CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians and to contribute to financial stability by safeguarding close to $1 trillion in deposits at more than 85 member institutions. As a resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest.
Our members include banks, federally-regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million Canadians. No one has ever lost a dollar of deposits under CDIC’s protection.
One hundred thousand dollars is the coverage limit for each of the different categories, meaning that if you have eligible deposits in more than one category, you can be protected for much more than $100,000. For example, if you have a deposit in a chequing or savings account that is in your name alone, you will be protected for up to $100,000. You will also be protected for up to an additional $100,000 for each joint deposit you have provided each set of joint owners is different. For example, a deposit you hold jointly with a spouse is protected separately from a deposit you hold with a parent. Both would be covered for up to $100,000. For deposits held in trust, the coverage limit is $100,000 per beneficiary. So, for example, if a grandmother set up a trust for her two grandchildren and placed $130,000 for each of them for a total of $260,000, each grandchild would be eligible to receive $100,000. $60,000 of the trust would not be covered as it exceeds the $100,000 coverage limit for each beneficiary. For tax-free savings accounts (TFSA), first home savings accounts (FHSA), registered retirement savings plans (RRSP), registered retirement income funds (RRIF), registered education savings plans (RESP), and registered disability savings plans (RDSP) you would be covered separately for each for up to $100,000. All amounts are principal and interest combined.
Deposit insurance is free and automatic.
Our calculator can help you understand coverage. Protection is based on several deposit categories
that keep your money safe throughout your life.