What Is Protected?

Canada Deposit Insurance Corporation is a federal Crown Corporation created in 1967 to insure eligible deposits at CDIC member institutions: banks, trust companies and loan companies.

Credit Union Deposit Insurance Corporation (CUDIC) is a government corporation, was established in 1958 to protect credit union members deposits held by British Columbia credit unions. CUDIC’s responsibility is to administer and operate a deposit insurance fund. The Financial Institutions Commissions (FICOM), an agency of the Government of British Columbia, is responsible for administering CUDIC and for administering the regulation of financial institutions operating in the province.

Eligible deposits include:

  • Savings and chequing accounts
  • Term deposits, such as GIC’s
  • Term deposits must be repayable no later than five years after the date of deposit.
  • Deposits must be payable in Canada and in Canadian currency

Basic Protection

By law, the maximum basic protection for eligible deposits is $100,000 per depositor (principal and interest combined) in each member institution. Deposits are not insured separately in each branch office of a member institution.

For additional information, call CDIC direct at (800) 461-CDIC or visit their web site: www.cdic.ca