The Government of Canada has proposed changes
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 insure eligible deposits held in one name.
In the event of a member institution failure, a depositor’s chequing account, savings account and any unregistered term deposits with a term to maturity of 5 years or less would be considered as deposits held in one name and would therefore be combined for a maximum coverage limit of $100,000.
Who is considered a depositor?
A depositor can be an individual, a corporation and an association of persons such as a labour union, a civic service group or a religious congregation. However, a sole proprietorship is not considered to be a separate depositor since it is a business operated in the depositor’s own name.
You do not need to apply for
CDIC deposit insurance, or fill in any forms for coverage. Nor do you have to pay for
CDIC deposit insurance. We do not receive any taxpayer dollars and are fully funded through premiums paid by our