Is Your Money Safe? Understanding Deposit Insurance

A common worry is, "What happens to my money if the bank fails?" Canada's banking system is among the most stable in the world, and deposit insurance adds another layer of protection.

CDIC (Canada Deposit Insurance Corporation). A federal Crown corporation that protects eligible deposits at its member institutions, which include Canada's banks and some trust and loan companies. Coverage is up to $100,000 per insured category (such as savings and chequing deposits combined, joint accounts, registered plans such as RRSPs and TFSAs) per member institution. It is automatic. You do not apply or pay for it.