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 up to $100,000. CDIC insures deposits held in Savings and chequing accounts. Your deposits and products must be held in Canadian dollars at a CDIC member institution.
Most Canadian banks are members of the Canada Deposit Insurance Corporation (CDIC).
CDIC does not insure:
- losses due to fraud or theft
- mutual funds
The Canada Deposit Insurance Corporation has tools to help you understand what its insurance does and does not cover.
Provincial deposit insurers
Deposits in the following financial institutions are covered under provincial deposit insurance plans:
- 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.
British Columbia - Credit Union Deposit Insurance Corporation of B.C.
Manitoba - Credit Union Deposit Guarantee Corporation
New Brunswick - New Brunswick Credit Union Deposit Insurance Corporation
Nova Scotia - Nova Scotia Credit Union Deposit Insurance Corporation
Ontario - Deposit Insurance Corporation of Ontario
Prince Edward Island - Credit Union Deposit Insurance Corporation
Quebec - Autorité des marchés financiers
Saskatchewan - Saskatchewan Credit Union Deposit Guarantee Corporation
Report a problem or mistake on this page
- Date modified: