The Government of Canada has
to the CDIC Act
to modernize and enhance CDIC deposit protection. These changes will be reflected on this website when they take effect. Until then, current coverage rules apply.
We are the federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure.
Our Vision: Earning the trust of Canadians as a global leader in deposit insurance and resolution.
Eligible deposits are automatically covered to a limit of $100,000 per
insured category at each
CDIC member financial institution. Members include banks, federally regulated credit unions, as well as loan and trust companies and associations governed by the
Cooperative Credit Associations Act that take deposits.
We are not a bank. We are not a private insurance company.
We are funded by premiums paid by our member institutions and do not receive public funds to operate.
Parliament established the Canada Deposit Insurance Corporation in 1967, to achieve the following:
- provide insurance against the loss of part or all of deposits;
- promote and otherwise contribute to the stability of the financial system in Canada;
- act for the benefit of depositors while minimizing loss.