Updated: April 2025  |  bremo.io financial guides

CDIC Deposit Insurance Canada: What's Covered and What's Not

The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects Canadians' deposits at member financial institutions in the event of a bank failure. Understanding how CDIC coverage works helps you ensure your savings are fully protected — and avoid unpleasant surprises if an institution encounters trouble.

What Is CDIC?

CDIC insures eligible deposits at member institutions (most major banks, trust companies, and loan companies operating in Canada). If a CDIC member fails, depositors are reimbursed for their covered deposits — automatically, without needing to file a claim.

CDIC Coverage Limits

CDIC covers up to $100,000 per depositor per deposit category per CDIC member institution. The key words are "per category" — you can have more than $100,000 insured at a single institution by holding deposits across multiple categories.

CDIC Deposit Categories

• Deposits in your name: Up to $100,000 (chequing, savings, GICs under 5 years)
• TFSA deposits: Up to $100,000 separately
• RRSP deposits: Up to $100,000 separately
• RRIF deposits: Up to $100,000 separately
• FHSA deposits: Up to $100,000 separately
• Joint deposits: Up to $100,000 per joint account
• RESP deposits: Up to $100,000 per beneficiary
• Trust deposits: Up to $100,000 per beneficiary

A single depositor can have up to $700,000+ fully insured at one CDIC-member institution by spreading deposits across all categories.

What CDIC Does NOT Cover

• Stocks, bonds, ETFs, or mutual funds (even if held at a bank)
• GICs with terms over 5 years
• Foreign currency deposits (USD, EUR, etc.)
• Crypto assets
• Deposits at non-CDIC member institutions (credit unions, etc.)

Credit Union Deposit Insurance

Credit unions are not CDIC members — they're insured provincially. Provincial insurance is often very strong. British Columbia's CUIC and Ontario's DICO both provide substantial protection, and some provinces offer unlimited coverage on all eligible deposits.

How to Check if Your Institution Is a CDIC Member

The CDIC website (cdic.ca) maintains a full list of member institutions. Look for the CDIC member logo on the institution's website or materials. If you can't confirm CDIC membership, ask directly before depositing significant funds.

What Happens If a CDIC Member Fails?

CDIC has responded to 43 member failures since 1967, reimbursing all insured deposits in full. In practice, this usually happens seamlessly — depositors often continue using their accounts without interruption as CDIC arranges an acquisition or payout.