How deposit insurance works

Piggy bank iconWe insure eligible deposits that are held in our CDIC member institutions, in Canadian currency. Many people deposit money into more than one account or financial product. We insure eligible deposits SEPARATELY (up to $100,000, including principal and interest) for EACH of the following seven categories:

 

Deposits held in one name

CDIC insures eligible deposits held in the name of one depositor separately from other categories up to $100,000.

Deposits held in more than one name

Joint deposits are those held in the names of two or more people. Coverage for joint accounts is for a total of up to $100,000 regardless of the number of joint depositors.

Deposits held in a RRSP

Eligible deposits in a RRSP are protected up to $100,000 separately from eligible deposits in other categories.

Deposits held in a RRIF

Eligible deposits in a RRIF are protected up to $100,000 separately from eligible deposits in other categories.

Deposits held in a TFSA

Eligible deposits in a TFSA are protected up to $100,000 separately from eligible deposits in other categories.

Deposits held in trust

CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met.

Deposits held for paying taxes on mortgaged properties

CDIC deposit insurance covers deposits held separately to pay property taxes on mortgaged properties held in Canadian dollars at a CDIC member.

Deposits with a Federal Credit Union

Eligible pre-existing deposits with a Federal Credit Union are provided transitional coverage. Learn how insurance works for these member financial institutions.