Canada Deposit Insurance Corporation
The Canada Deposit Insurance Corporation (CDIC) is a federal agency that protects depositors in Canada. It insures eligible deposits made at member financial institutions, such as banks and credit unions, up to a limit of $100,000 per depositor, per institution. This insurance helps maintain public confidence in the financial system by ensuring that depositors can recover their funds in the event of a bank failure.
Established in 1967, the CDIC operates independently and is funded by premiums paid by its member institutions. It plays a crucial role in safeguarding the savings of Canadians, promoting stability in the country's banking system.