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Thinking of buying a GIC? Here are five things to know
April 28, 2025
Protecting your deposits.
Watch the video to learn more 
About the Canada Deposit Insurance Corporation
CDIC was established by the Government of Canada to protect deposits in case of bank failure.
Coverage is free and automatic when you bank with a member institution.
What happens in a failure?
Canada’s financial system is strong and stable. Canadian financial institutions must meet robust prudential standards to maintain their safety and soundness but like all businesses they can fail at some point.
If a bank does fail, CDIC has tools to resolve them while protecting depositors and contributing to the stability of the financial system.
Doing business with CDIC
CDIC enters into supply agreements every year with a wide range of suppliers – both small and large. CDIC’s procurement and contracting activities ensure that its operational requirements are always met and that transparency, openness, fairness, and value for money are promoted.
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