The Government of Canada has
in Budget 2018 to modernize and enhance CDIC deposit protection. These changes would take effect after they are approved by Parliament. Until then, the current coverage rules apply. We will update our website at such time as changes take effect.
We are the federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure.
Our Vision: Earning the trust of Canadians as a global leader in deposit insurance and resolution.
Eligible deposits are automatically covered to a limit of $100,000 per
insured category at each
member financial institution. Members include banks, federally regulated credit unions, as well as loan and trust companies and associations governed by the
Cooperative Credit Associations Act that take deposits.
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 public funds to operate.
Parliament established the Canada Deposit Insurance Corporation 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.