Changes to modernize and strengthen CDIC deposit protection now in effect
OTTAWA – April 30, 2020 – The Canada Deposit Insurance Corporation (CDIC) today ushered in changes to modernize and strengthen deposit protection, the first major update to the overall framework since 1995.
- Expanded coverage of eligible deposits held in foreign currencies;
- Extended coverage of eligible deposits with terms greater than 5 years;
- The elimination of coverage for travelers’ cheques (which are no longer issued by CDIC member institutions).
“These changes demonstrate that CDIC is keeping pace with how Canadians bank and save, so they have even greater assurance that their hard-earned money is protected at any of our members,” said Peter Routledge, CDIC’s President and CEO.
The updated coverage was announced in Budget 2019 following an extensive policy review process. With the expansion of coverage, nearly all personal deposit accounts in our members are fully protected by CDIC.
For more information about these changes, CDIC invites Canadians to visit our website and social media channels, try out our deposit calculator or view this video to find out how we protect your hard-earned savings.
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Director, Communications and Public Affairs