In 1967, the Canada Deposit Insurance Corporation (CDIC) was incorporated as a Crown corporation under Schedule III, Part 1 of the Financial Administration Act. It was created to insure deposits in banks, trust companies and loan companies against loss in case of member failure. CDIC is accountable to Canada's Parliament through the Minister of Finance, who has delegated certain responsibilities for CDIC matters to the Secretary of State (International Financial Institutions).

CDIC is governed by the Canada Deposit Insurance Corporation Act, which sets out its objectives and powers. CDIC has also, in some cases with the approval of the Minister of Finance, passed by-laws that deal with certain governance matters.

Since its creation, CDIC has dealt with the failure of 43 member institutions. It has protected more than two million depositors holding some $24 billion in insured deposits at these institutions at a cost of about $4.7 billion to CDIC. No member institutions have failed since June 1996.

As of April 30, 2005, CDIC insured $437 billion in eligible deposits in Canada.


Last modified : 3 November 2006