Who Pays For Deposit Insurance
You do not pay CDIC for deposit insurance. CDIC member institutions pay premiums to CDIC.
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The ABCs of Deposit Insurance |
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| Up to $100,000 of your savings are eligible for deposit insurance
offered by CDIC. Your savings must be: |
| Held in… |
| A |
Eligible deposits—for example, savings, chequing and
GICs of 5 years or less |
| + |
Held at… |
| B |
Banks and other financial institutions—eligible deposits must be
held at a CDIC member. |
| + |
And held in… |
| C |
Canadian dollars—U.S. dollar and other foreign currency deposits
are not eligible. |
| A + B + C = eligible deposits |
| Find out more about what’s covered and what’s not. |
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Deposit insurance is different from many types of insurance. You do not pay premiums. CDIC member
institutions pay premiums to CDIC to cover the cost of insuring your deposits. In the event of a
failure, CDIC pays depositors the amount of their insured savings—up to $100,000.
As a consumer:
- You don’t pay for our insurance. Banks and other member financial institutions pay
premiums to CDIC. See the list of CDIC
members.
- You don’t need to sign up for our insurance. We automatically insure most savings. See
What’s Covered, What’s Not Covered.
