Industry news

CDIC supports member institutions’ implementation of changes to the deposit insurance framework

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 – February 6, 2020 – With changes to deposit insurance coming into force on April 30, 2020 and April 30, 2022, CDIC is providing its members with a variety of online resources to support their implementation of the new framework.

Stakeholders can view and download key information from a special section on CDIC’s website. Implementing changes to the Deposit Insurance Framework features information about:

Member institutions can also download the new abbreviated brochure outlining the changes of the deposit insurance framework changes effective April 30, 2020. The brochure will be updated again to coincide with changes coming into force on April 30, 2022.

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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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