CDIC insurnace coverage for TFSA and HISA

[Darren]

Hey,
 
Do you take into account CDIC coverage when choosing banking and investing accounts? If you have an account that reaches $100,000, do you open up a second account of the same type? My TFSA is getting close to $100k and I'm wondering if I should open up a second. Can you have multiple TFSAs with a single broker? I use Questrade.

Also, I am (hopefully) selling a house soon and will be keeping several $100k in high interest savings accounts for at least a little while. Should I open up several or just use a single one?

Thanks for any insight,

[Lews Therin]

Is Questrade safe?
Questrade is a safe online brokerage option, as Questwealth Portfolios is a safe robo-advisor.

Questrade, as a whole, is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). These two organizations operate similarly to the Canada Deposit Insurance Corporation (CDIC). Investments managed by Questrade come with $10 million of insurance per account, should the brokerage become insolvent.
https://www.ratehub.ca/blog/questrade-review/


I have questions about why you would be holding above 100k per account in cash, but if they are invested, it's not in the CDIC's ball of wax.
Nothing really stops you from opening a second account, but the Big 5 going bankrupt is pretty unlikely.

TLDR: Investments aren't covered by the CDIC, it's covered by CIPF, which covers up to 10M.

[Darren]

Is Questrade safe?
Questrade is a safe online brokerage option, as Questwealth Portfolios is a safe robo-advisor.

Questrade, as a whole, is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). These two organizations operate similarly to the Canada Deposit Insurance Corporation (CDIC). Investments managed by Questrade come with $10 million of insurance per account, should the brokerage become insolvent.
https://www.ratehub.ca/blog/questrade-review/


I have questions about why you would be holding above 100k per account in cash, but if they are invested, it's not in the CDIC's ball of wax.
Nothing really stops you from opening a second account, but the Big 5 going bankrupt is pretty unlikely.

TLDR: Investments aren't covered by the CDIC, it's covered by CIPF, which covers up to 10M.

Thanks for the reply. And thanks for clarifying about IIROC/CIPF coverage vs CDIC coverage. I'll be holding the money in savings until I figure out what to do with it: might be buying another rental property, might put it all in an investment account, might be a mix of things, not 100% sure yet. So I'd like to at least have it in a HISA until I direct it elsewhere. FWIW I use Motive Financial HISA and not big 5 banks.

[Lews Therin]

Tangerine is offering 2.85% saving accounts, so you could move half there.