136:
610:
25:
267:. 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
309:. Historically in Canada regional risk has always been spread nationally within each large bank, unlike the uneven geography of US unit banking, layered with savings & loans of regional or national size, who in turn disperse their risk through investors. The Canadian banking system is regulated in part by the
333:
Insurance is restricted to CDIC member institutions, and covers $ 100,000 in certain types of deposits, such as savings accounts and chequing accounts, guaranteed investment certificates (GICs) and other term deposits, money orders, and bank drafts issued by CDIC members and cheques certified by CDIC
324:
As of 30 April 2020, coverage was expanded to include deposits in foreign currencies, and deposits with terms greater than 5 years, but coverage for travellers' cheques was eliminated (as member institutions no longer offer them). As of 30 April 2022, separate coverage was added for
Registered
293:
in the United States. Since 1967, 43 financial institutions have failed in Canada and all 43 were members of CDIC. There have been no failures since 1996. On 31 December 2017, member institutions numbered 82, according to CDIC's
Summary of the Corporate Plan, 2018/19 to 2022/2023.
389:
A key characteristic of CDIC deposit protection is separate coverage. Given that each deposit category is protected separately, depositors can benefit from protection far in excess of $ 100,000 (i.e. they can be protected for $ 100,000 in each of the nine categories).
320:
On 22 June 2017, CDIC was formally designated as the resolution authority for Canada's largest banks, a recognition of CDIC's role in handling the failure of its member institutions. CDIC has a number of tools to assist or resolve a failing member institution.
316:
The original amount of insurance per eligible deposit account was $ 20,000. This was raised to $ 60,000 in 1983. As of 2005, CDIC covers $ 100,000 in eligible deposits per insured category at each CDIC member institution in the event of a failure.
401:
in Quebec or New
Brunswick) are not insured federally, because they are created under provincial charters and backed by provincial insurance corporations which generally follow the CDIC model. Federal credit unions, such as the
423:
Not all types of investments are covered. The general principle is to cover reasonable deposits and savings, but not deposits deliberately positioned to take risks for gain, such as mutual funds, stocks, or cryptocurrencies.
1102:
726:
1030:
325:
Education
Savings Plans (RESPs) and Registered Disability Savings Plans (RDSPs), but deposits in mortgage tax accounts will no longer be considered a separate category.
313:
who can, in an extreme case, close a financial institution. Alongside Canada's mortgage rules, the risk of bank failures similar to the US are slim, but not impossible.
639:
1109:
310:
42:
1265:
1260:
821:
89:
737:
1235:
61:
334:
members, and debentures issued by loan companies that are CDIC members. Eligible deposits are insured separately in each of nine categories:
68:
1250:
1118:
1041:
785:
680:
75:
1216:
1169:
938:
Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU enjoy CDIC deposit protection.
1240:
1159:
57:
432:
According to CDIC's
Quarterly Financial Report of 31 December 2017, CDIC protects $ 774 billion CAD in insured deposits. CDIC's
967:
The repayment of money deposited with ATB Financial and interest payable on that money is guaranteed by the
Alberta government.
417:, is insured directly by the Alberta provincial government rather than through a federal or provincial insurance corporation.
1095:
633:
290:
1270:
1139:
297:
The roots of the CDIC can be traced back to the 19th century, such as the Upper Canada's financial problems of 1866, the
697:
1255:
950:
546:
376:
345:
1174:
979:
656:
651:
369:
352:
108:
420:
Funds in foreign banks operating in Canada may or may not be covered depending on whether they are members of CDIC.
82:
1129:
489:
458:
46:
764:
281:
244:
186:
1194:
922:
1245:
1149:
1184:
403:
279:
The Canada
Deposit Insurance Corporation was created 4 March 1967 (under Schedule III, Part 1 of the
519:
495:
359:
872:
770:
35:
259:. CDIC insures Canadians' deposits held at Canadian banks (and other member institutions) up to
1005:
796:
414:
135:
1154:
1082:
256:
159:
8:
1199:
302:
1189:
676:
628:
623:
248:
182:
409:
in New
Brunswick, are incorporated under federal charters and are members of CDIC.
252:
436:
funding level is $ 4.2 billion, representing 55 basis points of insured deposits.
1179:
534:
260:
236:
1077:
1134:
1087:
704:
688:
507:
1229:
410:
298:
897:
615:
394:
264:
983:
847:
1164:
700:
464:
675:
383:
306:
24:
1204:
980:"CDIC Members, showing foreign entities such as HSBC, ING and UBS"
1078:
Canada
Deposit Insurance Corporation Act (R.S.C., 1985, c. C-3)
693:
169:
822:"CDIC is formally designated as Canada's resolution authority"
659:, a similar program for investment (stocks, bonds) accounts
439:
786:"An Overview of CDIC's History and Evolution, 1967-2015"
640:
List of financial regulatory authorities by jurisdiction
1070:
214:
727:"Summary of the Corporate Plan 2018/2019 to 2022/2023"
311:
1083:
Financial Administration Act (R.S.C., 1985, c. F-11)
605:
49:. Unsourced material may be challenged and removed.
951:"Financial service providers regulated in Alberta"
763:
525:Bank of British Columbia Mortgage Corporation 1986
1227:
1117:
645:
761:
543:Settlers Savings and Mortgage Corporation 1990
1103:
427:
669:
1031:"Quarterly Financial Report: Third Quarter"
1266:Federal departments and agencies of Canada
1261:Financial regulatory authorities of Canada
1110:
1096:
564:Central Guaranty Mortgage Corporation 1992
134:
1217:Template:Government Departments of Canada
1170:Canadian Air Transport Security Authority
698:Administrator of the Government of Canada
247:created by Parliament in 1967 to provide
109:Learn how and when to remove this message
765:"Why Canada Avoided a Mortgage Meltdown"
681:"Canada Gazette Part I, Vol. 101, No. 9"
287:Canada Deposit Insurance Corporation Act
1160:Canada Mortgage and Housing Corporation
755:
597:Security Home Mortgage Corporation 1996
413:, a financial institution owned by the
1236:Canadian companies established in 1967
1228:
898:"Canada Deposit Insurance Corporation"
677:The Right Honourable Robert Taschereau
440:List of financial collapses since 1967
365:in a first home savings account (FHSA)
58:"Canada Deposit Insurance Corporation"
1091:
634:Federal Deposit Insurance Corporation
535:Principal Savings & Trust Company
291:Federal Deposit Insurance Corporation
1145:Canada Deposit Insurance Corporation
1038:Canada Deposit Insurance Corporation
1010:Canada Deposit Insurance Corporation
927:Canada Deposit Insurance Corporation
877:Canada Deposit Insurance Corporation
852:Canada Deposit Insurance Corporation
826:Canada Deposit Insurance Corporation
793:Canada Deposit Insurance Corporation
734:Canada Deposit Insurance Corporation
485:Northguard Mortgage Corporation 1984
241:Société d'assurance-dépôts du Canada
229:Canada Deposit Insurance Corporation
202:Robert Sanderson, Chair of the Board
129:Société d'assurance-dépôts du Canada
124:Canada Deposit Insurance Corporation
47:adding citations to reliable sources
18:
1251:Canadian federal Crown corporations
1140:Business Development Bank of Canada
579:Prenor Trust Company of Canada 1993
567:Central Guaranty Trust Company 1992
448:Security Trust Company Limited 1972
269:Cooperative Credit Associations Act
13:
1040:. 31 December 2017. Archived from
547:Bank of Credit and Commerce Canada
516:Western Capital Trust Company 1985
377:Registered disability savings plan
346:Registered retirement savings plan
301:and the 1923 failure of Toronto's
16:Canadian federal Crown Corporation
14:
1282:
1175:Canadian Broadcasting Corporation
1062:
762:Alex J. Pollock (18 March 2010).
657:Canadian Investor Protection Fund
652:Canadian Credit Union Association
591:North American Trust Company 1995
473:Greymac Mortgage Corporation 1983
370:Registered education savings plan
353:Registered retirement income fund
608:
582:Confederation Trust Company 1994
573:First City Mortgage Company 1992
479:Seaway Mortgage Corporation 1983
23:
1023:
998:
972:
943:
552:Saskatchewan Trust Company 1991
490:Mortgage Investment Corporation
459:Mortgage Investment Corporation
445:Commonwealth Trust Company 1970
34:needs additional citations for
1241:1967 establishments in Ontario
923:"Federal credit unions (FCUs)"
915:
890:
865:
840:
814:
778:
719:
501:Continental Trust Company 1985
1:
873:"How deposit insurance works"
736:. 5 June 2018. Archived from
663:
646:Related agencies and programs
570:First City Trust Company 1992
531:North West Trust Company 1987
1119:Crown corporations of Canada
540:Financial Trust Company 1988
299:North American panic of 1873
282:Financial Administration Act
7:
1271:Deposit insurance in Canada
1195:National Capital Commission
601:
576:Dominion Trust Company 1993
561:Shoppers Trust Company 1992
558:Standard Trust Company 1991
528:Columbia Trust Company 1986
470:Fidelity Trust Company 1983
454:District Trust Company 1982
328:
10:
1287:
1150:Canada Infrastructure Bank
902:UNI Coopération financière
585:Monarch Trust Company 1994
555:Standard Loan Company 1991
513:Pioneer Trust Company 1985
476:Greymac Trust Company 1983
428:Current financial position
274:
251:to depositors in Canadian
1256:Companies based in Ottawa
1213:
1185:Export Development Canada
1125:
982:. cdic.ca. Archived from
594:NAL Mortgage Company 1995
588:Income Trust Company 1995
482:Seaway Trust Company 1983
404:UNI Financial Cooperation
289:). It is similar to the
209:
195:
175:
165:
155:
147:
142:
133:
128:
520:Bank of British Columbia
504:London Loan Limited 1985
496:Canadian Commercial Bank
451:Astra Trust Company 1980
360:Tax-free savings account
243:) is a Canadian federal
1130:Atomic Energy of Canada
957:. Government of Alberta
771:The Wall Street Journal
305:, symbolized today by
240:
415:Government of Alberta
341:in more than one name
263:100,000 in case of a
1155:Canada Lands Company
1006:"What's not covered"
271:that take deposits.
257:savings institutions
176:Minister responsible
160:Government of Canada
43:improve this article
1200:Royal Canadian Mint
802:on 11 December 2017
187:Minister of Finance
125:
1190:Farm Credit Canada
703:. p. 41 (677
636:(U.S. counterpart)
399:caisses populaires
123:
1246:Banking in Canada
1223:
1222:
986:on 5 October 2008
629:Banking in Canada
624:Deposit insurance
249:deposit insurance
245:Crown Corporation
225:
224:
183:Chrystia Freeland
119:
118:
111:
93:
1278:
1112:
1105:
1098:
1089:
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1073:
1071:Official website
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1035:
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795:. Archived from
790:
782:
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748:
742:
731:
723:
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685:
679:(4 March 1967).
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618:
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253:commercial banks
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27:
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1219:
1209:
1180:CPP Investments
1121:
1116:
1069:
1068:
1065:
1060:
1050:
1048:
1047:on 30 June 2018
1044:
1033:
1029:
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1024:
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831:
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819:
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799:
788:
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779:
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746:
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743:on 30 June 2018
740:
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670:
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648:
614:
609:
607:
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331:
277:
213:
205:
191:
143:Agency overview
115:
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95:
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50:
40:
28:
17:
12:
11:
5:
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1192:
1187:
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1177:
1172:
1167:
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1157:
1152:
1147:
1142:
1137:
1135:Bank of Canada
1132:
1126:
1123:
1122:
1115:
1114:
1107:
1100:
1092:
1086:
1085:
1080:
1075:
1064:
1063:External links
1061:
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1022:
997:
971:
942:
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828:. 22 June 2017
813:
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705:Canada Gazette
689:Canada Gazette
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411:ATB Financial
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395:credit unions
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99:February 2008
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60: –
59:
55:
54:Find sources:
48:
44:
38:
37:
32:This article
30:
26:
21:
20:
1144:
1049:. Retrieved
1042:the original
1037:
1025:
1013:. Retrieved
1009:
1000:
988:. Retrieved
984:the original
974:
966:
959:. Retrieved
954:
945:
937:
930:. Retrieved
926:
917:
905:. Retrieved
901:
892:
880:. Retrieved
876:
867:
855:. Retrieved
851:
842:
830:. Retrieved
825:
816:
804:. Retrieved
797:the original
792:
780:
769:
757:
745:. Retrieved
738:the original
733:
721:
709:. Retrieved
687:
671:
616:Banks portal
467:Company 1983
433:
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422:
419:
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392:
388:
332:
323:
319:
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296:
286:
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265:bank failure
232:
228:
226:
166:Headquarters
156:Jurisdiction
151:4 March 1967
120:
105:
96:
86:
79:
72:
65:
53:
41:Please help
36:verification
33:
1165:Canada Post
932:7 September
907:7 September
465:Crown Trust
338:in one name
1230:Categories
990:10 October
955:Alberta.ca
664:References
69:newspapers
1215:See also
307:Casa Loma
303:Home Bank
1205:Via Rail
602:See also
329:Coverage
1051:28 June
1015:28 June
961:14 July
882:28 June
857:28 June
832:28 June
806:28 June
747:28 June
434:ex ante
275:History
210:Website
83:scholar
848:"FAQs"
711:14 May
694:Ottawa
407:caisse
379:(RDSP)
372:(RESP)
362:(TFSA)
355:(RRIF)
348:(RRSP)
237:French
170:Ottawa
148:Formed
85:
78:
71:
64:
56:
1045:(PDF)
1034:(PDF)
800:(PDF)
789:(PDF)
741:(PDF)
730:(PDF)
684:(GIF)
457:AMIC
397:(and
393:Most
384:trust
382:in a
375:in a
368:in a
358:in a
351:in a
344:in a
217:.cdic
90:JSTOR
76:books
1053:2018
1017:2023
992:2008
963:2019
934:2017
909:2017
884:2023
859:2023
834:2018
808:2018
749:2018
713:2011
549:1991
537:1987
522:1986
510:1985
498:1985
492:1985
488:CCB
461:1983
285:and
255:and
233:CDIC
227:The
62:news
261:C$
219:.ca
215:www
45:by
1232::
1036:.
1008:.
965:.
953:.
936:.
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824:.
791:.
768:.
732:.
696::
692:.
686:.
239::
235:;
185:,
1111:e
1104:t
1097:v
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994:.
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861:.
836:.
810:.
774:.
751:.
715:.
707:)
231:(
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106:(
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97:(
87:·
80:·
73:·
66:·
39:.
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