Why Deposit Insurance Is Important

Knowing that their savings are protected against failure helps Canadians feel confident about keeping their savings in banks and other financial institutions that are CDIC members.This helps to keep the Canadian financial system strong, which benefits all Canadians.

Like any other business, banks, other financial institutions and cooperative credit associations can fail. The good news is that CDIC members do not fail or go bankrupt often. The last time that a CDIC member failed was in 1996. See the list of the members that have failed in the past.