FAQs Canadian Investor Protection Fund English franais Investment Advisors | Members AAA Menu Home About Us CIPF’s Mandate The Segregated Funds Governance Affiliations History of CIPF Careers CIPF Coverage About CIPF Coverage When a Member is Insolvent Case Studies Coverage Policy Claims Procedures Recent Past Insolvencies Member Directory CIPF Investment Dealer Member Firms CIPF Mutual Fund Dealer Member Firms Past CIPF Member Firms News & Publications FAQs Contact Us Search Search When autocomplete results are available use up and down arrows to review and enter to select. FAQs Facebook Twitter Linkedin Below you will find answers to some frequently asked questions (FAQs), which are organized under the following headings: General Types of Property and Losses Covered Coverage Limits Confirming You Have CIPF Coverage Insolvency Making a Claim to CIPF Complaints About My Broker CIPF Disclosure Policy Expand All General 1. How does CIPF help investors? Your browser does not support HTML5 video. CIPF provides limited protection for property held by a member firm on behalf of an eligible client, if the member firm becomes insolvent. CIPF member firms are members of Canadian Investment Regulatory Organization (CIRO) that are: (i) investment dealers and/or (ii) mutual fund dealers. Please click here for a list of CIPF Investment Dealer member firms and here for a list of CIPF Mutual Fund Dealer member firms. If you have an account with a member firm, and that firm becomes insolvent, CIPF works to ensure that any property being held for you by the firm at that time is given back to you, within certain limits. Client property that is eligible for CIPF protection includes securities and cash, but excludes crypto assets. In certain circumstances, CIPF's role may involve requesting the appointment of a trustee in bankruptcy. CIPF protection is not available to customers whose account at a mutual fund dealer is located in Québec, unless the member firm is also registered as an investment dealer. A mutual fund dealer account is considered to be located in Québec for the purposes of CIPF coverage if the office serving the customer is located in Québec. However, CIPF does not guarantee the value of your property. Find out more about what CIPF does and does not cover here. 2. How do I get CIPF coverage and how much does it cost? If you have an eligible account with a member firm that is used solely for investing in securities or in futures contracts, you’re automatically eligible for coverage. And because CIPF is funded by its member firms, you do not pay a fee for CIPF protection. CIPF protection is not available to customers whose account at a mutual fund dealer is located in Québec, unless the member firm is also registered as an investment dealer. A mutual fund dealer account is considered to be located in Québec for the purposes of CIPF coverage if the office serving the customer is located in Québec. Please note that crypto assets held by a member firm on behalf of a client are not eligible for CIPF coverage. 3. Are non-residents of Canada protected by CIPF? What about non-Canadian citizens? Yes, non-residents and non-citizens are eligible for coverage. CIPF protection does not depend upon the residency or citizenship of the customer. 4. I have accounts with more than one CIPF member firm. Is my protection shared over all of the member firms? No, your protection is not shared. If you have accounts at different member firms, you have separate CIPF protection for the property being held on your behalf by each firm. 5. Is CIPF’s protection the same as CDIC’s? No, CIPF’s protection is not the same as CDIC’s (Canada Deposit Insurance Corporation). If you have cash deposited in a Canadian bank, and the bank fails, CDIC coverage may apply. If you have cash and/or securities in your account with an investment dealer or mutual fund dealer that is a CIPF member firm, and the firm fails, CIPF coverage may apply. CIPF may also protect other property held in your account with a CIPF member firm. CIPF ensures that the property in your account (for example, your 100 shares in Bell Canada) is returned to you if the member firm becomes insolvent, within certain limits. However, CIPF does not guarantee the value of the property in your account. All coverage provided by CIPF is subject to the CIPF Coverage Policy, as determined by the Board of CIPF from time to time. Find out more about what CIPF does and does not cover here. Types of Property and Losses Covered 6. Are cash balances and securities held by a member firm for a client both eligible for CIPF coverage? Yes. If the member firm becomes insolvent, CIPF’s role is to ensure that cash balances, securities and other property the firm is holding for its clients are returned to them, within certain limits. However, crypto assets held by a member firm on behalf of a client are not eligible for CIPF coverage. CIPF also does not guarantee the value of the securities. 7. Are cash balances and securities denominated in a foreign currency eligible for CIPF coverage if they are held by a member firm for a client? Yes. If the member firm becomes insolvent, CIPF’s role is to ensure that cash balances, securities and other property the firm is holding for its clients are returned to them, within certain limits. However, CIPF does not guarantee the value of the securities. Any claim to CIPF for missing property that is denominated in a foreign currency would be converted into Canadian funds, using the exchange rate in effect on the date of the member firm’s insolvency. Crypto assets held by a member firm on behalf of a client are not eligible for CIPF coverage. CIPF protection is also not available to customers whose account at a mutual fund dealer is located in Québec, unless the member firm is also registered as an investment dealer. A mutual fund dealer account is considered to be located in Québec for the purposes of CIPF coverage if the office serving the customer is located in Québec. 8. Does CIPF protect the value of my GICs (guaranteed investment certificates)? No, CIPF does not protect the value of your GICs. If you have an account with a CIPF member firm, and the CIPF member firm becomes insolvent, CIPF works to ensure that any property (including GICs) being held for you by the firm at that time is given back to you, within certain limits. CIPF does not guarantee what the GIC will be worth. We are often asked about insurance offered by the CDIC (Canada Deposit Insurance Corporation) on these types of investments. CIPF is not related to the CDIC. For more information about the CDIC, and whether your investment qualifies for CDIC deposit insurance, contact the CDIC at 1 (800) 461-2342 or refer to their website at www.cdic.ca. Please note that CIPF member firms are not the same as CDIC member institutions. 9. I hold shares of Company X in my account with a CIPF member firm. Company X is now bankrupt. I still own these shares, but they have minimal value. Does CIPF protect me against this type of loss? No. CIPF does not protect you from a drop in the value of investments for any reason. 10. My broker misled me into thinking the securities he recommended were safe and protected by CIPF. Now my firm (which is a CIPF member firm) and the entities that issued my investments are insolvent, and I have lost a significant amount of money. Can CIPF help me? No, CIPF cannot help you to recover losses arising from misleading information or investments in entities that become insolvent. CIPF’s mandate is limited to ensuring that property held in your account with a member firm at the time of insolvency is returned to you, within certain limits. If you had 100 shares in your account at the time of your broker’s insolvency, and the 100 shares were returned to you but lost some or all of their value, that loss of value is not covered by CIPF. Other types of losses not covered by CIPF include those resulting from the following: fraudulent or other misrepresentations a lack of information unsuitable investments Find out more about what CIPF does and does not cover here. 11. Are ETFs (exchange traded funds) eligible for CIPF coverage? Yes, if the ETF securities are held by a member firm on behalf of an eligible client, the client’s ETF securities are protected by CIPF. Investing in an ETF gives an investor “units” or “shares” in the fund. If the member firm holding your ETF units or shares becomes insolvent, CIPF’s role is to ensure that the ETF units or shares being held by the member firm for you are returned to you, within certain limits. However, CIPF does not guarantee or protect the value of your ETF investment. Please see the glossary on this website for more information about exchange-traded funds. 12. Are mutual funds eligible for CIPF coverage? Yes, if the mutual fund securities are held by a member firm on behalf of an eligible client, the client’s mutual fund securities are protected by CIPF. Investing in a mutual fund gives an investor “units” or “shares” in the fund. If the member firm holding your mutual fund units or shares becomes insolvent, CIPF’s role is to ensure that the units or shares being held by the member firm for you are returned to you, within certain limits. However, CIPF does not guarantee or protect the value of your mutual fund investment. CIPF protection is not available to customers whose account at a mutual fund dealer is located in Québec, unless the member firm is also registered as an investment dealer. A mutual fund dealer account is considered to be located in Québec for the purposes of CIPF coverage if the office serving the customer is located in Québec. Since investors can purchase mutual fund securities directly from the mutual fund itself, these securities may be held by the mutual fund for the investor. In this situation, where a CIPF member firm is not holding these securities on behalf of a client, CIPF coverage does not apply. Please see the glossary on this website for more information about mutual funds. 13. Does CIPF coverage apply to crypto assets? No, crypto assets held by a CIPF member firm on your behalf are not covered by CIPF. CIPF coverage is available for the following: Cash held in your crypto trading account with a CIPF member ETFs, mutual funds and other investment fund units that invest in crypto assets and that are held with a CIPF member. 14. I am a client of a CIPF member firm and am enrolled in the firm’s securities lending program. Which, if any, of my fully paid securities are eligible for CIPF coverage? Your fully paid securities that are lent under the CIPF member firm’s fully paid lending program are not eligible for CIPF coverage. However, any fully paid securities not lent and held at the member firm, as at the date of insolvency of the member firm, are eligible for CIPF coverage. Find out more about what CIPF does and does not cover here. Coverage Limits 15. What is the limit on the amount of coverage? For an individual holding an account or accounts with a member firm, the limits on CIPF protection are generally as follows: $1 million for all general accounts combined (such as cash accounts, margin accounts, TFSAs and FHSAs), plus $1 million for all registered retirement accounts combined (such as RRSPs, RRIFs and LIFs), plus $1 million for all registered education savings plans (RESPs) combined where the client is the subscriber of the plan. See What are the Coverage Limits? and the CIPF Coverage Policy for more information. 16. How do the CIPF protection limits work for property held in joint accounts? If you have a joint account, unless otherwise evidenced in writing, your proportionate interest in the account will be presumed to be equal to that of the other person or people with an interest in the account. You would have CIPF protection for your proportionate interest in the joint account up to the limit that applies to all …