Deposit insurance protects eligible deposits at CDIC member institutions in case of the failure of a member institution. If a member institution should fail, CDIC will reimburse you for any insured deposits you have with the failed institution.

For a quick overview on CDIC's deposit insurance, please read CDIC's publication Protecting Your Deposits.



CDIC insures your deposits in case a member institution fails, subject to the eligibility criteria and maximum coverage explained below.

Subject to coverage limits, eligible deposits held with CDIC member institutions are automatically insured; you do not need to apply for deposit insurance.

The maximum basic coverage that is available for all eligible deposits that are held in the name of a depositor at a single member institution is $100,000 (principal and interest combined). CDIC provides separate coverage (up to a maximum of $100,000, including principal and interest) for each of the following types of eligible deposits:

• those that are held jointly, in the name of two or more persons;
• those that are held in trust;
• those held in registered retirement savings plans (RRSPs); and
• those in registered retirement income funds (RRIFs).

Registered plans are not a type of investment; they are a plan into which you place investments of your choice. They may include both insurable deposits, such as guaranteed investment certificates (GICs), and uninsurable investments, such as mutual funds. The fact that the trustee of a registered plan is a member of CDIC does not necessarily mean that the investments in the plan are protected by deposit insurance. It is the eligible deposits within the plan that may be insured, not the registered plan itself.

Eligible deposits in Registered Education Savings Plans (RESPs) will only qualify for separate coverage if the deposits are considered deposits in trust. Otherwise, they will be insured along with other eligible deposits in the name of the same depositor at the same member institution up to a maximum of $100,000, including principal and interest.


Eligible deposits at different branches of the same member institution are not insured separately.



To be eligible for CDIC deposit insurance protection, deposits must be:

• in Canadian currency, payable in Canada;
• repayable no later than five years from the date of deposit;
• placed at a financial institution that is a CDIC member.

Provided they meet the eligibility criteria, CDIC insures the following types of deposits:

• savings and chequing accounts;
• term deposits, such as Guaranteed Investment Certificates (GICs).
• money orders, drafts, certified drafts and cheques.

Some types of deposits and investments offered by member institutions are NOT insurable by CDIC. Among the most common types are:

• foreign currency deposits (for example, accounts in U.S. dollars);
• term deposits that mature more than five years after the date of deposit;
• debentures issued by banks;
• bonds and debentures issued by governments or corporations;
• Treasury bills;
• mutual funds;
• stocks;
• investments in mortgages.

The simplest way to verify that the investment you are making is eligible for deposit insurance is to check the member institution's Deposit Register, which is a list of all the eligible deposits at that institution.

If you want to know if your financial institution is a member of CDIC, please refer to the complete list of CDIC members.

Last modified : 7 July 2005