News releases

Changes to expand CDIC deposit protection now in effect

May 2, 2022

OTTAWA – FOR IMMEDIATE RELEASE – The Canada Deposit Insurance Corporation (CDIC) is ushering in the second phase of changes to further expand and strengthen deposit protection. The following changes are in effect as of April 30, 2022:

  • Separate coverage for up to $100,000 in eligible deposits held in Registered Education Savings Plans (RESPs)
  • Separate coverage for up to $100,000 in eligible deposits held in Registered Disability Savings Plans (RDSPs)
  • New rules to strengthen the protection of eligible deposits held in trust and eligible deposits placed through brokers

“We’re very excited to introduce the RESP and RDSP coverage categories because they reinforce CDIC’s commitment to protecting the savings of Canadians planning for their future,” said Leah Anderson, CDIC’s President and CEO. “With this expansion of coverage, nearly all personal deposit accounts at our members are fully protected by CDIC.”

There are now eight separately protected coverage categories that can receive up to $100,000 (principal and interest combined) in protection at each CDIC member institution, making this the broadest federal deposit insurance framework in Canada’s history. CDIC coverage categories are:

  • Tax-Free Savings Accounts (TFSAs)
  • Registered Education Savings Plans (RESPs)
  • Registered Disability Savings Plans (RDSPs)
  • Registered Retirement Savings Plans (RRSPs)
  • Registered Retirement Income Funds (RRIFs)
  • deposits in one name
  • joint deposits
  • trust deposits

Eligible deposits can be held in Canadian dollars or in a foreign currency, and include:

  • savings and chequing accounts
  • GICs and other term deposits
  • money orders, certified cheques and bank drafts issued by CDIC members.

“We are also very pleased with the new requirements for trust and brokered deposits that these changes introduce,” said Ms. Anderson. “The implementation of these new rules will allow people who place deposits in this way to feel confident that their funds are well-protected when they are held at a CDIC member institution.”

Quick facts

  • Additional changes include the removal of separate coverage for deposits in mortgage tax accounts which typically have small balances and remain protected under other coverage categories.
  • The updated coverage framework was announced in Budget 2019 following an extensive policy review process and has been implemented in two phases.
  • Phase 1 changes came into effect on April 30th, 2020 and included:
    • expanded coverage of eligible deposits held in foreign currencies
    • expanded coverage of eligible deposits with terms greater than 5 years
    • the elimination of coverage for travellers cheques (travellers’ cheques are no longer issued by CDIC member institutions)

About CDIC

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding close to $1 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions as well as loan and trust companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.

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For further information

Brad Evenson
Director, Communications and Public Affairs
Tel: 613-943-4395

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