GICs and Other Term Deposits
CDIC insures deposits in Guaranteed Investment Certificates (GICs) and other deposits (that mature in 5 years or less) held in Canadian dollars at a CDIC member. CDIC does NOT insure term deposits (including GICs) that mature in more than 5 years.

A term deposit is a deposit for a set time (fixed term) and at a set interest rate (fixed rate). A GIC is a common type of term deposit.

What is insured?
CDIC insures GICs and other term deposits that mature within 5 years.

What is NOT insured by CDIC?
CDIC does NOT insure longer term GICs or other term deposits that mature in more than 5 years. For example, a term deposit that matures in 5 years and two months is NOT insured by CDIC.

How much is insured?
CDIC insures from $1 to $100,000. We calculate your insured savings by combining the amounts in:

• savings and chequing accounts
• GICs and other deposits that mature in 5 years or less
• money orders, certified cheques and bank drafts issued by CDIC members (that are payable to you and not yet cashed)
• debentures (only those issued by loan companies)

For example…
If your CDIC member fails and you have the following savings in your own name:

• $7,000 in a savings account
• $1,000 in a 4-year GIC
• $5,000 in a 7-year GIC

You have $8,000 insured by CDIC in case your bank fails, because the 7-year GIC is NOT insured by CDIC.

CDIC also insures other types of deposits from $1 to $100,000. Find out more about how CDIC calculates insured deposits.

More than $100,000 in savings?
CDIC insures as much as $100,000 in each of six categories. Savings held: in one name, jointly in more than one name, in a trust account, in an RRSP, in a RRIF and in a mortgage tax account.