The Government of Canada has
in Budget 2018 to modernize and enhance CDIC deposit protection. These changes would take effect after they are approved by Parliament. Until then, the current coverage rules apply. We will update our website at such time as changes take effect.
We are the federal Crown corporation – a part of the Government of Canada - that protects eligible deposits at each of our
member financial institutions to a maximum of $100,000, per separately
insured category, in case of a failure. Banks and other financial institutions in Canada seldom fail, but it has happened and could happen again.
Coverage is free and automatic: you don't have to apply for it. If there's a failure and your deposits are insured, you won't have to file a claim: we will pay you automatically.
To be eligible for CDIC insurance, deposits must be payable in Canada, and in Canadian currency. As a general rule, this means if it is recorded at a branch or office of a CDIC member institution in Canada, it is eligible for CDIC coverage.