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Notice: As of April 30, 2020, CDIC protection is expanded to include foreign currency deposits and term deposits with maturity of greater than 5 years. These changes are part of the Government of Canada’s commitment to modernize and enhance CDIC deposit protection.

Changes to modernize and strengthen CDIC deposit protection now in effect

On May 19, 2020, the Government of Canada advised CDIC that changes to deposit protection originally slated for April 30, 2021 are deferred by one year and will now come into force on April 30, 2022. Content on this page has been updated to reflect the new coming into force date of April 30, 2022

As of April 30, 2020, the following changes to CDIC deposit protection are in effect:

  • Expanded coverage of eligible deposits held in foreign currencies
  • Extended coverage of eligible deposits with terms greater than 5 years
  • Elimination of coverage for travelers’ cheques (travelers’ cheques are no longer issued by CDIC member institutions)

Additional changes come into force on April 30, 2022 to allow CDIC, its member institutions, and other stakeholders to make procedural or operational adjustments. Please consult the table below for the complete list. For more information, consult how deposit insurance works, use the chat function at the bottom of the screen or contact us at any of the following:

Telephone: 1-800-461-2342
TTY service: 613-943-6456
Email: info@cdic.ca

Summary of Changes to Deposit Insurance Coverage

Change to deposit protection Effective date
Expanded coverage of eligible deposits held in foreign currencies April 30, 2020
Extended coverage of eligible deposits with terms greater than 5 years April 30, 2020
Elimination of coverage for travellers’ cheques (travellers’ cheques are no longer issued by CDIC member institutions) April 30, 2020
Separate coverage for up to $100,000 in eligible deposits held under Registered Education Savings Plans (RESPs) April 30, 2022
Separate coverage for up to $100,000 in eligible deposits held under Registered Disability Savings Plans (RDSPs) April 30, 2022
Removal of separate coverage for deposits in mortgage tax accounts (these deposits will be combined with eligible deposits in other categories such as savings in one name) April 30, 2022
New requirements for deposits held in trusts, including nominee brokered deposits that enhance CDIC’s ability to extend protection to these deposits and reimburse them quickly after a CDIC member failure. April 30, 2022

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