Canada Deposit Insurance Corporation

CDIC was established by the Government of Canada to protect deposits in case of bank failure, with coverage that is free and automatic when banking with a member institution. It is not a bank and not a private insurance company; it is funded by premiums paid by its member institutions and does not receive taxpayer dollars to operate. Its member institutions include banks, federally regulated credit unions, and trust and loan companies. As Canada's resolution authority, CDIC contributes to the stability of the financial system and has tools to resolve troubled members while protecting depositors.

CDIC was established in 1967. Since its creation, it has handled a list of member institution failures, and over the years it has protected more than two million depositors and contributed to maintaining confidence in the financial system. To date, CDIC has resolved 43 member failures, affecting around two million Canadians, and no one has lost a dollar of deposits under its protection.

A federal Crown corporation that is not a bank and not a private insurance company, funded by member premiums and acting as Canada's resolution authority.

• Deposit insurance

  Insurance against the loss of part or all of deposits.

1. 1Home — CDICcdic.ca
2. 2History of failures — CDICcdic.ca
3. 3About CDIC — CDICcdic.ca
4. 4CDIC news — CDICcdic.ca