Since its establishment in 1967, CDIC has evolved to keep pace with depositor expectations and innovations in the financial sector. Adding to its initial mandate to protect depositors against the risk of losses from a failure, the Corporation is now the resolution authority for Canada’s largest financial institutions and contributes to the stability of Canada’s financial system.
The scope of CDIC’s deposit protection has expanded over time to keep pace with the way Canadians bank and save their hard-earned money. In 1967, CDIC covered $17 billion held primarily in bank accounts and term deposits. Today, CDIC protects over $700 billion in deposits held in various categories such as joint accounts, RRSPs and TFSAs. This deposit insurance regime fully protects the vast majority of Canadians’ personal deposit accounts. Learn more about what’s covered!
CDIC’s resolution toolkit has also evolved throughout the years both as a result of its experiences with failures and to adapt to changing times. Our powers were expanded and strengthened to equip us with a suite of flexible tools for resolving banks, from the smallest to the largest.
An Overview of CDIC’s History and Evolution provides more details about how these changes took place and is an excellent resource for anyone looking for more information about the history of deposit protection in Canada.