If you have deposited money in a bank, trust or loan company that is a member of the Canada Deposit Insurance Corporation, known as the CDIC, you may be eligible for some compensation if your financial institution fails. Whether you receive compensation will depend on whether your financial institution is a member of the CDIC and the type of deposit you have made.

How to determine if your financial institution is a member of CDIC

Banks, trust, and loan companies that are members of the CDIC usually display a sign in the branch or office that identifies them as a member institution. Most major banks and trust companies are insured by CDIC. Visit CDIC for a full list of member institutions.

What type of deposits are eligible for coverage?

CDIC insures several types of deposits, including: savings and chequing accounts, term deposits, including GICs, money orders and drafts, certified cheques, and foreign currency.

CDIC does not insure: mutual funds, stocks and bonds, Exchange Traded Funds (EFTs), and cryptocurrencies.

What type of coverage does CDIC provide?

CDIC provides a maximum of $100,000 per depositor in each member institution, per separately insured category.

There have been recent changes to what type of deposits are eligible for coverage, and what type of coverage is provided. Visit CDIC’s FAQs for more information.

What if member institutions merge?

If one member institution merges with another member institution, and if the result is that your total insurable deposits with the new member institution exceed $100,000, your insured deposits in savings and chequing accounts in each institution will continue to be insured until they are withdrawn. Insured term deposits will be insured until they mature. However, if you make new deposits at the merged institution, your deposits will not be insured above the maximum of $100,000.

How to make a claim

If your financial institution fails, you do not have to file a claim with CDIC. They will contact you and inform you of how and when you will receive payment. You will usually receive your payment within two months.

Deposit insurance with credit unions

The Deposit Insurance Corporation of Ontario (DICO) is an Ontario Provincial Agency established under the Credit Unions and Caisses Populaires Act, 1994.  The role of DICO is to protect depositors of Ontario credit unions and caisses populaires from loss of their deposits. Contact Canada Deposit Insurance Corporation, or the Financial Services Regulatory Authority of Ontario (FSRA), for more information.

								
You now have 3 options:
								

									
More answers about Financial Institutions
									
Master List: 2,500 Legal Answers
																													
																		
Government Links