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How Does CDIC Calculate Insurance?
CDIC insures up to $100,000 in each of
the following six categories. Click on any of the following to see if your savings are
covered.
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The ABCs of Deposit Insurance |
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| Up to $100,000 of your savings are insured by CDIC as soon as you
deposit them in an eligible account. Your savings must be: |
| A |
Accounts that are eligible—for example, savings,
chequing and GICs of 5 years or less. |
| + |
Held at… |
| B |
Banks and other financial institutions—insured deposits must be
held at a CDIC member. |
| + |
And held in... |
| C |
Canadian dollars—U.S. dollar and other foreign currency deposits
are not eligible. |
| A + B + C = insured deposits |
| Find out more about what’s covered and what’s not. |
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Category 1:
Savings held in one name
(personal, business or other organization)
Category 2:
Savings held in more than one name
(joint deposits)
Category 3:
Savings held in trust
Category 4:
Savings held in an RRSP
Category 5:
Savings held in a RRIF
Category 6:
Savings held for paying realty taxes on mortgage
payments
For example...
Say you have the following
savings in Canadian dollars, at a CDIC member institution:
- $15,000 in a chequing account in your
own name (Category 1)
- $10,000 in a joint savings
account (Category 2)
- a 4-year GIC worth $90,000, held in an
RRSP (Category 4)
CDIC insures ALL of these amounts, as each falls
under a different CDIC insurance category.
What is NOT
covered?
CDIC does NOT insure some products, such as mutual funds and stocks. CDIC does NOT insure U.S. dollars or
other foreign currency deposits. Find out more.
Please
Note: This website
is designed to give general information about deposit insurance and should not be relied upon as definitive.
The actual deposit insurance coverage provided by CDIC following the failure of a member institution is based
on the deposit account records at the failed member institution and is governed by the Canada Deposit Insurance Corporation
Act.
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