Deposit Insurance in Canada

Deposit insurance in Canada is provided by Canada Deposit Insurance Corporation. The Canada Deposit Insurance Corporation (CDIC) insures only savings deposited at one of its member financial institutions. Most Canadian chartered banks are members of CDIC and in case one of these banks goes bankrupt your savings are protected for up to $100,000 Canadian dollars.

There is no need to apply for the deposit insurance, all you need to do is to open a bank account (chequing, savings) with a bank or a financial institution which is a member of CDIC and your savings will be automatically protected for up to $100,000 CAD. Keep in mind that even if your bank is a member of CDIC, only accounts in Canadian dollars are insured, and accounts in foreign currencies are not. CDIC doesn’t insure mutual funds.

The following Canadian banks are members of CDIC – Royal Bank of Canada, Bank of Montreal, TD Bank, CIBC, and Scotiabank. (Note that CDIC has many more members, and the banks we list are just an example).

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