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Canada Deposit Insurance Corporation
Société d'assurance-dépôts du Canada
Agency overview
Formed
4 March 1967
Jurisdiction
Government of Canada
Headquarters
Ottawa
Minister responsible
Chrystia Freeland, Minister of Finance
Agency executive
Robert Sanderson, Chair of the Board
Website
www.cdic.ca
The Canada Deposit Insurance Corporation (CDIC; French: Société d'assurance-dépôts du Canada) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks (and other member institutions) up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.
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