Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament. CDIC insures Canadians’ savings in case their bank or other CDIC member institution fails or goes bankrupt. CDIC is NOT a bank. CDIC is NOT a private insurance company.
CDIC helps keep Canada’s financial system strong. We work for Canadians—by insuring their savings in case a bank or other CDIC member institution fails.
You don’t need to sign up for our insurance.
We automatically insure most savings.
You don’t pay for our insurance.
Banks and other financial institutions that are members of CDIC pay us premiums.
Are YOUR savings insured?
It’s important to know...
Banks in Canada can fail. It does not happen often, but it has happened and it could happen again. If your bank or other CDIC member fails or goes bankrupt and your savings are covered by CDIC, you will get up to $100,000 of your savings back. If your savings are NOT covered, you might lose them.
