Canadian Securities Course (CSC) Level 1 Practice Exam

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What type of coverage does the MFDA IPC have?

  1. Up to $2,000,000 for each account

  2. Up to $500,000 for each account

  3. Up to $1,000,000 for each account

  4. There is no coverage

The correct answer is: Up to $1,000,000 for each account

The correct answer is C. The MFDA Investor Protection Corporation (IPC) provides coverage of up to $1,000,000 for each account. This coverage helps protect investors in case a MFDA member becomes insolvent. It is essential for investors to have this protection to safeguard their investments and assets in the event of a member firm's failure. Options A, B, and D are incorrect: A. $2,000,000 for each account is higher than the actual coverage provided by the MFDA IPC. B. $500,000 for each account is lower than the actual coverage provided by the MFDA IPC. D. Stating that there is no coverage is incorrect as the MFDA IPC does provide coverage up to a certain limit.

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