Protecting your deposits – that's what we do
Coverage is free and automatic — you don’t have to sign up
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that insures more than $1 trillion in deposits held in member institutions. In the rare event a member institution faces failure, we step in to ensure you have access to your insured deposits. We have a wide range of resolution tools to enable this, such as supporting the sale of a troubled financial institution to a healthy one, or, if necessary, reimbursing depositors directly. These tools help support the overall stability of Canada’s financial system.
We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost a dollar insured by CDIC.
What’s covered
Eligible deposits
- Deposits in Canadian or foreign currency (including via payroll, Interac e-transfer, or cheque)
- Guaranteed Investment Certificates (GICs)
- Other term deposits
Products that are not eligible
- Mutual funds
- Stocks and bonds
- Exchange Traded Funds (ETFs)
- Cryptocurrencies
Each member institution has their own distinct coverage, though the rules are applied the same way for all.
Is your financial institution a member?
How deposit insurance works
CDIC insures eligible deposits if a member institution fails. Each of the following categories is insured separately up to $100,000, including principal and interest. Depositors holding deposits in more than one category can have more than $100,000 in total coverage.
Categories
Explore each category below for portfolio examples.
- Deposits held in one name
- Deposits held in more than one name (joint deposits)
- Deposits held in a Registered Retirement Savings Plan (RRSP)
- Deposits held in a Registered Retirement Income Fund (RRIF)
- Deposits held in a Tax-Free Savings Account (TFSA)
- Deposits held in a Registered Disability Savings Plan (RDSP)
- Deposits held in a Registered Education Savings Plan (RESP)
- Deposits held in a First Home Savings Account (FHSA)
- Deposits held in trust
Canada’s financial system
is strong and stable
Like any business, a financial institution can fail. If that happens, CDIC has tools to protect depositors and help maintain confidence in the financial system.