What CDIC Does
CDIC insures Canadians’ savings against the failure of a bank or other CDIC member institution.
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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: |
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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 = eligile deposits |
| Find out more about what’s covered and what’s not. |
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We make sure that the money Canadians deposit in a CDIC member is protected in case a member bank, trust
company, loan company or association governed by the Cooperative Credit Associations Act goes
bankrupt.
We insure most—but not all—types of savings. See What’s Covered, What’s Not Covered.
We insure savings in most banks and financial institutions in Canada, but not all. Savings must be in a
CDIC member institution to be protected by us. See the list of current CDIC
members.
We provide deposit insurance to help make Canada’s financial system stable. All of our work is done for
the benefit of depositors.
