You are a personal banker at Local Bank. Your client, John is coming in to discuss his investments with you. He is extremely risk averse, and has been hearing about bank failures in the US and is concerned the same will happen here. He is concerned that all of his money be protected by CDIC. Local Bank is a member institution with CDIC. Local Bank has 4 subsidiaries that provide products that are covered with CDIC they are:

Local Bank Local Bank Term Corp Local Bank Mortgage Corp Local Bank Trust Corp

John's accounts are as follows:

Account and IssuerAmountRRSP GIC Local Bank 5 Year Term Due 2 years57,235RRSP GIC Local Bank 4 Year Term Due 1 year156,000RRSP GIC Local Bank Term Corp 3 Year Term Due 3 months75,623RRSP GIC Local Bank Term Corp 2 Year Term Due today65,326Personal Non-Reg GIC Local Bank Term Corp 5 Year term due Today56,365Personal Savings Account Local Bank325,000Joint Savings account with Wife Local Bank175,000Joint Chequing account with Wife Local Bank$1500RESP for daughter Local Bank Trust Corp$17,659

How much of John's funds are currently covered by CDIC?

Are there any recommendations you would make to him? Anything you would tell him about CDIC, banks in Canada, etc?