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March 19, 2022
Canadians are fortunate to have many options for managing their money. In fact, over 80 federally regulated financial institutions offer services for Canadians who are looking to save their hard-earned dollars.
The Canada Deposit Insurance Corporation (CDIC) was established by Parliament more than 50 years ago. Its job is to protect eligible deposits at member financial institutions, and it has a strong track record! Since its establishment, CDIC has protected depositors in 43 failures. Over two million depositors were protected, and not one person lost a dollar of deposits under CDIC protection.
However, not everything is covered. Here are 4 easy ways to see if your money is okay:
- Is your bank a member of CDIC? You can check this list to find out.
- Are your deposits eligible? Learn more.
- Are you under the limit? CDIC protects deposits up to $100,000 in each of its deposit categories, which includes principal and interest.
- Have you estimated your coverage? CDIC’s online calculatorhelps you look at your own personal situation.
For more details on all of these questions, talk to your financial advisor, ask about CDIC where you bank or invest, or contact CDIC.
