CDIC (Canada Deposit Insurance Corporation)
The federal Crown corporation that insures eligible deposits at member banks, up to $100,000 per category.
CDIC covers savings and chequing accounts, GICs of any term (term deposits are now all covered, the old five-year cap was removed in 2020), and money in foreign currency, at member institutions like the Big Five, Tangerine, EQ Bank, and Simplii. The $100,000 limit applies per depositor, per category, per member, so a chequing account, a TFSA, an RRSP, and a joint account at the same bank are each separately insured to $100,000. Mutual funds, stocks, ETFs, and crypto are not deposits and are not covered by CDIC. Provincial credit unions are covered by separate provincial deposit insurance schemes, with their own limits.
A 60-second lesson that puts this term in context, alongside the others, lives inside the Finlo app.