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), 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.
As of April 30, 2022, CDIC protection is expanded to include Registered Education Savings Plans and Registered Disability Savings Plans. There are also new rules for deposits held in trust. These changes are part of the Government of Canada’s commitment to modernize and enhance CDIC deposit protection to reflect how Canadians bank and save.
What happens if a CDIC member fails?
Your money belongs in your hands. CDIC works hard to protect your savings and your access to financial services. If your institution fails, we will provide access to your covered funds (including the eligible principal and interest amounts) within days.
It's automatic – we will contact you.
What you can do?
- Keep your contact information at your financial institution up-to-date so CDIC can send payment if necessary.
- Know what is covered and what is not.