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.