A federal Crown corporation created in 1967 to protect the money deposited in financial institutions, up to $60,000, that are CDIC members in case of their failure.
A federal Crown corporation established in 1967 to protect Canadian currency deposits against the possible failure of member financial institutions (which include banks and trust and loan companies). As a general rule, eligible deposits are protected up to a maximum of $60,000 per person, including principal and interest, at each member institution.
a federal Crown corporation created to protect the money deposited into CDIC member financial institutions in case of their failure.
a federal government organization that provides insurance to protect money deposited in Canadian banks and certain other financial institutions
A crown corporation which insures deposits made by customers at participating banks against loss or theft. In 1967, the Canada Deposit Insurance Corporation (CDIC) was incorporated as a Crown corporation under Schedule III, Part 1 of the Financial Administration Act. It was created to insure deposits in banks, trust companies and loan companies against loss in case of member failure. Since its creation, CDIC has dealt with the failure of 43 member institutions. It has protected more than two million depositors holding some $24 billion in insured deposits at these institutions at a cost of about $4.7 billion to CDIC. No member institutions have failed since June 1996. For information on the CDIC please refer to the CDIC website
A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
Canada Deposit Insurance Corporation or CDIC is a federal agency that provides insurance (up to a $100,000 CAD per personal and on Canadian accounts only) on financial services provided by chartered Canadian banks and financial institutions.
