CDIC — Who We Are and What We Do
Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament.
CDIC insures Canadians’ savings in case their bank or other CDIC member institution fails or goes
bankrupt. CDIC is NOT a bank. CDIC is NOT a private insurance company.
CDIC helps keep Canada’s financial system strong. We work for Canadians—by insuring their savings in case
a bank or other CDIC member institution fails.
- You don’t need to sign up for our insurance.
We automatically insure most savings.
- You don’t pay for our insurance.
Banks and other financial institutions that are members of CDIC pay us premiums.
Are YOUR savings insured?
It’s important to know...
Banks in Canada can fail. It does not happen often, but it has happened and it could happen again. If your
bank or other CDIC member fails or goes bankrupt and your savings are covered by CDIC, you will get up
to $100,000 of your savings back. If your savings are NOT covered, you might lose them.
Your savings are covered…
- If your bank (or the institution you bank with) is a member of CDIC.
We only insure savings if they are at one of our member institutions.
and…
- If the accounts or financial products you have are insured by CDIC.
We only insure certain types of savings.
It’s easy to find out...
Find out if YOUR savings are insured by
CDIC.
Why does CDIC insure Canadians’ savings?
Protecting Canadians’ savings is part of our job. CDIC automatically insures many types of savings against
the failure of a bank or financial institution that is a CDIC member. But, there are some savings that we
do NOT insure. And, CDIC's deposit insurance does not protect against fraud, theft or scams.
Use this website to see if YOUR savings are covered. This information will help you decide where to keep
your savings.
|
Please Note: This website is designed to
give general information about deposit insurance and should not be relied upon as definitive. The actual
deposit insurance coverage provided by CDIC following the failure of a member institution is based on the
deposit account records at the failed member institution and is governed by the Canada Deposit Insurance Corporation
Act.
|
