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Definition: Canadian Deposit Insurance Corporation (CDIC)

The Canadian Deposit Insurance Corporation (CDIC) is owned by the Canadian government. It insures deposits in many Canadian financial institutions for up to $100,000 per eligible deposit category per financial institution. Deposit categories include non-registered funds, TFSAs, RRSPs, RRIFs, and more. In other words, for a given financial institution, you have separate coverage of up to $100,000 for each deposit category.

Most Canadian banks are members of the CDIC. Within each deposit category, CDIC covers term deposits, money orders and drafts, savings and chequing accounts, and travellers cheques. Canadian dollar and US dollar deposits are eligible for coverage.

Provincial credit unions are not covered by the CDIC, but have different coverage through provincial deposit insurers, such as the Deposit Guarantee Corporation of Manitoba or the Deposit Insurance Corporation of Ontario.

For more information see our article Canadian deposit insurance: CDIC vs CIPF vs provincial coverage. Should you care?