Deposit Insurance

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Deposit Insurance protects Canadians' savings in case a bank, trust company, loan company or cooperative association fails. Your should be aware that not all savings are covered, each insurer has their own coverage limits and rules. Deposit insurance does not protect against fraud, theft or scam.

When depositing your savings, you should make sure you understand which agency, if any, is providing deposit insurance, what are the coverage limits and any other rules that might be applicable.

Federal Deposit Insurer

• Canada - Canada Deposit Insurance Corporation (CDIC)

CDIC is a crown corporation and is governed by the Canada Deposit Insurance Corporation Act. You do not pay CDIC for deposit insurance. CDIC member institutions pay premiums to CDIC. The CDIC site provides a very helpful reference, At a glance: What's Covered, What's Not Covered. A key point is that the CDIC limit is per person, per institution, not per account. Because your RRSP and TFSA accounts are regulated and therefore considered separate from you, you get separate insurance limit on them. But all your GICs, HISAs, cashable short-term certificates, etc., outside of registered accounts are lumped together for purposes of applying the limit.

Provincial Deposit Insurers

• Newfoundland and Labrador- Newfoundland and Labrador Credit Union Deposit Guarantee Corporation (CUDGC)
• Nova Scotia - Nova Scotia Credit Union Deposit Insurance Corporation (NSCUDIC)
• Prince Edward Island - Credit Union Deposit Insurance Corporation (CUDIC)
• New Brunswick - New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC)
• Quebec - Quebec Deposit Insurance Board (QDIB)
• Ontario - Deposit Insurance Corporation of Ontario (DICO)
• Manitoba - Deposit Guarantee Corporation of Manitoba (DGCM)
• Saskatchewan - Credit Union Deposit Guarantee Corporation (CUDGC)
• Alberta - Credit Union Deposit Guarantee Corporation (CUDGC)
• British Columbia - Credit Union Deposit Insurance Corporation (CUDIC)

See also

Investment dealer insolvency doesn’t happen very often, but if it does, the Canadian Investor Protection Fund (CIPF) exists to ensure your cash and securities are returned to you, within defined limits.