CDIC — Who We Are and What We Do
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament in
1967 to protect your deposits made with member financial institutions in case of their failure. CDIC is
NOT a bank. CDIC is NOT a private insurance company.
CDIC helps keep Canada’s financial system strong. We work for Canadians—by insuring their savings in case
a bank or other CDIC member institution fails.
- You don’t need to sign up for our insurance.
CDIC deposit insurance is automatic - for eligible deposits in Canadian dollars at its member
institutions.
- You don’t pay for our insurance.
CDIC member institutions fund deposit insurance through premiums paid on the insured deposits that they
hold.
Are YOUR savings insured?
It’s important to know...
Banks and other financial institutions in Canada can fail. It does not happen often, but it has happened
and it could happen again. If your financial institution is a CDIC member and it fails and your savings are
eligible for CDIC coverage, you will get up to $100,000 of your savings back. If your savings are NOT
covered, you might lose them.
Your savings are covered…
- If your bank (or the institution you bank with) is a member of CDIC.
We only insure savings if they are at one of our member institutions.
and…
- If the accounts or financial products you have are insured by CDIC.
We only insure certain types of savings.
It’s easy to find out...
Find out if YOUR savings are insured by
CDIC.
CDIC insures eligible savings
CDIC is a Federal Crown corporation that contributes to the stability of the Canadian financial system.
Protecting Canadians’ savings is our job. CDIC automatically insures many types of savings against the
failure of a bank or financial institution that is a CDIC member. However, NOT all savings are insured and CDIC deposit
insurance does not protect against fraud, theft or scam.
This web site will help you better understand which savings are insured and help you decide where to keep
your savings.
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Please Note: This web site is designed to give general
information about deposit insurance and should not be relied upon as definitive. The actual deposit insurance
coverage provided by CDIC following the failure of a member institution is based on the deposit account
records at the failed member institution and is governed by the Canada Deposit Insurance Corporation
Act.
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