Is my money safe?

Banks rarely fail in Canada. But if one did, deposit insurance protects your money.

At a bank

The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation. It insures eligible deposits at its member banks. You don't sign up or pay for it: it's free and automatic¹.

• It covers GICs, other term deposits, and savings and chequing accounts, in Canadian or foreign currency¹.
• It covers up to $100,000, including interest, in each category at each member bank¹.
• Categories include deposits in your name, joint deposits, and deposits in a TFSA, RRSP, RRIF, FHSA, RESP or RDSP¹. So you can be covered for more than $100,000 in total.
• It doesn't cover stocks, bonds, mutual funds, ETFs or crypto¹.

CDIC says no one has ever lost a dollar it insured¹. You can check whether a bank is a member on CDIC's website¹.

At a credit union

Most credit unions are covered by a deposit insurer in their own province, not CDIC. The limits depend on the province. For example, in Ontario, eligible deposits are insured up to $250,000, and deposits in registered accounts like a TFSA or RRSP have no limit². Ask your credit union what applies to you.