Q: What is deposit insurance?
A: Deposit insurance protects eligible deposits held in CDIC
member institutions, up to a maximum of $100,000 per depositor at
each institution in the unlikely event of a failure.
Q: How much is covered?
A: The basic coverage is a maximum of $100,000 per individual; at
each institution. However, different types of deposits such as
RRSPs, RRIFs, joint deposits and deposits held in trust are insured
separately. For more information about this, please contact CDIC.
(contact information is below)
Q: What is covered?
A: To be eligible for CDIC deposit insurance protection, monies held
must be: in Canadian currency, payable in Canada; and repayable
no later than five years from the date of deposit. The following
deposits are covered:
A: Customers can consult their member institution's Deposit
Register, which is a list of all eligible deposits as confirmed by
CDIC, available in all branches.
Q: What isn't covered?
A: Some examples of investments not insured by CDIC include:
For more information about deposit insurance, please contact CDIC.
Q: What do I have to do to be covered by deposit insurance?
A: Nothing. Deposit insurance is automatic for all eligible deposits:
customers don't have to ask for it, nor can they waive it.
Q: What happens if a financial institution fails?
A: In the unlikely event a CDIC member institution fails, all customers
with insured deposits will automatically be contacted by CDIC.
If customers ask questions that are not covered above, or if
they require further information, please refer them to CDIC's
website: www.cdic.ca, or have them call: 1-800-461-CDIC
(1-800-461-2342).
Last modified : 28 November 2006
A: Deposit insurance protects eligible deposits held in CDIC
member institutions, up to a maximum of $100,000 per depositor at
each institution in the unlikely event of a failure.
Q: How much is covered?
A: The basic coverage is a maximum of $100,000 per individual; at
each institution. However, different types of deposits such as
RRSPs, RRIFs, joint deposits and deposits held in trust are insured
separately. For more information about this, please contact CDIC.
(contact information is below)
Q: What is covered?
A: To be eligible for CDIC deposit insurance protection, monies held
must be: in Canadian currency, payable in Canada; and repayable
no later than five years from the date of deposit. The following
deposits are covered:
- savings and chequing accounts;
- term deposits, such as Guaranteed Investment Certificates
(GICs), and debentures issued by loan companies; - money orders and drafts; and certified drafts and cheques.
A: Customers can consult their member institution's Deposit
Register, which is a list of all eligible deposits as confirmed by
CDIC, available in all branches.
Q: What isn't covered?
A: Some examples of investments not insured by CDIC include:
- Mutual funds and stocks;
- term deposits payable more than five years after the date of deposit;
- bonds, debentures and commercial paper issues by governments or corporations;
- Treasury Bills or Canada Savings Bonds.
For more information about deposit insurance, please contact CDIC.
Q: What do I have to do to be covered by deposit insurance?
A: Nothing. Deposit insurance is automatic for all eligible deposits:
customers don't have to ask for it, nor can they waive it.
Q: What happens if a financial institution fails?
A: In the unlikely event a CDIC member institution fails, all customers
with insured deposits will automatically be contacted by CDIC.
If customers ask questions that are not covered above, or if
they require further information, please refer them to CDIC's
website: www.cdic.ca, or have them call: 1-800-461-CDIC
(1-800-461-2342).
Last modified : 28 November 2006