OTTAWA – March 29, 2024 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors that, effective March 29, 2024, the following CDIC member institutions have amalgamated: HSBC Bank Canada (HBCA), HSBC Trust Company Canada (HTCC), HSBC Mortgage Corporation Canada (HMCC) and Royal Bank of Canada (RBC).

Upon the amalgamation of these entities, deposits held within HBCA, HTCC and HMCC have migrated to RBC.

While CDIC will be removing the three HSBC entities from the list of members and deposit insurance calculator on the website, insured deposits that a client has at any HSBC entity and RBC entity before the amalgamation continue to be insured separately, up to $100,000 per depositor per category for a period of two years post amalgamation, or in the case of term deposits, until maturity (or redemption). However, the amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature or are redeemed.

Post-amalgamation: How new deposits are covered

Coverage for new deposits a client makes at RBC (i.e. the amalgamated institution) after amalgamation depends on the total deposit amounts the client had at the member institutions before they amalgamated:

If a client’s total existing deposits (in a category) held with the entities immediately prior to amalgamation total $100,000 or more, any new eligible deposits the client makes (for that category) at RBC after amalgamation will exceed the $100,000 maximum and not be insured by CDIC.

If a client’s total existing deposits (in a category) held with the entities immediately prior to amalgamation are less than $100,000, any new eligible deposits the client makes (for that category) at RBC after amalgamation will be added to the previous deposits, and the total will be insured up to $100,000.

Look for this logo to identify a CDIC member institution:

About CDIC 

CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. As a 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 trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.  

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For further information

Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca

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OTTAWA – October 17, 2023 – The Canada Deposit Insurance Corporation’s (CDIC) 2023 Annual Report was tabled today in Parliament. 

“Over the past year, ongoing geopolitical tensions, climate events, cyber security, and a deteriorating economic outlook have amplified the complexity of risks to Canada’s financial system,” said President and Chief Executive Officer (CEO) Leah Anderson. “The good news is, even in the face of these risks, we delivered on our mandate to protect depositors.” 

The CDIC 2023 Annual Report highlights progress made against our key strategic priorities during the 2022-2023 fiscal year, including: 

1.  To be resolution ready. 
   
   It is rare for financial institutions in Canada to fail, but when they do, CDIC is here to make sure people’s eligible deposits are protected and accessible. Being resolution ready means having the necessary people, processes, tools, systems, and financial capacity for CDIC to resolve a member financial institution, if necessary. CDIC advanced these efforts through early and continuous identification of risks to our member financial institutions, the modernization of our funding framework, and activities to strengthen our resolution strategies, policies, and plans.
    
2. To reinforce trust in depositor protection.
   
   The range of financial products and service providers is dynamic and rapidly evolving.  CDIC keeps pace by staying on top of market innovation, new deposit products and services, and people’s changing savings habits. We made progress on a number of initiatives over the past year in response to these developments to reinforce public trust in deposit protection. For example, we advanced our multi-year Payout Modernization Program to ensure depositors continue to have fast and reliable access to their eligible deposits in the event of a member failure, and raised public awareness of deposit insurance to a record level of 64% through CDIC’s Public Awareness Campaign. 
    
3. To strengthen organizational resilience.  
   
   A rapidly changing financial sector requires a proactive approach to managing our operations. A key pillar of our promise to serve the people of Canada is our commitment to continuous organizational improvement. We anticipate and respond to risks that can impact CDIC’s operating environment, including technologies, our workforce, and our culture on a daily basis. Over the past year, we enhanced our cyber security posture and multi-year enterprise technology strategy, while fostering a vibrant, thriving, and inclusive environment that supports hybrid work. CDIC was also proud to be certified a “Great Place to Work” by the Great Place to Work® Institute Canada in November 2022. 

CDIC’s performance over the past year has bolstered our preparedness to respond to risks and better protect people’s hard-earned money.  

The CDIC 2023 Annual Report also outlines our financial performance over the past year. 

About CDIC 

CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 85 member financial institutions. As a 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 trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.  

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For further information

Tamara Mason
Head, Communications and Reporting  
Tel: 343-543-3562 
E-mail: media@cdic.ca 

OTTAWA – October 12, 2023 – Canada Deposit Insurance Corporation (CDIC) held its Annual Public Meeting today via live webcast. Leah Anderson, President and Chief Executive Officer, was joined by Robert Sanderson, Chair of the Board of Directors, to discuss how CDIC is protecting depositors and promoting financial stability through deposit insurance protection and resolution preparedness.

“As I reflect on the past year, I am struck by the increasing pace of change and innovation in the financial sector, and the dynamic risk environment for CDIC’s member financial institutions,” said Ms. Anderson. “Throughout this period, CDIC continued to deliver on its mandate to protect depositors by staying focused on our strategic priorities.”

CDIC’s priorities include reinforcing trust in deposit protection through a robust public awareness program and appropriate disclosures at member financial institutions; being “resolution ready” through early and continuous identification of risks to CDIC members and timely resolution management plans; and fostering organizational resilience through its corporate operations and a diverse and inclusive workforce.

Ms. Anderson also announced that CDIC will offer easily downloadable and shareable social media content for members during Financial Literacy Month in November to help them promote their membership and inform depositors about CDIC protection.

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About CDIC

CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 85-member financial institutions. As a 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 trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.

For further information

Tamara Mason
Head, Communications and Reporting
Tel: 343-543-3562
E-mail: media@cdic.ca