With the rise in interest rates and inflation over the last few years, it’s no wonder people today are more concerned with their money. But did you know that, in Canada, your deposits and investments may be protected by various government organizations?
Here are three ways to find out how your money is protected:
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1
Learn about the different protection frameworks
Become familiar with which financial products are eligible for protection and by whom. There are different organizations that offer protection depending on the type of product, including:
- Federal deposit insurance: Protects deposits in banks and other federally regulated institutions.
- Provincial deposit insurance: Protects deposits in provincial credit unions.
- Investor protection: Offers protection for other investments like mutual funds, stocks and bonds.
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2
Find online resources
You can find out which of these organizations your financial institution is a member of, and how coverage may apply to your financial portfolio by visiting the organization’s website. For instance, we provide a list of all member institutions. We also have additional information and tools, like our online calculator, which you can use to help determine your coverage.
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3
Ask questions
Don’t hesitate to reach out to your financial institution to find out how your financial products are protected.
With all the changes and uncertainty over the last few years, one thing you shouldn’t have to worry about is whether your money is safe.
IADI Podcast – How do deposit insurers test their crisis preparedness?
March 12, 2025
Official podcast of the International Association of Deposit Insurers (IADI). Hosted by Dr. Bert Van Roosebeck, IADI’s senior policy and research advisor. Released on March 12, the episode will delve into IADI’s latest research paper on how deposit insurers globally prepare for crises, with a spotlight on case studies from Canada and Malaysia.
CDIC speakers
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Chloe Yao
Manager, Crisis Simulations
Interested in this event?
Learn moreHow CDIC protection applies following Canadian Western Bank – National Bank of Canada transaction
March 3, 2025
OTTAWA – March 3, 2025 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors that, effective March 1, 2025, the following CDIC member institutions have amalgamated: Canadian Western Bank (CWB) and National Bank of Canada (NBC).
Upon the amalgamation of these entities, deposits held at CWB migrated to NBC. CWB subsidiaries Canadian Western Trust and Valiant Trust are now subsidiaries of NBC and members of CDIC in their own right. Eligible deposits at each subsidiary are protected separately from those at NBC.
Deposits made before amalgamation
Eligible deposits at CWB before the amalgamation continue to be protected separately, up to $100,000 per category for a period of two years post amalgamation, or in the case of term deposits, until maturity (or redemption). However, the amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature or are redeemed.
Deposits made after amalgamation
Coverage for new deposits at NBC after amalgamation depends on the total deposits at CWB and NBC before they amalgamated:
- If the combined deposits (in a category) at CWB and NBC exceeded $100,000, any new eligible deposits (for that category) will not be insured by CDIC.
- If the combined deposits (in a category) at CWB and NBC are under $100,000, any new eligible deposits (for that category) will be added to the previous deposits and insured up to $100,000.
Look for this logo to identify a CDIC member institution:
About CDIC
CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial 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 financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada. No one has ever lost any money under CDIC protection.
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For further information
CDIC Media Team
Tel: 613-943-4395
E-mail: media@cdic.ca
Hosted by the Canadian Institute, this annual conference addresses the most pressing governance challenges facing Crown corporations.
CDIC speakers
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Christa Walker
Chief Legal Officer, Corporate Secretary and Head, Policy Integration
Interested in this event?
Learn moreThe growing use of prepaid cards and regulatory implications
January 21, 2025
Webinar
January 21, 2025 – 12:00 pm to 1:00 pm ET
Emerging as one of the fastest-growing payment options, prepaid cards are increasingly being offered by fintechs as an alternative to more traditional financial products. Join Torys LLP and CDIC as they discuss the growth of prepaid cards, the applicable regulatory frameworks, and through a review of case studies, the implications for consumers, fintechs, and financial institutions. This webinar is part of a series on fintechs hosted by Torys LLP.
CDIC speakers
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Annie Hardy
Director, Fintech Relations & Third-Party Disclosure
Interested in this event?
Learn moreCDIC meets to discuss protecting depositors in a dynamic financial environment
November 6, 2024
OTTAWA – November 6, 2024 – The Canada Deposit Insurance Corporation (CDIC) held its Annual Public Meeting today via live webcast. Leah Anderson, President and Chief Executive Officer, was joined by Robert Sanderson, Chair of the Board of Directors, and members of senior management to discuss how CDIC protects depositors and promotes financial stability by focusing on depositor trust and confidence, resolution readiness, and organizational strength in a dynamic operating environment.
“As I reflect on the past year, I’m struck by the complexity of risks, rapid pace of innovation, and evolution of products and services in the financial sector,” said Ms. Anderson. “Throughout this period, CDIC continued to deliver on its mandate and remains prepared to protect depositors and uphold financial stability – whatever the future brings.”
CDIC’s priorities include reinforcing trust in deposit protection through public awareness and clear and transparent disclosures at member financial institutions; being “resolution ready” through early identification of risks to CDIC members and continued emphasis on robust resolution planning, testing and assessment of execution capabilities; and fostering organizational strength by cultivating a diverse and inclusive workforce.
Ms. Anderson also announced that CDIC will offer a wide variety of web and social media content during Financial Literacy Month in November to help depositors make informed decisions about how they save their money.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1.2 trillion in deposits at more than 80 member institutions. As 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 depositors. No one has ever lost any money under CDIC protection.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca
23rd IADI Annual General Meeting (AGM) and Conference
November 11-15, 2024
Tokyo, Japan
Future proofing the Core Principles: raising the bar for deposit insurance systems
The 2024 International Association of Deposit Insurers (IADI) AGM and conference will be hosted by the Deposit Insurance Corporation Japan. It will focus on the review of IADI’s Core Principles on Effective Deposit Insurance Systems, which set the global standard for deposit insurance systems worldwide. The review is led by Leah Anderson, CDIC’s President and CEO.
CDIC speakers
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Leah Anderson
President and CEO
Interested in this event?
Learn more
Presented by CANNEX, this annual conference brings together professionals from across the Canadian deposit industry. This year’s agenda will focus on key issues impacting deposit products, distribution and technology, as well as the regulatory environment.
CDIC speakers
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John Rossi
Director, Trust Deposit and Operations
Interested in this event?
Learn more
OTTAWA – October 7, 2024 – The Canada Deposit Insurance Corporation’s (CDIC) 2024 Annual Report was tabled today in Parliament.
CDIC’s vision of guaranteeing the safety of your insured deposits to protect financial futures in Canada, reflects our unwavering focus on depositors and the central role deposit insurance plays in consumer protection.
The annual report outlines CDIC’s progress to date, including advancements made against our key strategic priorities during the 2023/2024 fiscal year. These include:
- Depositor trust and confidence
A shifting financial landscape makes for a dynamic operating environment. Over the year, CDIC stayed on top of market innovation while ensuring our deposit protection framework remains responsive to the evolving savings needs and expectations of depositors. We progressed on ongoing industry consultations to inform CDIC’s Deposit Insurance Study and advanced domestic and global priorities through our work with federal and provincial counterparts, as well as the International Association of Deposit Insurers. - Resolution readiness
During a period of increasing market uncertainty and international bank failures, CDIC strengthened our risk assessment through early identification of risks to our member financial institutions. We also strengthened our resolution planning and tested our readiness capabilities to better protect depositors through our Simulations Centre of Excellence. - Organizational strength
CDIC’s vision is realized through our people, reliable and secure systems and technology, and an inclusive culture. In 2023/2024, we progressed our diversity, equity and inclusion goals by exceeding representation of women, racialized minorities and people with disabilities. We continued to mature our cyber security posture and we’re proud to have launched our Environmental, Social and Governance (ESG) Strategy outlining our emissions and sustainability commitments to support the Government of Canada’s efforts to reach net-zero emissions by 2050.
“Canada’s financial system remained strong and resilient during the March 2023 international banking crisis,” said President and Chief Executive Officer (CEO) Leah Anderson. “Nevertheless, CDIC focused on lessons learned from this event to reinforce depositor protection and confidence, and to bolster our resolution preparedness.“
To learn more about CDIC’s activities over the past year, please join us for the CDIC Annual Public Meeting on November 6, 2024, at 2 pm ET (virtual event).
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As 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 depositors. No one has ever lost any money under CDIC protection.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca
Notice of CDIC’s 2024 Annual Public Meeting: “Our unwavering focus to protect depositors”
October 4, 2024
The Board of Directors of the Canada Deposit Insurance Corporation (CDIC) is pleased to announce that its 2024 Annual Public Meeting will be held via live bilingual webcast on November 6, 2024, from 2:00 p.m. to 3:00 p.m. ET.
Leah Anderson, President and Chief Executive Officer, and Robert Sanderson, Chair of the Board, will be joined by members of senior management to discuss how CDIC protects depositors and promotes financial stability by focusing on depositor confidence, resolution readiness, and organizational strength in a dynamic operating environment.
The Annual Public Meeting will address key issues and initiatives outlined in CDIC’s 2024 Annual Report.
Members of the public are invited to participate virtually and ask questions in advance by e-mailing smenquiries@cdic.ca, or by sending a tweet or direct message to @CDIC_CA in English or @SADC_CA in French. A selection of questions will be covered during the meeting with the remainder posted to CDIC.ca.
We look forward to having you join us. Follow us on Meta, X(Twitter), Instagram and LinkedIn for regular updates.
Event details
The event will take place via live webcast on November 6, from 2:00 p.m. to 3:00 p.m. ET. Please visit our registration page for a link to the webcast.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As 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 depositors. No one has ever lost any money under CDIC protection.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca
OTTAWA – September 26, 2024 – The Canada Deposit Insurance Corporation (CDIC) tabled its 2024-2025 Summary of the Corporate Plan in Parliament today.
CDIC’s vision is guaranteeing the safety of your insured deposits to protect financial futures in Canada. We protect insured deposits, ensure the orderly resolution of a member institution in the event of failure, and contribute to financial stability.
CDIC is focusing on three strategic objectives for the 2024-2025 to 2028-2029 planning period:
- Depositor trust and confidence: Protecting insured deposits reinforces depositor confidence and contributes to financial stability. CDIC will continue to earn depositors’ trust by:
- anticipating and responding to evolving financial sector risks and the savings needs of depositors
- raising public awareness of deposit insurance protection so that depositors can make informed decisions about the safety of their deposits
- Resolution readiness: Being prepared for resolution involves having the necessary people, data, processes, tools, systems, and financial capacity in place to resolve a potential failure of a member institution. CDIC’s preparedness activities focus on:
- identifying risks within CDIC’s membership and the financial system, and being ready to resolve member institutions for the benefit of depositors
- providing depositors with timely access to their deposits in the event of a member failure
- Organizational strength: Ensuring a resilient organization requires a focus on resourcing excellence, efficient and secure technology, and a culture where all staff can thrive. CDIC will continue to build organizational strength by:
- ensuring CDIC reflects the people it serves
- continuing to advance and maintain the security of CDIC’s enterprise technology and cyber capabilities
To ensure the achievement of our strategic objectives, CDIC’s 2024-2025 Corporate Plan is forward-looking and responds to internal and external factors, including: Canada’s rapidly evolving financial sector, the complex operating environment, technological change, and the evolution of our workplace.
“CDIC remains laser focused on being prepared to protect insured depositors and promote financial stability, no matter what,” said CDIC President and CEO Leah Anderson. “Our plan is outcome based, targeted at depositor protection, being prepared for resolution, and organizationally resilient in a dynamic operating environment.”
The Summary of the Corporate Plan also includes a summary of CDIC’s 2024-2025 operating and capital budgets and borrowing plan.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As 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 depositors. No one has ever lost any money under CDIC protection.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca
30th Flagship Conference on Regulatory Compliance for Financial Institutions
November 19-20, 2024
Toronto, Ontario
This annual event, hosted by the Canadian Institute, brings together prominent regulators and industry leaders to explore how developments in AI, cybersecurity, open banking, anti-money laundering, and other areas are setting new expectations for compliance professionals. Participants will discuss some of the new regulations and compliance requirements for financial institutions in Canada and share practical solutions and strategies to meet them. CDIC will participate on a panel that explores new payments regulation and law.
CDIC speakers
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Emiel van der Velden
Head, Depositor Solutions, Insurance and Compliance