Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

October 25, 2013 09:00 ET

New Videos Challenge Canadians to Keep Their Money Safe

OTTAWA, ONTARIO--(Marketwired - Oct. 25, 2013) - To help boost Canadians' awareness of deposit protection, Canada Deposit Insurance Corporation (CDIC) has teamed up with TV personality and financial author Gail Vaz-Oxlade to release a series of new videos.

Launched at the Toronto ZoomerShow on the eve of Financial Literacy Month, the videos highlight the workings of CDIC deposit insurance and encourage Canadians to become informed about what's covered and what's not.

"Understanding deposit insurance is an important aspect of financial literacy, particularly for people like retirees who would have little opportunity to make up losses in the event their bank failed," says Michèle Bourque, CDIC's President and CEO.

The videos feature the popular Vaz-Oxlade giving Canadians pointers on protecting their hard-earned savings. It's a timely message for seniors attending the ZoomerShow, as many are making their winter travel plans and may not realize that foreign currency accounts, such as those in U.S. dollars, are not covered by CDIC.

Vaz-Oxlade is a staunch advocate of financial literacy and is known for her no-nonsense approach. "What's the best way to protect your money?" says Ms. Vaz-Oxlade. "Get informed!"

To view the videos, visit cdic.ca or check them out on youtube.com/user/CDICchannel.

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 loan and trust 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
    613.853.8960
    media@cdic.ca