Your coverage - cdic.ca (2024)

FAQs

What is the CDIC coverage? ›

CDIC insures eligible deposits separately up to $100,000. Deposit insurance covers the following types of deposits: savings and chequing accounts. Guaranteed Investment Certificates (GICs) and other term deposits.

CDIC has over 80 member institutions. All eligible deposits in any CDIC member institution are protected up to $100,000 in each of the separate deposit categories. More than 95 percent of personal deposit accounts in our members are fully protected by CDIC.

Each CDIC member institution must pay annual premiums on insured deposits as a condition of membership. These premiums constitute a reserve fund which CDIC would draw from in order to resolve the failure of any of its members.

Eligible deposits are automatically covered to a limit of $100,000 per insured category at each CDIC member financial institution. Members include banks, federally-regulated credit unions, as well as loan and trust companies. We are not a bank. We are not a private insurance company.

All deposits held by a trustee per beneficiary are insured for the limit of $100,000. The CDIC covers up to $100,000 in principal and interest per account, including foreign currencies like USD.

Within a span of three weeks, CDIC made payment of all insured deposits. That was 20 years ago. CDIC can now pay out depositors in a matter of days. Since its creation in 1967, CDIC has stepped in following the failure of 43 member institutions like Security Home.

Deposit insurance is free and automatic.

Our calculator can help you understand coverage. Protection is based on several deposit categories that keep your money safe throughout your life.

Foreign currency deposits at foreign financial institutions are not covered by CDIC. American currency in U.S.-based banks may be covered, however, by the Federal Deposit Insurance Corporation (FDIC).

What is the difference between the FDIC and the CDIC? ›

The CDIC insures up to $100,000 for each depositor in each covered category, while the FDIC insures up to $250,000 for each depositor in each covered category. Each institution also offers coverage of slightly different financial products.

The FSCS guarantees your money up to £85,000 per person, per institution. Joint accounts have protection up to £170,000. You can find out if your bank or building society is covered by checking the Financial Services Register Financial Services Register This link will open in a new window.

CDIC coverage does not apply to stocks, bonds or mutual funds, so those investments, which amount to $180,000 of the total $290,000 in the category, are not eligible to be insured by CDIC.

Its job is to protect eligible deposits at member financial institutions, and it has a strong track record! Since its establishment, CDIC has protected depositors in 43 failures. Over two million depositors were protected, and not one person lost a dollar of deposits under CDIC protection.

CDIC protects eligible deposits in Canadian and foreign currency for up to $100,000 (Canadian dollars) in each of CDIC's insurance categories.

The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.