Protecting your deposits
WE PROTECT YOUR
Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects your deposits for up to $100,000 per insured category at financial institutions that are CDIC members.
Coverage is free and automatic – you don’t have to sign up.
To identify a CDIC member look for this symbol:
Protecting Your Deposits brochure (pdf)
Add up your coverage!
We protect deposits in CDIC members to help with your savings goals. If you deposit money in savings accounts, chequing accounts or GICs and other term deposits (of five years or less), it is protected for up to $100,000 in each of the categories below.
How does this work for me and my family?
Below is an example of CDIC protection for a family that makes deposits at a CDIC member.
Note: All amounts include principal and interest (in Canadian dollars)
What happens if a CDIC member fails?
Your money belongs in your hands. CDIC works hard to protect your savings and your access to financial services.
If your institution closes, we will reimburse your insured funds (including interest) within days.
It’s automatic – we will contact you.
What can you do?
- Keep your contact information at your financial institution up-to-date so CDIC can send payment if necessary.
- Know what is covered and what is not.