Tags: Government Agency.
The Canada Deposit Insurance Corporation (CDIC) is a Canadian federal Crown corporation created by Parliament in 1967. The CDIC insures Canadians’ deposits held at Canadian banks (and other member institutions) up to CA$100000 in case of a bank failure. 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. The CDIC does not protect against fraud or theft.