups to promote knowledge of deposit insurance, particularly through continuing education.

Visit cdic.ca for more information.

CDIC is a federal Crown corporation that provides deposit insurance against the loss of eligible deposits with its member institutions in the event of their failure. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each member institution. CDIC members include most Canadian chartered banks, loan and trust companies, federally-regulated credit unions as well as associations governed by the Cooperative Credit Associations Act. CDIC is entirely funded by premiums assessed on its member institutions and does not receive public funds.