CDIC Insurance: Keeping Your Savings Safe


The Canada Deposit Insurance Corporation (CDIC) protects deposits at member financial institutions in the event of their failure.

CDIC covers your money, protecting your hard-earned savings. Best of all, it happens automatically so you don’t have to worry about signing up!


What is CDIC?

CDIC is a federal Crown corporation that contributes to Canadian financial stability by insuring eligible deposits at member financial institutions in the event of failure. So if a financial institution was to fail, account holders at member institutions would have their eligible deposits reimbursed.

CDIC is not a bank or a private insurance company. It’s funded by premiums paid for by the member institutions.

What is protected by CDIC?

CDIC protects up to $100,000 in each of their insured categories. However, not all financial products are covered. For example, stocks in your brokerage account or mutual funds are not eligible for CDIC insurance. This doesn’t mean there isn’t insurance available for these products, and it’s likely your brokerage account does provide some, but CDIC insurance is not available. CDIC protects deposits up to $100,000 in eligible categories. Here’s what that means.

CDIC protects eligible deposits up to $100,000 in registered & unregistered accounts

CDIC provides insurance for balances up to $100,000 per insured category. You might have more than $100,000 in total, but if your balance is divided so each individual account holds up to $100,000, your money is still fully protected. For example, you might have $20,000 in a chequing account, $65,000 in a joint savings account, and another $50,000 in a GIC. In total, you would have $135,000 in protected deposits

The $100,000 total includes both principal and accumulated interest. So if one of your savings vehicles grows to over $100,000, you might want to move any amount over the limit to either another insured category or another member institution in order to maintain full CDIC coverage.

CDIC protects both unregistered and registered deposits, so this includes any money in chequing and savings accounts, as well as money in a Tax-Free Savings Account (TFSA), Registered Retirement Savings Account (RRSP), and deposits held in trust e.g. Registered Education Savings Plan (RESP).

You can use CDIC’s Deposit Insurance Estimator to find out how your savings are protected.

CDIC insured categories

Eligible deposits are automatically covered up to $100,000 per insured category. Not every financial account is an insured category, so make sure you understand what is covered and what is not. CDIC eligible insured categories include:

  • Deposits held in one name
  • Deposits held in more than one name
  • Deposits held in a Registered Retirement Savings Plan (RRSP)
  • Deposits held in a Registered Retirement Income Fund (RRIF)
  • Deposits held in a Tax-Free Savings Account (TFSA)
  • Deposits held in trust

What’s not covered by CDIC? Mutual funds, foreign currency, digital and cryptocurrencies, and, of course, deposits held at financial institutions that are not CDIC members are not insured by CDIC.

How do I sign up for CDIC protection?

Surprise: you don’t have to! CDIC coverage is free and automatic. You do not have to sign up.. CDIC is fully funded by fees paid by the member financial institutions You should check if your financial institution is a CDIC member and is protecting your deposits before you open an account.

If you’re now worrying, “is my financial institution a member of CDIC?” chances are if you’re at any of the big banks, it probably is. But federally regulated credit unions, loan and trust companies, as well as associations governed by the Cooperative Credit Associations Act are also protected. The easiest way to determine if your deposits are protected is to find out if the financial institution is a CDIC member!

How to confirm your financial institution is a CDIC member

Confirming your financial institution is a CDIC member is easy. Simply look for the CDIC logo!

CDIC Canada Deposit Insurance Corporation

The CDIC logo is purple and easy to spot. You will be able to see it whenever you use your online banking, mobile app or your financial institution’s ATM. If you go into a branch to do your banking, look for the CDIC logo displayed on a window or ask the teller, they’ll be able to tell you! You can also always check out CDIC’s list of member financial institutions.

The CDIC logo is something that can reassure you that your money is in a safe place. Canadians have more options than ever when it comes to banking, and I get questions every day about whether this or that online bank is legitimate. Looking for the CDIC logo, and verifying their membership on the CDIC membership list will reassure you that they are.

Protecting your wealth is part of building it

Protecting your money is as important as earning it. If you want to build long-term wealth, insurance is always part of the picture. Luckily for you, CDIC deposit protection is free and automatic so you can focus on saving, knowing CDIC has you protected.

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2 Comments. Leave new

  • Investing noob
    June 16, 2019 3:57 pm

    If stocks are not covered by CDIC, then does that mean I lose everything that I have in stocks (I have ETF’s and e series through td direct investing) if the discount brokerage fails?

    • Nope!! Brokerages DO have insurance, it’s just not CDIC. Look for logos and protection by IIROC and CIPF on your brokerage. You should be covered for as much as $10 million.


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