Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects more than $1 trillion in Canadian deposits. In the rare event a member financial institution faces failure, we step in to ensure you have continuous access to your money.
CDIC protects eligible deposits held at each of our member institutions up to a maximum of $100,000, per separately insured category. In the case of a member failure, CDIC has a wide range of resolution tools it can use to resolve member institutions, such as supporting the sale of a troubled bank to a healthy one, or, if necessary, reimbursing depositors directly. These tools help support the overall stability of Canada’s financial system.
Coverage is free and automatic: you don’t have to apply for it. If there’s a failure and your deposits are eligible for CDIC protection, you won’t have to file a claim: you will receive your protected deposits automatically.