Deposit insurance

From: Financial Consumer Agency of Canada

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
  • stocks

The Canada Deposit Insurance Corporation has tools to help you understand what its insurance does and does not cover.

Find a list of the Corporation’s member institutions and more information about deposit insurance.

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.

Alberta - Alberta Credit Union Deposit Guarantee Corporation

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

Newfoundland - Newfoundland and Labrador Credit Union Deposit Guarantee 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

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