Have you ever heard of the CDIC?
Have you seen this logo?
CDIC stands for Canada Deposit Insurance Corporation.
CDIC is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. Their vision is earning the trust of Canadians as a global leader in deposit insurance and resolution. They are not a bank. They are not a private insurance company. They are funded by premiums paid by their member institutions and do not receive public funds to operate.
Parliament established the Canada Deposit Insurance Corporation in 1967, to achieve the following:
- provide insurance against the loss of part or all of deposits;
- promote and otherwise contribute to the stability of the financial system in Canada;
- act for the benefit of depositors while minimizing loss.
How much of you money is covered
CDIC covers eligible deposits up to $100,000 per insured category per member institution. These are the categories. If you want to calculate your coverage, click here to view the coverage calculator on the CDIC website.
- In your name
- Mortgage Tax Account
What is covered
- Savings and chequing accounts
- Guaranteed Investment Certificates (GICs) and other term deposits with original terms to maturity of five years or less
What is not covered
- Mutual funds, stocks and bonds
- Foreign currency (eg. $U.S.)
Do you want to know if your financial institution is a member of the CDIC? Click here to find out
CDIC on Social Media
- Like and Follow CDIC on Facebook: https://www.facebook.com/CDICSADC/
- Follow CDIC on Twitter: https://twitter.com/CDIC_CA
- View CDIC on YouTube: https://www.youtube.com/user/cdicchannel
Would You Rather Financial Challenge
During Finanical Literacy Month #FLM2019 #FinancialLiteracyMonth, the CDIC has come up with a great new game where you could win $5000 (five thousand) in travel vouchers! What are you waiting for. Play now!