Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

December 04, 2013 13:00 ET

CDIC Reminds Charities About Deposit Insurance Limits

OTTAWA, ONTARIO--(Marketwired - Dec. 4, 2013) - Canada Deposit Insurance Corporation (CDIC) notes the closing of the United Way/Centraide Canada 2013 campaign by reminding charities and non-profit organizations to protect the millions of dollars in donations they collect.

"The funds raised in these campaigns help to improve the lives of people in communities across the country," says CDIC President and CEO Michèle Bourque.

"However, when they deposit donations in CDIC member institutions, it's important for charities and non-profits across Canada to remember that deposit insurance coverage is limited to $100,000 in the event of an institution failure."

Ms. Bourque suggests charities and non-profits discuss coverage limits with the CDIC member institution holding their deposits or with a financial advisor. Although financial institutions in Canada rarely fail, there have been 43 member failures since CDIC was created in 1967. One of CDIC's goals is to make depositors aware of what's covered and what's not in the event of a failure. Further information is available on www.cdic.ca.

CDIC is proud to participate in the United Way fundraising campaign alongside other Crown corporations and government departments and agencies, as part of the Government of Canada Workplace Charitable Campaign (GCWCC).

Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each member institution. CDIC members include banks, federally regulated credit unions, as well as trust and loan companies and associations governed by the Cooperative Credit Associations Act that take deposits. CDIC is funded by premiums paid by member institutions and does not receive public funds to operate.

Contact Information

  • Brad Evenson
    Director, Communications and Public Affairs
    (613) 943-4395
    media@cdic.ca