We insure eligible deposits held in one name.
In the event of a member institution failure, a depositor’s chequing account, savings account and any unregistered term deposits with a term to maturity of 5 years or less would be considered as deposits held in one name and would therefore be combined for a maximum coverage limit of $100,000.
Who is considered a depositor?
A depositor can be an individual, a corporation and an association of persons such as a labour union, a civic service group or a religious congregation. However, a sole proprietorship is not considered to be a separate depositor since it is a business operated in the depositor’s own name.
You do not need to apply for CDIC deposit insurance, or fill in any forms for coverage. Nor do you have to pay for CDIC deposit insurance. We do not receive any taxpayer dollars and are fully funded through premiums paid by our member institutions.