Canadians are fortunate to have many options for managing their money. In fact, over 80 federally regulated financial institutions and provincial credit unions that offer services for Canadians who are looking to save their hard-earned dollars.
The Canada Deposit Insurance Corporation (CDIC) was established by Parliament more than 50 years ago. Its job is to protect eligible deposits at member financial institutions, and it has a strong track record! Since its establishment, CDIC has protected depositors in 43 failures. Over two million depositors were protected, and not one person lost a dollar of deposits under CDIC protection.
However, not everything is covered. Here are 5 easy ways to see if your money is okay:
- Is your bank a member of CDIC? You can check this list to find out.
- Are your deposits eligible? Some deposits, such as US dollar accounts, are not eligible. Learn more.
- Are you under the limit? CDIC protects deposits up to $100,000 in seven deposit categories, which includes principal and interest.
- Have you estimated your coverage? CDIC’s online estimator helps you look at your own personal situation.
- Are you staying up to date? There’s much more to learn about deposit protection. You can even try out an interactive online game to learn more.
For more details on all of these questions, talk to your financial advisor, ask about CDIC where you bank or invest, or contact CDIC.