About CDIC
Our purpose
Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation established by the Government of Canada to protect deposits at our member financial institutions in the rare event of failure.
We are not a bank. We are not a private insurance company.
We are funded by premiums paid by our member institutions and do not receive taxpayer dollars to operate.
As Canada’s resolution authority, we contribute to the stability of the financial system. Our member institutions include banks, federally regulated credit unions, and trust and loan companies.
We have a set of effective and flexible tools to handle a troubled member. To date, we have resolved 43 member failures, affecting around two million Canadians. No one has lost a dollar of deposits under our protection.
Our vision
Guaranteeing the safety of your insured deposits to protect financial futures in Canada.
Our mandate
The Canada Deposit Insurance Corporation was established in 1967 to achieve the following:
Provide insurance against the loss of part or all of deposits.
Promote and otherwise contribute to the stability of the financial system in Canada.
Act for the benefit of depositors while minimizing loss.
Our responsibilities
We are governed by the CDIC Act, which describes our mandate’s four key responsibilities: