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 – 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.