The Government of Canada has proposed changes
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 protects deposits held at its
member financial institutions, in case of their failure.
Banks and other financial institutions in Canada seldom fail, but
it has happened and could happen again.
Knowing that their deposits are protected against failure helps Canadians feel confident about keeping their money in banks and other financial institutions that are
CDIC members. This helps to keep the Canadian financial system strong, which benefits all Canadians.
The maximum protection for eligible deposits is $100,000 (principal and interest combined) per category, at each
Are you covered? Check that you have:
held in insured categories;
in Canadian dollars, payable in Canada;
CDIC member financial institution.
Coverage is free. You do not pay
CDIC for deposit insurance.
Our member institutions pay premiums to
CDIC. Protection up to $100,000 per category is automatic if you bank with one of
Deposits are not insured separately if made at different branches of the same
CDIC member institution.