We insure eligible deposits at each member institution up to a maximum of $100,000 (principal and interest combined) per depositor per insured category.
To be eligible for deposit insurance, deposits must be payable in Canada and in Canadian currency. We do not cover foreign currency deposits including US dollars.
Eligible deposits include:
- Savings accounts
- Chequing accounts
- Term deposits, (such as GICs) with original terms to maturity of five years or less
- Debentures issued to evidence deposits by CDIC member institutions (other than banks)
- Money orders and bank drafts issued by CDIC members
- Cheques certified by CDIC members
What’s Not Covered
Uninsured financial products include:
- mutual funds (including money market funds), stocks and bonds;
- term deposits, such as GICs, with original terms to maturity greater than five years;
- foreign currency deposits (e.g., U.S. dollars);
- digital and cryptocurrencies;
- treasury bills and bankers’ acceptances;
- principal protected notes that are traded;
- debentures issued by banks, governments or corporations;
- deposits with receipts payable to bearer (rather than to a named person);
- deposits held at financial institutions that are not CDIC members.
Under the CDIC Deposit Insurance Information By-law, member institutions must notify depositors when a deposit (or deposit-like) product is not eligible for insurance. For example, if a term deposit is in a foreign currency, the deposit certificate or receipt must state that it is not insured by CDIC.