Who benefits from CDIC’s Work

CDIC’s work is for the benefit of the Canadian public.

When we started in 1967, we only protected deposits held in one name up to $20,000. Now, many types of savings are covered by CDIC against the failure of a financial institution. See What’s Covered, What’s Not Covered. Also, we now protect up to $100,000 in savings. See How Does CDIC Calculates Insurance?

Our relationship with CDIC members

We monitor the “health” of banks, trust companies, loan companies and associations governed by the Cooperative Credit Associations Act that are CDIC members. We work closely with the Office of the Superintendent of Financial Institutions (OSFI), at the first sign of a problem in a member institution. CDIC members pay us premiums.