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About CDIC

InfoSource

Table of Contents

General Information

Institutional Programs and Activities

Additional Information

General Information

Introduction to Info Source

Info Source describes the programs and activities, and the information holdings related to programs and activities,  of government institutions subject to the Access to Information Act to facilitate the right of access. It also provides individuals, including current and former employees of the Government of Canada, with relevant information to access personal information about themselves held by government institutions subject to the Privacy Act.

An index of institutions subject to the Access to Information Act and the Privacy Act are available centrally.

The Access to Information Act and the Privacy Act assign overall responsibility to the President of Treasury Board (as the designated Minister) for the government-wide administration of the legislation.

Background

Information on CDIC’s history: Our history

CDIC’s legislative foundation: Legislation and by-laws

CDIC was established in 1967 by the Canada Deposit Insurance Corporation Act. The Corporation is an agent of Her Majesty in right of Canada and is a Crown corporation named in Part I of Schedule III of the Financial Administration Act . The Corporation reports to Parliament through the Minister of Finance.

CDIC’s mandate is to provide deposit insurance, promote and otherwise contribute to the stability of the financial system in Canada in such manner as will minimize the exposure of the Corporation to loss, and resolve failing member institutions.

Responsibilities

The Corporation’s mandate is to:

  1. provide insurance against the loss of part or all of deposits;
  2. promote and otherwise contribute to the stability of the financial system in Canada;
  3. pursue the objects in paragraphs (1) and (2) for the benefit of persons having deposits with member institutions and in such a manner as to minimize the exposure of the Corporation to loss; and
  4. act as the resolution authority for its member institutions.

CDIC’s responsibilities include: insuring eligible deposits at CDIC member institutions in the event of a failure, including monitoring and assessing the risk of member institutions, building preparedness for resolutions, exercising its powers to resolve failing member institutions, managing and investing funds accumulated from the operations of the Corporation; and, promoting public awareness of CDIC deposit insurance.

CDIC insures eligible deposits that are held in CDIC member institutions. Many people deposit money into more than one account or financial product. CDIC insures eligible deposits separately (up to $100,000, including principal and interest) for each of the following nine categories: deposits held in one name, deposits held in trust, deposits held in more than one name, deposits held in Registered Retirement Savings Plans (RRSPs), deposits held in Registered Retirement Income Funds (RRIFs), deposits held in Tax-Free Savings Accounts (TFSAs), deposits held in a Registered Education Savings Plan (RESP), deposits held in a Registered Disability Savings Plan (RDSP) and deposits held in a First Home Savings Account (FHSA).

To be eligible for deposit insurance, deposits must be payable in Canada. As a general rule, a deposit is considered to be payable in Canada if it is recorded at a branch or office of a CDIC member institution in Canada. Eligible deposits include savings accounts, chequing accounts, GICs or other term deposits, foreign currency deposits, money orders, certified cheques, and bank drafts issued by CDIC members.

CDIC actively monitors and assesses its membership as a whole to ensure that it can respond promptly to a potential deterioration in their circumstances. Monitoring and assessment of members includes a review of regulatory and public information, and ongoing communication with the Office of the Superintendent of Financial Institutions supervision teams and specialist groups.

Higher risk institutions are the subject of more intense monitoring and reporting; if warranted, they are included in CDIC’s crisis preparedness activities (these may include resolution planning, data quality assessments, and examinations). Resolution planning includes identifying steps CDIC would undertake to support meeting CDIC Objects to protect depositors of a member institution in a manner that promotes and otherwise contributes to the stability of the financial system in Canada, while minimizing CDIC’s exposure to loss. CDIC will conduct an examination of the member institution to ensure that it has the data it needs to resolve a member institution.

CDIC has a range of tools it can use to resolve member institutions. These are not confined to closing an institution and reimbursing insured deposits. They include powers to support: a sale of shares or assets; amalgamation with another institution; recapitalization; restructuring or other private solutions. 

Factors such as the size and complexity of the bank, its franchise value, as well as the current availability of private sector solutions would be key considerations in determining the best approach.  When acting as resolution authority for its members, CDIC is guided by its mandate to protect deposits, contribute to financial stability, and minimize its exposure to loss. Each of these considerations must be given equal weight.

For CDIC’s largest and most complex member institutions that provide critical functions to the Canadian financial system, CDIC has additional tools to ensure that CDIC has the ability to facilitate their resolution. CDIC provides guidance and feedback to Canada’s domestic systemically important banks (D-SIBs) to help members develop credible resolution plans. CDIC conducts the assessment of these resolution plans and contributes to several domestic and international initiatives in this area.

Institutional Programs and Activities

Institution-specific Content

Deposit Insurance

Description: This class of record includes information obtained from depositors (including beneficiary information from nominee brokers, professional trustees and other trustees), member institutions, and Office of the Superintendent of Financial Institutions (OSFI) for the purpose of CDIC’s role as deposit insurer of its member institutions.
Document Types: Data sheets; attestations; policies; procedures; reports, results, agreements; disposal of assets; financial statements; loans; litigation; meeting minutes; deposit and beneficiary records; payments to depositors; unclaimed dividends.
Disclosure Summaries: No such disclosure has occurred.
Record Number: CDI TO 3110; RSI 24

  • Deposit and Beneficiary Records
    Description: This bank describes personal information related to deposit and beneficiary records: collected and used in connection with the failure of a CDIC member institution; or gathered during a preparatory examination, testing exercise or as part of any compliance process.
    • A preparatory examination is an examination pursuant to the Canada Deposit Insurance Corporation Act, by CDIC, or a person that acts on behalf of CDIC, of the books, records and accounts of a member institution relating to its deposit liabilities, where CDIC believes that the making of a deposit insurance payment is highly probable, and that it would be in the best interest of both the depositors and CDIC that preparation be made to make that payment as soon as possible.
    • A compliance process refers to processes aimed at ensuring that member institutions, nominee brokers and/or professional trustees are compliant with the Canada Deposit Insurance Corporation Act and its associated regulations and by-laws.
    • Testing exercises refer to exercises designed to verify quality and completeness of information submitted pursuant to the Canada Deposit Insurance Corporation Act.
    • Simulations refer to simulations of the payment process designed to refine, assess or prepare CDIC operations.
  • The above-noted activities may include personal information such as names, contact information, unique client identifiers, social insurance numbers, financial institution information, financial information, amount of payment, and such information regarding interest as necessary to calculate interest earned from the date of last payment to the date of failure.
    Class of Individuals: The information relates to depositors of member institutions where the depositors are nominee brokers, professional trustees or other trustees. The information also relates to individuals who are beneficiaries of those deposit accounts.
    Purpose: The personal information is used to aggregate insured deposits for the purposes of determining insurance coverage, communicate with insured depositors, issue payments to insured depositors (including trustees), to keep a record of such payments, to conduct testing exercises to ensure accuracy of depositor and beneficiary records, and determine compliance with the Canada Deposit Insurance Corporation Act and its associated regulations and by-laws. The collection of personal information is authorized by the Canada Deposit Insurance Corporation Act and its associated regulations and by-laws. The Social Insurance Number is collected only in accordance with the following authorized activities: issuance of deposit insurance payments, conduct of preparatory examinations and when a member institution’s viability is in doubt or its failure is imminent.
    Consistent Uses: This bank is also used to support: the carrying out and results of testing activities, compliance processes, preparatory examinations of member institutions leading to an assessment of CDIC’s exposure to loss in the event of the failure of that institution; to substantiate CDIC’s subrogated claim in the liquidation, from which payments are made by the court-appointed liquidator from the liquidation of assets; simulations of the payment process; and promote the stability of the financial system in Canada. The information may be used for audit, evaluation, development, and/or statistical purposes. Information may be shared with General Enquiries and Correspondence (PIB number CDI PPU 165).
    Retention and Disposal Standards: Personal information related to a failure of a member institution will be retained for 10 years after the date of discharge of the court-appointed liquidator and then as long as CDIC deems appropriate. Personal information not related to a failure of a member institution, which is not collected for an administrative purpose, will be retained for up to 90 days.
    RDA Number: 2017/002
    Related Record Number: CDI TO 3110
    TBS Registration: 003651
    Bank Number: CDI PPU 005, RSI 25
  • Unclaimed Dividends
    Description: This bank describes information that is related to unclaimed dividends from estates of member institutions that have been wound-up under the Winding-Up and Restructuring Act.  The personal information of impacted depositors may include: names, last known contact information, social insurance numbers, financial institution information, financial information, amount of unclaimed dividends, and amount of interest earned on the unclaimed dividend.
    Class of Individuals: Depositors or their successors or heirs, entitled to unclaimed dividends in respect of uninsured deposits from the estates of member institutions that have been wound-up under the Winding-Up and Restructuring Act.
    Purpose: The personal information is used to assist depositors, or their successors or heirs  who contact CDIC to obtain dividends to which they are entitled and which arise from the liquidation of a member institution. The authority to collect personal information is: the Canada Deposit Insurance Corporation Act and the Canada Deposit Insurance Corporation by-laws. The Social Insurance Number is collected only in accordance with the following authorized activity: issuance of deposit insurance payments and when a member institution’s viability is in doubt or its failure is imminent.
    Consistent Uses: A liquidator is appointed by the court to adjudicate all claims against the institution, including those of depositors for deposits not insured by CDIC; and to the extent that the estate has sufficient assets, the liquidator may distribute dividends to those depositors as partial recompense for their lost, uninsured deposits.  Information may be shared with Deposit and Beneficiary Records PIB (PIB number CDI PPU 005) and with General Enquiries and Correspondence PIB (PIB number CDI PPU 165).
    Retention and Disposal Standards: Personal information will be retained for 10 years after the date of discharge of the court-appointed liquidator and then the records are destroyed.
    RDA Number: 2017/022
    Related Record Number: CDI TO 3110, RSI 25-07-04
    TBS Registration: 20090752
    Bank Number: CDI PPU 311

External Contacts

Description: This class of record includes contact information for individuals who have a business relationship with CDIC.
Document Types: Correspondence, surveys, etc.
Disclosure Summaries: No such disclosure has occurred.
Record Number: CDI CORP 1600-3

Promoting Public Awareness of Deposit Insurance

Activities directed to promoting depositor awareness include a multi-year public awareness program on deposit insurance to increase and sustain awareness of deposit insurance and its benefits and limits, as well as managing CDIC’s Web site and toll-free information line.

Enquiries

Description: This class of record includes correspondence relating to enquiries and queries from depositors or the general public.
Document Types: Correspondence, etc.
Disclosure Summaries: No such disclosure has occurred.
Record Number: CDI CORP 1654, RSI 09-03

  • General Enquiries and Correspondence
    Description: This bank describes information that is related to general correspondence and general enquiries, whether they be in writing or telephone calls to CDIC’s toll free numbers. The personal information may include name, contact information, date of birth, Social Insurance Number, preferred language, telephone call unique number, telephone call auditory recording, financial institution information and financial information.
    Class of Individuals: The information relates to depositors of member institutions, including nominee brokers, professional trustees or other trustees, callers to CDIC’s toll free numbers, email enquiries, general public, employees of member institutions, employees of the Corporation, persons hired through temporary help agencies, and contractors.
    Purpose: The personal information is used to provide a service to the general public in accordance with the Corporation’s mandate. The authority to collect personal information is the Canada Deposit Insurance Corporation Act. The Social Insurance Number is collected in accordance with the following authorized activity: to provide deposit insurance against the loss of part or all of eligible deposits.
    Consistent Uses: The information in this bank may also be used in reviewing, assessing and improving corporate policies and operational procedures and in assessing the need for legislative change. Records used in preparation of responses to incoming correspondence may also contain personal information about individuals that is sometimes provided by institutional officials to address issues and concerns raised in the incoming correspondence. The information in this bank may also be used for quality control purposes and in matters relating to safety concerns. Information received from enquiries to the toll free numbers may be shared with the Deposit and Beneficiary Records PIB (PIB number CDI PPU 005) and Unclaimed Dividends (PIB PPU 311).
    Retention and Disposal Standards: Records will be retained for at least 90 days.
    RDA Number: 2017/022
    Related Record Number: CDI CORP 1654, RSI 09-03
    TBS Registration: 20090751
    Bank Number: CDI PPU 165

Finance – Accounts Payable – Suppliers

Description: This class of record includes information related to individuals who are issued payments by CDIC, including vendors and suppliers who provide goods and services to CDIC, as well as information related to the administration of CDIC’s corporate insurance policies. Personal information may include: names, contact information, financial information, nature of expenses/claims, invoice details, payment details.
Document Types: Invoices, payment records, verification of receipt, travel and other expense claim forms, cheques, statements of account, corporate insurance policies and claims, etc.
Record Number: CDI CORP 1015
Disclosure Summaries: No such disclosure has occurred.
Record Number: CDI CORP 1015, RSI 10-02-04

Internal Services

Internal Services are groups of related activities and resources that are administered to support the needs of programs and other corporate obligations of an organization. These groups are: Acquisitions; Communications Services; Financial Management; Human Resources Management; Information Management; Information Technology; Legal Services; Management and Oversight Services; Material; Real Property; Travel and Other Administrative Services. Internal Services include only those activities and resources that apply across an organization and not to those provided specifically to a program.

Acquisition

Acquisition services involve activities undertaken to acquire a good or service to fulfil a properly completed request (including a complete and accurate definition of requirements and certification that funds are available) until entering into or amending a contract.

Communications Services

Communications services involve activities undertaken to ensure that Government of Canada communications are effectively managed, well coordinated and responsive to the diverse information needs of the public. The communications management function ensures that the public—internal or external-receives government information, and that the views and concerns of the public are taken into account in the planning, management and evaluation of policies, programs, services and initiatives.

Financial Management

Financial management services involve activities undertaken to ensure the prudent use of public resources, including planning, budgeting, accounting, reporting, control and oversight, analysis, decision support and advice, and financial systems.

Human Resources Management

Human resources management services involve activities undertaken for determining strategic direction, allocating resources among services and processes, as well as activities relating to analyzing exposure to risk and determining appropriate countermeasures. They ensure that the service operations and programs of the federal government comply with applicable laws, regulations, policies and/or plans.

Information Management

Information management services involve activities undertaken to achieve efficient and effective information management to support program and service delivery; foster informed decision making; facilitate accountability, transparency and collaboration; and preserve and ensure access to information and records for the benefit of present and future generations.

Information Technology

Information technology services involve activities undertaken to achieve efficient and effective use of information technology to support government priorities and program delivery, to increase productivity, and to enhance services to the public.

Legal Services

Legal services involve activities undertaken to enable government departments and agencies to pursue policy, program and service delivery priorities and objectives within a legally sound framework.

Management and Oversight Services

Management and oversight services involve activities undertaken for determining strategic direction and allocating resources among services and processes, as well as those activities related to analyzing exposure to risk and determining appropriate countermeasures. They ensure that the service operations and programs of the federal government comply with applicable laws, regulations, policies and/or plans.

Material

Material services involve activities undertaken to ensure that material can be managed by departments in a sustainable and financially responsible manner that supports the cost-effective and efficient delivery of government programs.

Real Property

Real property services involve activities undertaken to ensure real property is managed in a sustainable and financially responsible manner, throughout its life cycle, to support the cost-effective and efficient delivery of government programs.

Travel and Other Administrative Services

Travel and other administrative services include Government of Canada travel services, as well as those other internal services that do not smoothly fit with any of the internal services categories.

Classes of Personal Information

Information from OSFI

CDIC receives supervisory data and information from the Office of the Superintendent of Financial Institutions (OSFI) on CDIC member institutions. This may contain information by which an individual could be identified, however, this is not frequent in the normal course of business.

For higher-risk members subject to increased supervisory scrutiny, more granular data or information may be provided to CDIC by which an individual could be identified.

This information is used for risk monitoring and resolution preparedness purposes and not used for any administrative purposes with respect to the individual.

Information from Member Institutions

CDIC may request data and information from its members for risk monitoring and resolution planning purposes which may contain information by which an individual could be identified. This information is used to allow CDIC to assess the risk of these members.

This information is used for risk monitoring purposes and resolution preparedness purposes and is not used for any administrative purposes with respect to the individual.

A special examination is an examination of the affairs of a member institution conducted by or on behalf of CDIC for a specified purpose at such times as CDIC may require. CDIC may request data from a member institution during a special examination. CDIC may receive information by which an individual could be identified.

Under the Canada Deposit Insurance Corporation Resolution Planning By-law, CDIC’s largest member institutions (domestic systemically important banks) submit resolution plans to CDIC. While not directly requested or required in a resolution plan, CDIC may receive information by which an individual could be identified.

This information is used for resolution preparedness purposes and not used for any administrative purposes with respect to the individual.

Asset Information obtained from a Member Institution

This class of personal information relates to individuals who have a loan and/or financing agreement with a member institution. The personal information might have been gathered incidentally by a court appointed liquidator in respect of assets of a member institution in liquidation; or by third parties, such as law firms, asset tracers, real estate appraisers and others. This type of information, is retrievable by name of the member institution only and is not used for an administrative purpose with respect to the individual.

Manuals

  • Training Manual: 1-800 Information Service

Additional Information

For general information about making a request for access to information or personal information, see Make an access to information or personal information request.

To make a request for information online, access the Access to Information and Personal Information Online Request Service.

To make a request for information under the Access to Information Act or the Privacy Act by mail, mail your letter or completed Access to Information Request Form (Access to Information Act) or Personal Information Request Form (Privacy Act), along with any necessary documents (such as consent or the $5 application fee for a request under the Access to Information Act), to the following address:

Christa Walker, Corporate Secretary, Chief Legal Counsel, Head Policy Integration and ATIP Coordinator
50 O’Connor Street, 17th Floor
Ottawa, Ontario K1P 6L2
Telephone: 613-850-8941
Facsimile: 613-996-6095
Email: ATIP-AIPRP@cdic.ca
Internet: www.cdic.ca

In accordance with the Access to Information Act and the Privacy Act, an area on the premises will be made available to review original materials on site if that is the applicant’s preference (and it is practical to do so), or if it is not practical to create copies of the material.

Please note: Each request made to CDIC under the Access to Information Act must be accompanied by an application fee of $5. For requests made online, this is paid at the time of application via credit card. For requests made by mail, this should be paid by enclosing cheque or money order made payable to CDIC.

The Government of Canada encourages the release of information through requests outside of the formal request processes. To make an informal request, contact:

Communications and Reporting
50 O’Connor Street, 17th Floor
Ottawa, Ontario K1P 6L2
Telephone: 1-800-461-2342
TTY Service: 1-800-465-7735
Email: info@cdic.ca

You may also wish to search summaries of completed access to information requests for which CDIC has already provided responses [Completed Access to Information Requests | Open Government, Government of Canada], as this information may be more easily obtained.

CDIC conducts privacy impact assessments (PIAs) to ensure that privacy implications will be appropriately identified, assessed and resolved before a new or substantially modified program or activity involving personal information is implemented. Summaries of completed PIAs [CDIC Summary of Payout Modernization Privacy Impact Assessment – 2021] are available.

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