Notice of upcoming change to the Canada Deposit Insurance Framework
Industry news and events
The Government of Canada recently passed legislation to further expand the deposit insurance framework. Effective April 1, 2023, eligible deposits held in the First Home Savings Account (FHSA) will be separately protected for up to $100,000, bringing to nine the total number of CDIC deposit insurance categories at each member institution.
The addition of the FHSA category complements a series of other recent changes to modernize and enhance CDIC deposit protection to reflect how Canadians bank and save. The FHSA coverage category further underscores CDIC’s commitment to protecting the savings of Canadians planning for their future. With this expansion of coverage, nearly all personal deposit accounts at our members are fully protected by CDIC.