Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

July 07, 2005 10:20 ET

Increase in CDIC Deposit Insurance Limit

OTTAWA, ONTARIO--(CCNMatthews - July 7, 2005) - Canadian consumers can now enjoy the benefits of an increased level of protection for their savings. Following approval of the federal government's 2005 Budget, the amount of deposit insurance coverage in Canada Deposit Insurance Corporation (CDIC) member institutions has risen to $100,000. As announced in the Budget, this initiative is retroactive to February 23, 2005.

"We are very pleased that this increased level of deposit insurance protection is now available to Canadian consumers," said Guy Saint-Pierre, President and CEO of CDIC.

CDIC, a federal Crown corporation, provides insurance to depositors against the loss, in whole or in part, of deposits made at member institutions in the event of their failure. Eligible deposits are automatically insured up to $100,000 per person at each member institution. CDIC contributes to the stability of the Canadian financial system. CDIC is funded by premiums assessed on its member institutions and does not receive federal tax dollars.

The list of member institutions is available on CDIC's Web site at www.cdic.ca. Depositors can also call CDIC directly at 1-800-461-2342 to find out if a financial institution is a CDIC member.

Contact Information

  • CDIC
    Jean Valin
    Communications
    (613) 943-1971