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Ottawa Wants to Raise Your Deposit Insurance to $250,000: What Changes (and What Doesn’t)

  For more than 20 years, the federal guarantee on your savings has been stuck at $100,000. In Thursday's budget, Ottawa proposed to raise it to $250,000. Here is what would change, what wouldn't, and why you shouldn't move a dollar yet. Today (unchanged since 2005) $100,000 per deposit category Proposed in Budget 2026 $250,000 per deposit category What Budget 2026 actually proposes The Canada Deposit Insurance Corporation (CDIC) protects your deposits if a member bank fails. The budget proposes amendments to the CDIC Act that would do four things: Raise the limit from $100,000 to $250,000 per deposit category, the first increase in more than two decades. Remove the limit entirely for eligible deposits held in registered and tax-free accounts. Today, the limit is $100,000 per account type at each institution. Add temporary high-balance coverage for life events such as selling a home. Require a review of the deposit insurance framework every 10 years. It isn't law yet. ...
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Hurricane Milton Leaves 3 Million Without Power in Florida

 

Florida is reeling from the devastating impact of Hurricane Milton, which has left over 3 million residents without power. The storm, which made landfall as a Category 3 hurricane, brought with it ferocious winds and heavy rainfall, causing widespread destruction across the state.

Power Outages and Damage
As of Thursday morning, nearly 3.3 million Floridians are without electricity. The National Hurricane Center reported that the storm, now downgraded to a Category 1, continues to produce damaging winds and heavy rainfall as it moves northeast off Florida’s coast. The storm surge has caused significant flooding in several areas, with some regions experiencing up to 5 feet of water.

Casualties and Emergency Response
Tragically, at least four people have lost their lives due to the storm. Emergency services are working tirelessly to restore power and provide aid to those affected. The state has mobilized resources to assist in the recovery efforts, but the extent of the damage means it will take time to fully restore normalcy.

Community Impact
Residents are urged to stay indoors and avoid flooded areas. Many communities are coming together to support each other, with shelters providing refuge for those displaced by the storm. The resilience and solidarity of Floridians are evident as they navigate this challenging time.

Looking Ahead
While Hurricane Milton moves away from Florida, the focus now shifts to recovery and rebuilding. Authorities are assessing the full extent of the damage and planning the next steps to ensure the safety and well-being of all residents.


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