CDIC (Canada Deposit Insurance Corporation)
Quick Definition
Federal insurance protecting bank deposits up to $100,000 per depositor category.
Full Explanation
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that insures eligible deposits at member financial institutions. Coverage is $100,000 per depositor per insured category (deposits in one name, joint deposits, RRSPs, TFSAs, etc.) — meaning your total CDIC coverage can significantly exceed $100,000 by using multiple categories and institutions. CDIC covers savings accounts, chequing accounts, term deposits, and foreign currency deposits. Credit union deposits are insured by provincial organizations (e.g., FSRA in Ontario, Credit Union Deposit Insurance in BC).
Related Terms
High-Interest Savings Account (HISA)
A savings account offering above-average interest rates, often at online banks.
TFSA (Tax-Free Savings Account)
A flexible registered account where investment growth and withdrawals are completely tax-free.
RRSP (Registered Retirement Savings Plan)
A tax-deferred savings account for retirement, with deductible contributions.
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