GICs and Other Term Deposits

CDIC insures deposits in Guaranteed Investment Certificates (GICs) and other deposits with an original date to maturity of 5 years or less held in Canadian dollars at a CDIC member. CDIC does NOT insure term deposits (including GICs) with an original date to maturity of more than 5 years.

A term deposit is a deposit for a set time (fixed term). A GIC is a common type of term deposit.

What is insured?

CDIC insures GICs and other term deposits with an original date to maturity of 5 years or less.

What is NOT insured by CDIC?

CDIC does NOT insure longer term GICs or other term deposits with an original date to maturity of more than 5 years. For example, a term deposit that matures in 5 years and two months from the date it was issued is NOT insured by CDIC.

How much is insured?

CDIC insures from $1 to $100,000. We calculate your insured savings by combining the amounts in:

• savings and chequing accounts
• GICs and other deposits with an original date to maturity of 5 years or less
• money orders, certified cheques, travellers’cheques and bank drafts issued by a CDIC member
• debentures issued by loan companies

For example…

If your CDIC member fails and you have the following savings in your own name:

• $7,000 in a savings account
• $1,000 in a 4-year GIC
• $5,000 in a 7-year GIC

You have $8,000 insured by CDIC in case your bank fails, because the 7-year GIC is NOT insured by CDIC.

CDIC also insures other types of deposits from $1 to $100,000. Find out more about how CDIC calculates insured deposits.

CDIC covers more!

Click on any of the following to see what else CDIC covers: savings held in trust, savings held in an RRSP, savings held in a RRIF, savings held for paying realty taxes on mortgage payments. CDIC also insures savings held in more than one name (joint deposits).