Skip to main content Skip to chat

What to do if you've fallen victim to credit card fraud

If you have a credit card, you're at risk of credit card fraud. Learn what to do if you have fallen victim to credit card fraud.

December 22, 2022

Written by Pira Kumarasamy

Key takeaways

  • Couples considering joint credit cards or authorized user status face a decision on sharing credit. Joint accounts involve both spouses sharing payment responsibility and impacting both credit scores, suitable for financially stable couples.
  • Authorized users are attached to a primary cardholder's account, enjoying the same limit and benefits without affecting their credit score. This is helpful when one spouse has poor credit or for simplicity.
  • Regardless of the choice, understanding the credit agreement is crucial, as joint cards benefit financially strong couples, while authorized user status suits those seeking convenience or dealing with credit limitations.


In Canada, eligible deposits (like savings accounts, GICs, money orders, and more) can be covered by something called Canada Deposit Insurance Corporation (CDIC) Insurance if the financial institution holding the deposit is a CDIC member. CDIC protects eligible deposits, up to $100,000 per insured category, in case a member institution fails.

According to Canada Deposit Insurance Corporation: "Since its creation by Parliament in 1967, CDIC has handled 43 bank failures, affecting more than 2 million depositors. No one has lost a single dollar that is under CDIC protection."

What exactly is CDIC?

CDIC is a Crown corporation, which means it's established by the Canadian Government. It was created to provide deposit insurance to depositors of CDIC member institutions which include banks, federally regulated credit unions, loan and trust companies, and deposit taking associations governed by the Cooperative Credit Associations Act.

How does CDIC insurance work?

Under this coverage, if a CDIC member institution were to fail, the CDIC has tools to resolve them while protecting depositors and contributing to the stability of the financial system. The CDIC has a number of tools it can use to resolve member institutions, for example closing an institution and reimbursing insured deposits.

If a payout is the chosen resolution tool, depositors at that CDIC member institution would be reimbursed for insured deposits up to $100,000 per insured category.

Coverage is automatic, which means customers of the failed member institution don't need to go through effort or calculations in order to receive a CDIC payout in the event of failure. CDIC would contact the depositor, rather than the depositor having to make the contact.

How much of your money is covered?

You're covered for up to $100,000 of eligible deposits per insured category, and per member institution you deal with. In other words, it's possible to be covered for more than $100,000 of eligible deposits from the same member institution.

Each eligible joint deposit account is protected for up to $100,000, regardless of the number of people who own the deposit. This means that CDIC would provide coverage for an eligible deposit in a joint account for a total of up to $100,000 - no matter how many account holders there are.

Currently, eligible deposits include:

  • Savings and chequing accounts
  • Term deposits, such as GICs
  • Money orders
  • And more: see full list here

Insured categories include:

  • Deposits held in your name
  • Deposits held jointly
  • Deposits inside an RRSP/RSP
  • Deposits inside a TFSA
  • Deposits inside a RRIF/RIF
  • And more: see full list here

For example, if you had $100,000 in a savings account and $100,000 in RSP GICs, all $200,000 of these deposits would be eligible to be covered, because they're in different categories.

What's not covered?

CDIC insurance covers eligible deposits. It doesn't cover investments like mutual funds, stocks or bonds. So, in the above example, if the $100,000 in RSP GICs were held in mutual funds instead, the coverage wouldn't apply.

Here are a few more examples of how CDIC insurance would apply if you have multiple types of accounts.

Although Canadian financial institutions have had very few failures compared to our neighbours in the south, it's nice to know that we have a mechanism in place for CDIC member institutions to protect our eligible deposits.

This article or video (the “Content”), as applicable, is provided by independent third parties that are not affiliated with Tangerine Bank or any of its affiliates. Tangerine Bank and its affiliates neither endorse or approve nor are liable for any third party Content, or investment or financial loss arising from any use of such Content.

The Content is provided for general information and educational purposes only, is not intended to be relied upon as, or provide, personal financial, tax or investment advice and does not take into account the specific objectives, personal, financial, legal or tax situation, or particular circumstances and needs of any specific person. No information contained in the Content constitutes, or should be construed as, a recommendation, offer or solicitation by Tangerine to buy, hold or sell any security, financial product or instrument discussed therein or to follow any particular investment or financial strategy. In making your financial and investment decisions, you will consult with and rely upon your own advisors and will seek your own professional advice regarding the appropriateness of implementing strategies before taking action. Any information, data, opinions, views, advice, recommendations or other content provided by any third party are solely those of such third party and not of Tangerine Bank or its affiliates, and Tangerine Bank and its affiliates accept no liability in respect thereof and do not guarantee the accuracy or reliability of any information in the third party Content. Any information contained in the Content, including information related to interest rates, market conditions, tax rules, and other investment factors, is subject to change without notice, and neither Tangerine Bank nor its affiliates are responsible for updating this information.

Tangerine Investment Funds are managed by 1832 Asset Management L.P. and are only available by opening an Investment Fund Account with Tangerine Investment Funds Limited. These firms are wholly owned subsidiaries of The Bank of Nova Scotia. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.