Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Jeffrey Heath to the Board of Directors of the Canada Deposit Insurance Corporation (CDIC) for a four-year term.

“With the extensive financial sector experience and expertise that Mr. Heath brings to CDIC’s Board, he will help play an important role in continuing to safeguard the strength and sustainability of Canada’s deposit insurance regime. I extend my appreciation to Mr. Heath for stepping up to serve CDIC.”

- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

• CDIC is a federal Crown corporation that provides deposit insurance of up to $100,000 for each of nine insured account categories at each CDIC member institution. Members include banks, federally regulated credit unions, as well as loan and trust companies. CDIC is also the resolution authority for its member institutions.

• CDIC deposit insurance fully covers approximately 97 per cent of all eligible deposit accounts at member institutions.

• Budget 2018 amended the Canada Deposit Insurance Corporation Act to modernize and enhance the Canadian deposit insurance framework to ensure it continues to meet its objectives. These changes modernized the scope of deposit insurance coverage to better reflect products currently offered in the market, address the complexity of trust deposits, help protect depositors, improve understanding of insurance coverage, and ultimately better support financial sector stability in Canada. 

• Budget 2022 announced the Tax-Free First Home Savings Account (FHSA), which as of April 1, 2023, will help first-time home buyers save up to $8,000 a year. CDIC coverage has been expanded to include separate coverage of up to $100,000 for eligible FHSA deposits, bringing CDIC’s coverage framework to a total of nine separately insured deposit categories for each member institution.

Related products

• Biographical Notes for Jeffrey Heath

Associated links

• Canada Deposit Insurance Corporation

Media may contact:

Adrienne Vaupshas
Press Secretary
Office of the Deputy Prime Minister and Minister of Finance
Adrienne.Vaupshas@fin.gc.ca

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

General enquiries

Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca