Reference no: EM132834046
Problem 1: Mariah maintains several accounts with the Metropolitan Credit Union, a member of the Canada Deposit Insurance Corporation (CDIC). In her personal chequing account, she has a balance of $15,500. She also has a joint US$ chequing account with her husband that has a balance of $11,800. Exactly five years ago, Mariah deposited $75,000 into a five-year compound GIC with an interest rate of 5.25% per annum. In addition, Mariah has $130,000 in her RRSP, of which $100,000 is invested in mutual funds and $30,000 is invested in treasury bills. If Metropolitan Credit Union became insolvent today, what statement about Mariah's CDIC coverage is true?
a) Only the portion of Mariah's RRSP assets invested in treasury bills will be eligible for coverage under CDIC.
b) The maximum CDIC coverage Mariah will receive for all of her holdings at Metropolitan is $100,000.
c) Mariah's joint US$ chequing account will be insured through CDIC under a separate category from her personal chequing account.
d) For all of her holdings at Metropolitan, Mariah will receive the following amounts through CDIC: $90,500 for her GIC and her personal chequing account; $11,800 for her joint US$ chequing account and $100,000 for her RRSP.
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