OTTAWA – May 6, 2026 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors of Prospera Credit Union and Sunshine Coast Credit Union that, following their merger with Coast Capital Savings Federal Credit Union and entry into the federal deposit insurance framework, eligible deposits are now protected by CDIC.
What this means for depositors
As provincial deposit insurance for Prospera Credit Union and Sunshine Coast Credit Union has ended, CDIC now provides transitional coverage for a period of 180 days. During this time, your eligible deposits made at either of these institutions before May 6, 2026, will continue to receive the same coverage that was offered by the Credit Union Deposit Insurance Corporation of British Columbia. For term deposits, such as Guaranteed Investment Certificates (GICs), it will extend until the deposit reaches maturity or is cashed out. For demand deposits, such as chequing and savings accounts, the coverage remains in effect for the duration of the transition period. Transitional coverage does not apply to deposits made at Coast Capital Savings Federal Credit Union.
At the end of the transition, all eligible deposits made at Prospera and Sunshine Coast, as well as any new deposits made on or after May 6, 2026, will receive CDIC’s protection of up to $100,000 for each deposit category. For more details about CDIC deposit protection, visit What’s covered.
The merged credit unions will keep using Prospera and Sunshine Coast Financial as trade names.
About Coast Capital Savings Federal Credit Union
Coast Capital Savings Federal Credit Union is based in British Columbia with over 2,500 employees and more than $40 billion in administered assets. They serve over 730,000 members in more than 70 branches across the Lower Mainland, Vancouver Island, the Lower Sunshine Coast and the Okanagan.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost a dollar insured by CDIC.
To find a CDIC member, you can search CDIC’s list of member institutions or look for the CDIC logo on the bank’s website, ATM or branch.
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Frequently asked questions
What is the difference between a provincial and federal credit union? Are all credit unions eligible for CDIC protection?
Credit unions that only operate within a single province are regulated by that province and are protected through provincial deposit insurance. However, credit unions may apply to continue as federal credit unions (FCUs), allowing them to carry on business across Canada and grow nationally.
In this case, the FCU becomes a member of CDIC and benefits from CDIC deposit protection.
Will Prospera Credit Union and Sunshine Coast Credit Union change names? Will they continue to operate after the merger?
The merged credit unions will keep using Prospera and Sunshine Coast Financial as trade names.
A trade name is a separate business name that is used by a member institution to market eligible deposit products. Deposits made under a trade name do not benefit from additional deposit insurance coverage as a trade name does not represent a unique CDIC member. Protection for eligible deposits made under the trade names are combined with those held at Coast Capital Savings Federal Credit Union for up to $100,000 per insured category.
I made a new deposit at Prospera and/or Sunshine Coast Financial after the merger with Coast Capital Savings Federal Credit Union (May 6, 2026). How is it protected?
Deposits made at Prospera and/or Sunshine Coast Financial on or after May 6, 2026, are protected by regular CDIC deposit insurance. Prospera and/or Sunshine Coast Finance are trade names used by Coast Capital Savings Federal Credit Union, a CDIC member. Eligible deposits under Prospera and/or Sunshine Coast Financial are combined with deposits held at Coast Capital Savings Federal Credit Union for up to $100,000 (principal and interest combined) per insured category.
Does transitional coverage apply to my deposits at Coast Capital Savings Federal Credit Union?
No, transitional coverage only applies to eligible deposits made at Prospera Credit Union and Sunshine Coast Credit Union prior to entering into the federal deposit framework on May 6, 2026. It does not apply to deposits made at Coast Capital Savings Federal Credit Union. Eligible deposits made at Coast Capital Savings Federal Credit Union receive regular CDIC protection of up to $100,000 (principal and interest combined) per insured category.
I have deposits at Coast Capital Savings Federal Credit Union. Does this merger affect my coverage?
As Coast Capital Savings Federal Credit Union was already a CDIC member institution prior to the merger, eligible deposits made there are not affected. They will continue to be protected by CDIC up to $100,000 (principal and interest combined) per insured category.
However, if you also held deposits at Prospera Credit Union and/or Sunshine Coast Credit Union, once transitional coverage ends, those deposits will receive a combined coverage with those you have at Coast Capital Savings Federal Credit Union.
I had deposits at Prospera Credit Union and/or Sunshine Coast Credit Union and Coast Capital Savings Federal Credit Union – how does coverage work after the merger?
CDIC protects eligible deposits up to $100,000 (principal and interest combined) per insured category. Once transitional coverage ends, eligible deposits made at Prospera Credit Union and Sunshine Coast Credit Union will be combined with those at Coast Capital Savings Federal Credit Union and protected by CDIC up to $100,000 per deposit category.
Can I make withdrawals from my pre-existing deposits?
Yes, but any withdrawal from a pre-existing deposit will be deducted from your maximum coverage, in respect of that pre-existing deposit.
However, new eligible deposits are covered up to CDIC’s usual maximum of $100,000 per insured category.
For further information
For media inquiries or other requests, please contact us.
Presented by CANNEX, this annual conference brings together professionals from across the Canadian deposit industry. This year’s agenda will focus on the key issues impacting product, distribution and technology as well as the regulatory environment.
CDIC speakers
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Margaret Tepczynska
Manager, Member Risk & Resolution, Compliance
Interested in this event?
Learn morePresented by CANNEX, this annual conference brings together professionals from across the Canadian deposit industry. This year’s agenda will focus on the key issues impacting product, distribution and technology as well as the regulatory environment.
CDIC speakers
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Margaret Tepczynska
Manager, Member Risk & Resolution (Compliance)
Interested in this event?
Learn moreOTTAWA – April 1, 2026 – The Canada Deposit Insurance Corporation (CDIC) welcomes Tru Cooperative Bank (formerly First West Credit Union) to its membership.
What this means for depositors
As provincial deposit insurance for Tru Cooperative Bank has ended, CDIC now provides transitional coverage for 180 days. During this time, your eligible deposits made before April 1, 2026, will continue to receive the same coverage that was offered by the Credit Union Deposit Insurance Corporation of British Columbia. For term deposits, such as Guaranteed Investment Certificates (GICs), it will extend until the deposit reaches maturity or is cashed out. For demand deposits, such as chequing and savings accounts, the coverage remains in effect for the duration of the transition period.
At the end of the transition, all eligible deposits held at Tru Cooperative Bank, as well as any new deposits made on or after April 1, 2026, will receive CDIC’s protection of up to $100,000 for each deposit category.
About Tru Cooperative Bank
Tru Cooperative Bank, formerly First West Credit Union, is a British Columbia headquartered financial institution with approximately 1,300 staff across 45 advice centre locations. The federal credit union serves over 289,000 members and has over $20 billion in total assets and assets under administration.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.
To find a CDIC member, you can search CDIC’s list of member institutions or look for the CDIC logo and digital badge on the bank’s website, ATM or branch.
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Frequently asked questions
What is the difference between a provincial and federal credit union? Are all credit unions eligible for CDIC protection?
Credit unions are usually governed by the provinces where they operate in which case provincial deposit insurance applies. However, credit unions may apply to continue as federal credit unions (FCUs). This enables such cooperatives to carry on business across Canada and grow nationally.
Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU benefit from CDIC deposit protection. CDIC protects eligible deposits at each CDIC member institution up to $100,000 (principal and interest combined), per insured category, per member institution.
Provincially insured deposits that existed prior to becoming an FCU are recognized as pre-existing deposits. To support FCUs during the change from provincial coverage of pre-existing deposits to CDIC protection, transitional coverage applies. Once the transition period for pre-existing deposits has passed, regular CDIC coverage rules will apply.
For more information on FCUs and transitional coverage, please visit Federal credit unions (FCUs).
I bank with First West Credit Union – are they still called that?
As of April 1, 2026, First West Credit Union has changed its name to Tru Cooperative Bank.
Does transitional coverage apply to new deposits I make at Tru Cooperative Bank (after April 1, 2026)?
No, transitional coverage only applies to eligible deposits made at Tru Cooperative Bank prior to entering into the federal deposit framework on April 1, 2026. Any eligible deposits made at Tru Cooperative Bank on or after that date receive regular CDIC protection of up to $100,000 (principal and interest combined), per insured category.
Does Tru Cooperative Bank have trade names / regional divisions?
The following are trade names of Tru Cooperative Bank:
- Enderby & District Financial
- Envision Financial
- Island Savings
- Valley First
If I have deposits at one of Tru Cooperative’s regional divisions (trade names), how does CDIC coverage work?
A trade name is a separate business name that is used by a member institution to market eligible deposit products. Deposits made under a trade name do not benefit from additional deposit insurance coverage as a trade name does not represent a unique CDIC member.
Transitional coverage applies to deposits held at a trade name the same as it does to Tru Cooperative Bank.
CDIC protection for eligible deposits made under a trade name is combined with deposits held at Tru Cooperative Bank for up to $100,000, per category.
Can I make withdrawals from my pre-existing deposits?
Yes, but any withdrawal from a pre-existing deposit will be deducted from your maximum coverage, in respect of that pre-existing deposit.
However, new eligible deposits are covered up to CDIC’s usual maximum of $100,000, per insured category.
For further information
For media inquiries or other requests, please contact us.
OTTAWA – April 1, 2026 – The Canada Deposits Insurance Corporation (CDIC) advises depositors of ABCU Credit Union that, as a result of its merger with Innovation Federal Credit Union and entry into the federal deposit insurance framework, eligible deposits are now protected by CDIC.
What this means for depositors
As provincial deposit insurance for ABCU Credit Union has ended, CDIC now provides transitional coverage for a period of 180 days. During this time, your eligible deposits made before April 1, 2026, will continue to receive the same coverage that was offered by Alberta’s Credit Union Deposit Guarantee Corporation. For term deposits, such as Guaranteed Investment Certificates (GICs), it will extend until the deposit reaches maturity or is cashed out. For demand deposits, such as chequing and savings accounts, the coverage remains in effect for the duration of the transition period. Transitional CDIC coverage does not apply to Innovation Federal Credit Union members.
At the end of the transition, all eligible deposits made at ABCU (now at Innovation Federal Credit Union), as well as any new deposits made on or after April 1, 2026, will receive CDIC’s protection of up to $100,000 for each deposit category.
About Innovation Federal Credit Union
Innovation Federal Credit Union is based in Saskatchewan with approximately 500 employees and more than $5.24 billion in administered assets. They serve 72,000+ members digitally and across 28 advice centre locations including both Regina and Saskatoon.
About CDIC
CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. As a resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.
Look for this logo to identify a CDIC member institution:
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Frequently asked questions
What is the difference between a provincial and federal credit union? Are all credit unions eligible for CDIC protection?
Credit unions are usually governed by the provinces where they operate in which case provincial deposit insurance applies. However, credit unions may apply to continue as federal credit unions (FCUs). This enables such cooperatives to carry on business across Canada and grow nationally.
Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU benefit from CDIC deposit protection. CDIC protects eligible deposits at each CDIC member institution up to $100,000 (principal and interest combined), per insured category, per member institution.
Provincially insured deposits that existed prior to becoming an FCU are recognized as pre-existing deposits. To support FCUs during the change from provincial coverage of pre-existing deposits to CDIC protection, transitional coverage applies. Once the transition period for pre-existing deposits has passed, regular CDIC coverage rules will apply.
For more information on FCUs and transitional coverage, please visit Federal credit unions (FCUs).
I made a new deposit at ABCU Credit Union after the merger with Innovation (April 1, 2026). How is it protected?
Deposits made at ABCU Credit Union on or after April 1, 2026, are protected by regular CDIC deposit insurance. CDIC protects eligible deposits up to $100,000 (principal and interest combined), per insured category.
Does transitional coverage apply to my deposits at Innovation Federal Credit Union?
No, transitional coverage only applies to eligible deposits made at ABCU Credit Union prior to entering into the federal deposit framework on April 1, 2026. It does not apply to deposits made at Innovation Federal Credit Union. Eligible deposits made at Innovation Federal Credit Union receive regular CDIC protection of up to $100,000 (principal and interest combined), per insured category.
I have deposits at Innovation Federal Credit Union. Does this merger affect my coverage?
As Innovation Federal Credit Union was already a CDIC member institution prior to the merger, eligible deposits are not affected. They will continue to be protected by CDIC up to $100,000 (principal and interest combined), per insured category.
However, if you also held deposits at ABCU Credit Union, once transitional coverage ends, those deposits will receive a combined coverage with those you have at Innovation Federal Credit Union.
I had deposits at ABCU Credit Union and Innovation federal Credit Union – how does coverage work after the merger?
CDIC protects eligible deposits up to $100,000 (principal and interest combined), per insured category. Once transitional coverage ends, eligible deposits made at ABCU Credit Union and Innovation Federal Credit Union will be combined and protected by CDIC up to $100,000 per deposit category.
Can I make withdrawals from my pre-existing deposits?
Yes, but any withdrawal from a pre-existing deposit will be deducted from your maximum coverage, in respect of that pre-existing deposit.
However, new eligible deposits are covered up to CDIC’s usual maximum of $100,000, per insured category.
For further information
For media inquiries or other requests, please contact us.
Do you sometimes feel like you’re doing it all: building your career, caring for family and friends, budgeting finances and managing your household? With so much on the go, a woman’s life can be a juggling act. To help create a little more balance, it’s worth taking the time to build a financial plan that helps you achieve financial well-being.
Here are three easy steps to get you started:
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Consider your goals and priorities
Start by thinking about what you want out of life and consider different savings plans that will help you get there. For example, if you want to save for your first home, a tax-free First Home Savings Account (FHSA) may be right for you. Or if someone in your family wants to pursue a post-secondary education, consider growing your savings in a tax-deferred Registered Education Savings Plan (RESP). It’s important to design your savings plan to reflect your priorities.
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Keep your money safe
It’s essential to make sure your savings are protected as you grow them. There are many online resources available to help you learn more about how to protect your finances, like CDIC’s online calculator. We protect eligible deposits in the unlikely event of bank failure. There are several coverage categories, including FHSAs and RESPs, and deposits are protected up to $100,000 for each category and member institution.
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Keep maintenance easy and convenient
Shorten your to-do list by finding easy ways to organize your finances and track your progress. Consider automatic transfers to simplify saving, as well as paying bills. One way to stay on track is by using a tool to help manage your budget more easily. For example, the Financial Consumer Agency of Canada’s financial goal calculator and budget planner can help track your financial progress and ensure your money is only going where you want it to.
Taking the time now to budget and ensure your finances are protected can bring you a financially confident future and greater peace of mind.
Find more information on deposit protection or how to calculate your coverage.
Are you looking for ways to invest and save your money, but aren’t sure where to begin, or which financial products may be best suited to you? One place to start is exploring products that are protected.
For example, the Canada Deposit Insurance Corporation (CDIC) is a federal organization that protects eligible deposits up to $100,000 per category type, for each of its member banks, in the event of a failure.
Here are three financial products you might not know are eligible for our protection:
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Guaranteed Investment Certificates (GIC)
If you’re looking for an investment option that provides a guaranteed return, a GIC may be a good choice. When you purchase one, you’re loaning money to the financial institution for a specific amount of time. In return, you’re guaranteed an interest rate for the investment’s term, and the repayment of your initial investment at the end of the term. It’s a low-risk financial product, making it a popular choice for those willing to lock in the investment.
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High Interest Savings Account (HISA)
A HISA, sometimes called an investment savings account, lets you grow your money without locking in for a specific term. It offers higher interest rates than traditional savings accounts and can be part of many different investment plans and held in various account types.
Though many types of this account are eligible for deposit protection, some, such as HISA mutual funds and HISA exchange-traded funds (ETFs), aren’t. Reading the product information or speaking with your financial institution or broker can help you understand what you’re purchasing, and make an informed decision.
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Cash deposits in Canadian or foreign currency
Chequing or savings accounts are widely used in Canada and can be held in various account types such as Tax-Free Savings Accounts (TFSAs) or joint accounts. These deposits can be eligible for protection, even if they’re in foreign currency.
Understanding how your savings are protected can help you save with greater peace of mind.
Learn more about protecting your money and calculating your coverage.
Having confidence in your savings is essential to building financial security. Canada’s banking system is strong and resilient, with rules and government organizations that work together to keep it that way. But there is always a chance that a bank could fail. If it does, what happens to your money?
How your finances are protected
In Canada, there are different organizations that offer protection in different ways, including:
- Federal deposit insurer through CDIC: Protects deposits in banks and other federally regulated institutions.
- Provincial deposit insurers: Protects deposits in provincial credit unions.
- Canadian Investor Protection Fund: Offers protection for non-guaranteed investments like mutual funds, stocks and bonds.
How these protections apply to your finances depends on the type of financial products and institution.
For example, the CDIC is Canada’s federal deposit insurer and provides deposit protection in the event one of its member banks fails. For each of its 80-plus members, eligible deposits are automatically insured up to $100,000 per account type, such as tax-free savings accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs).
Deposits eligible for this protection include money in savings and chequing accounts, term deposits like Guaranteed Investment Certificates (GICs) and money in foreign currency, such as U.S. dollars. In the unlikely event your bank were to fail, we can protect your money in several ways, from restructuring the institution to quickly reimbursing your insured money.
How to learn more about keeping your money safe
Try using helpful online resources to learn more about these protections and the organizations that offer them. You can start by visiting the organization’s website to find out which one your bank is a member of and how they protect your finances. For example, we provide a list of all members as well as additional information and tools, like an online calculator you can use to help determine your coverage.
If you still have questions, don’t be afraid to ask—reach out to your financial institution to find out how you’re protected. Thanks to strong rules and government safeguards, banks in Canada don’t fail very often. But if one does, understanding the protections in place can help you feel financially secure.
With the weather finally starting to warm up, it’s time for sunshine, new blooms and spring cleaning. We bring a fresh start to the season each year by taking the time to tidy our homes, so why not include finances too? Planning can bring a sense of comfort and peace of mind.
Here are four quick tips to get you started:
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Out with the old, in with the new
Just like when you tidy your closet, start your financial cleaning by taking stock. Ask yourself whether your current financial products are meeting your needs or if there are better options available. As just one example, if you’d prefer a low-risk investment that you know will provide a return, a Guaranteed Investment Certificate (GIC) may be a good choice. It guarantees a specific interest rate while you own it, and the repayment of your initial investment once the GIC’s term has ended.
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Find storage solutions
Consider what you want your future to look like to help determine how best to store your assets, then organize them into different accounts for specific purposes. For example, one way to prepare for life after your career is with a tax-deferred Registered Retirement Savings Plan (RRSP). Or, if you want to open an account to save for post-secondary education, then a Registered Education Savings Plan (RESP) may work best for your family. The key is to organize your assets in a way that suits your needs.
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Brush up on how your money is protected
Once everything’s set up the way you like it, you’ll want to make sure your money is safe. You can find out how your deposits are protected through online tools like CDIC’s online calculator. We protect eligible deposits, like GICs and other term deposits, money in savings or chequing accounts and foreign currency, in the unlikely event of a bank failure. There are several categories of protection covering a variety of savings options, including RRSPs and RESPs, and each is protected up to $100,000.
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Stay organized
To make organizing and tracking your finances easier, consider setting your accounts to automatically transfer specific amounts of money from one account to another, which can help make saving money and paying bills simpler and worry-free. Spreadsheets and other online financial programs, like the Financial Consumer Agency of Canada’s financial goal calculator and budget planner, can also be useful in tracking your spending habits and your progress toward your savings goals.
Learn more about deposit protection or calculate your coverage.
OTTAWA – February 6, 2026 – The Canada Deposit Insurance Corporation (CDIC) tabled its 2025-2026 Summary of the Corporate Plan in Parliament today.
At CDIC we protect insured deposits, ensure the orderly resolution of a member institution in the event of failure, and contribute to financial stability. The strategies outlined in this Summary of the Corporate Plan are a continuation of CDIC’s long-term plan and commitment to protect depositors and promote financial stability in this rapidly changing environment.
“With so many uncertainties and pressures facing people today, CDIC plays a critical role in providing peace of mind that their insured deposits are safe,” said CDIC President and CEO Gina Byrne. “This plan lays out how we will continue to effectively deliver on our mandate to protect depositors while reinforcing confidence in Canada’s financial system.”
CDIC is focusing on strategic objectives for the 2025-2026 to 2029-2030 planning period:
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Depositor trust and confidence
Trust and confidence in Canada’s financial system depends on people knowing their deposits are protected. CDIC is committed to maintaining a high level of public awareness about its protection. By anticipating depositor needs and providing clear, reliable information, CDIC helps strengthen trust in its member institutions and fosters a better understanding of how deposit insurance works.
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Resolution readiness
Resolution readiness means being ready to act quickly and effectively if a financial institution fails. For CDIC, this starts with a skilled workforce, reliable data and systems, and strong preparedness practices. These attributes, combined with regular testing of our plans through crisis simulations, will improve our ability to assess risks, plan effectively, and be ready to step in to protect depositors.
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Organizational strength
CDIC’s organizational strength is built on a foundation of effective leadership, teamwork, and a resilient infrastructure. Over the planning period, CDIC will keep investing in its people and systems to drive continuous improvement and reinforce cyber security.
The Summary of the Corporate Plan also includes a summary of CDIC’s 2025-2026 operating and capital budgets and borrowing plan.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of any our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.
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For further information
Tamara Mason
Head, Communications
Tel: 613-943-4395
E-mail: media@cdic.ca
CDIC meets to discuss protecting depositors and supporting financial stability
November 18, 2025
OTTAWA – November 18, 2025 – The Canada Deposit Insurance Corporation (CDIC) made its Annual Public Meeting available today via an audio-visual presentation. Gina Byrne, President & Chief Executive Officer, Martin Glynn, Chair of the Board of Directors, and Sheila Salloum, Vice President of Member Risk and Resolution discussed CDIC’s efforts to protect depositors and promote financial stability by focusing on depositor trust and confidence, ensuring resolution readiness, and reinforcing organizational resilience in a changing environment.
“Over the past year, we experienced market volatility and economic uncertainty that affected many individuals, families, and businesses,” said Ms. Byrne. “Throughout this period, CDIC remained steadfast in protecting insured deposits and maintaining financial stability.”
CDIC was successful in advancing all strategic priorities, including reinforcing trust in deposit protection through public awareness. In this regard, 2025 was a milestone year, with CDIC reaching 68% awareness among the general public. In addition, with awareness among women historically trending lower, CDIC’s efforts to prioritize this audience are paying off. For the first time ever, awareness among women reached 60%.
Other achievements for the year include strengthening member risk assessment and robust resolution planning to protect depositors amid growing market uncertainty.
This year’s APM followed the recent tabling of the CDIC 2025 Annual Report and coincides with Financial Literacy Month, with CDIC offering a wide variety of web and social media content to help depositors make informed decisions about their money.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.
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For further information
Tamara Mason
Head, Communications
Tel: 613.943.4395
E-mail: media@cdic.ca
It’s never too early or too late to start financial planning. One way to do this is to base your savings plan on whatever stage of life you’re in.
In Canada, organizations like the Canada Deposit Insurance Corporation (CDIC) protects eligible deposits at each of its member institutions against the possibility of bank failure. Knowing this safeguard is there can help you focus on building your savings with greater peace of mind at every stage of life.
Below are some tips for four key stages you may experience:
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First paycheque
Starting a new job is exciting, especially the feeling of getting your first paycheque. Consider saving part of it—to maximize this, you may want to look into an account that allows you to save your money without paying tax on it, like a Tax-Free Savings Account (TFSA).
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First home
When it comes time to start house hunting, think about what makes a house a home and what matters most to you. When you’re ready to start putting money aside, one option is holding your deposits tax-free in a First Home Savings Account (FHSA).
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New parents
Though it might seem far away right now, your child may one day pursue a post-secondary education. To prepare for this, you could open a Registered Education Savings Plan (RESP), a special investment account designed to help save now for future post-secondary studies. RESPs offer tax-deferred growth and government incentives, which can make them attractive savings tools.
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Retirement
After all those years of hard work, it’s time to sit back and relax. A Registered Retirement Savings Plan (RRSP) is designed to help make sure you’re financially prepared. This is another tax-deferred plan that can let you grow your money, tax-free, until it’s withdrawn.
Whether it’s reaching your savings goal or entering a new stage in life, don’t forget to celebrate when you hit those milestones.
Learn more about deposit insurance and how to calculate your coverage.