What CDIC Covers
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that automatically insures eligible deposits at member institutions. Coverage is $100,000 per depositor, per member institution, per coverage category — with no application or premium required from depositors.
Coverage Categories (Each Gets Separate $100K)
| Category | Coverage | Example |
|---|---|---|
| Deposits in your name | $100,000 | Personal savings, GICs |
| Joint deposits | $100,000 | Joint account with spouse |
| RRSP deposits | $100,000 | GICs held in RRSP |
| RRIF deposits | $100,000 | GICs held in RRIF |
| TFSA deposits | $100,000 | GICs held in TFSA |
| RESP deposits | $100,000 | GICs held in RESP |
| FHSA deposits | $100,000 | GICs held in FHSA |
This means a single person at one institution could have up to $700,000 in CDIC-insured deposits across all categories. A couple using joint accounts and individual registered accounts could protect well over $1 million at a single bank.
What Is NOT Covered
- Mutual funds, ETFs, and stocks (even if purchased through a CDIC member)
- Foreign currency deposits
- GICs with terms longer than 5 years
- Deposits at credit unions (covered by provincial insurance instead)
- Cryptocurrency holdings
- Principal-at-risk structured notes
Maximizing CDIC Protection
For high-net-worth individuals with large cash or GIC holdings, spreading deposits across multiple CDIC member institutions multiplies coverage. Each institution provides a separate $100,000 per category. With a GIC ladder strategy spread across 3-4 institutions, you can protect $1-2 million in guaranteed deposits while earning competitive rates.
This is particularly relevant for professionals holding corporate surplus in GICs — corporate deposits are covered separately from personal deposits at the same institution, providing additional protection capacity.