Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Tashia Batstone and Helen R. del Val, each for a four-year term, and the reappointment of J. Martin Castonguay for a three-year term, to the Board of Directors of the Canada Deposit Insurance Corporation (CDIC). The Deputy Prime Minister also announced the reappointment of Anne Whelan and Greg Stewart to the Board of the Bank of Canada, and the reappointment of Jennifer Reynolds and Robert Wener to the Board of Canada Development Investment Corporation (CDEV), all for three-year terms.

“With the extensive financial sector experience and regulatory expertise that Mses. Batstone and del Val bring to CDIC’s Board, they will play an important role in continuing to safeguard the strength and sustainability of Canada’s deposit insurance regime. I thank them for stepping up to serve CDIC, and extend my appreciation to Mses. Whelan and Reynolds and Messrs. Castonguay, Stewart, and Wener for agreeing to continue their service to Canadians.”

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.
  • On May 31, Jeffrey Heath was appointed to the Board of Directors of CDIC for a four-year term.

• The Bank of Canada is Canada’s central bank. Its principal role is to promote the economic and financial welfare of Canada. Its four main areas of responsibility are: monetary policy; the promotion of safe, sound, and efficient financial systems; designing, issuing, and distributing Canada’s bank notes; and managing Canada’s public debt program and foreign exchange reserves.

  • On May 31, Carlos Leitão was appointed to the Board of Directors of the Bank of Canada for a term ending on February 28, 2025.

• CDEV was established in 1982 under the Canada Business Corporations Act.

  • Operating at arm’s length from government, CDEV is a holding company with a portfolio of assets and investments held by the Government of Canada, on behalf of all Canadians.

Related products

• Biographical Notes for Tashia Batstone
• Biographical Notes for Helen R. del Val
• Biographical Notes for J. Martin Castonguay
• Biographical Notes for Greg Stewart
• Biographical Notes for Anne Whelan
• Biographical Notes for Jennifer Reynolds
• Biographical Notes for Robert Wener

Associated links

• Canada Deposit Insurance Corporation
• Bank of Canada
• Canada Development Investment Corporation

Media may contact:

Katherine Cuplinskas
Press Secretary and Senior Communications Advisor
Office of the Deputy Prime Minister and Minister of Finance
Katherine.Cuplinskas@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

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