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.
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, USD)
If your financial institution fails, you don’t have to file a claim. CDIC will pay you automatically.
What deposit insurance doesn’t cover
Deposit insurance doesn’t cover the following:
- mutual funds
- Exchange Traded Funds (ETFs)
- losses due to fraud or theft
CDIC 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
Prince Edward Island - Credit Union Deposit Insurance Corporation
Quebec - Autorité des marchés financiers
Saskatchewan - Saskatchewan Credit Union Deposit Guarantee Corporation
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