Your coverage

Notice: The Government of Canada has announced that changes to the CDIC Act to modernize and enhance CDIC deposit protection will come into force on April 30, 2020 and April 30, 2021. PLEASE NOTE: Until then, current coverage rules apply.

Your coverage

We are the federal Crown corporation – a part of the Government of Canada – that protects eligible deposits at each of our member financial institutions to a maximum of $100,000, per separately insured category, in case of a failure. Banks and other financial institutions in Canada seldom fail, but it has happened and could happen again.

Coverage is free and automatic: you don’t have to apply for it. If there’s a failure and your deposits are insured, you won’t have to file a claim: we will pay you automatically.

To be eligible for CDIC insurance, deposits must be payable in Canada, and in Canadian currency. As a general rule, this means if it is recorded at a branch or office of a CDIC member institution in Canada, it is eligible for CDIC coverage.

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