Deposit insurance

From: Financial Consumer Agency of Canada

What is deposit insurance

Deposit insurance protects your savings if your financial institution fails.

You don’t have to apply or pay for deposit insurance. The Canada Deposit Insurance Corporation (CDIC) automatically insures your eligible deposits. This applies to deposits held at CDIC member institutions in Canada.

Find out if your financial institution is a member of CDIC.

What deposit insurance covers

CDIC insures eligible deposits separately up to $100,000.

Deposit insurance covers the following types of deposits:

savings and chequing accounts
Guaranteed Investment Certificates (GICs) and other term deposits
foreign currency (for example, US dollars)

If your financial institution fails, you don’t have to file a claim. CDIC will pay you automatically.

Learn more about coverage and categories of deposits.

What deposit insurance doesn’t cover

Deposit insurance doesn’t cover:

mutual funds
stocks
bonds
Exchange Traded Funds (ETFs)
cryptocurrencies
losses due to fraud or theft

CDIC has tools to help you understand what its insurance does and doesn't cover.

Provincial deposit insurers

Provincial deposit insurance plans cover deposits in the following financial institutions:

provincially regulated credit unions
caisses populaires
provincially regulated trust and loan companies

Deposit insurance plans vary between provinces. Contact your provincial deposit insurer or speak to your financial institution to find out how your deposits are protected.

Alberta, Credit Union Deposit Guarantee Corporation

British Columbia, Credit Union Deposit Insurance Corporation of British Columbia

Manitoba, Credit Union Deposit Guarantee Corporation

New Brunswick, Credit Union Deposit Insurance Corporation

Newfoundland and Labrador, Credit Union Deposit Guarantee Corporation

Nova Scotia, Credit Union Deposit Insurance Corporation

Ontario, Financial Services Regulatory Authority of Ontario

Prince Edward Island, Credit Union Deposit Insurance Corporation

Quebec, Autorité des marchés financiers

Saskatchewan, Credit Union Deposit Guarantee Corporation