Industry news

CDIC provides FAQs about changes to CDIC deposit insurance

Industry news

On May 19, 2020, the Government of Canada advised CDIC that changes to deposit protection originally slated for April 30, 2021 are deferred by one year and will now come into force on April 30, 2022. Content on this page has been updated to reflect the new coming into force date of April 30, 2022

OTTAWA – March 13, 2020 – CDIC has published a set of Frequently Asked Questions (FAQs) to answer common depositor questions about the upcoming changes to the deposit insurance framework. The FAQs provide information on the first phase of changes, taking effect on April 30, 2020.

Member institutions can view and download the FAQs in the Financial Community section of the CDIC website. The FAQs will be further updated to coincide with the changes coming into force on April 30, 2022.

For additional information about changes to deposit insurance, please visit the Financial Community section of the CDIC website.

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CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $800 billion 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 and associations governed by the Cooperative Credit Associations Act that take deposits. 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
E-mail: media@cdic.ca

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