Banking · Deposit insurance
CDIC coverage explained — and how to insure far more than $100,000
Canada Deposit Insurance Corporation — a federal Crown corporation that automatically insures eligible deposits at member banks if a bank fails. protects your bank deposits up to $100,000 if the bank fails. But that limit applies separately to each type of account — so with a little structure, one person can have well over $100,000 fully insured at a single bank. Here's exactly how it works.
The short answer
- What$100,000 of insurance on Chequing and savings accounts, GICs, and term deposits in Canadian dollars — the products CDIC actually insures. Investments like mutual funds, ETFs, and stocks are not deposits. if a member bank fails
- The trick$100,000 per category — and there are seven categories
- AutomaticNo sign-up, no fee — coverage is built in
- Credit unionsProvincial coverage instead — often higher or unlimited
The key insight
Each category gets its own $100,000
CDIC doesn't give you one $100,000 limit per bank — it gives you $100,000 for each separately A legally distinct bucket of deposits that gets its own $100,000 of coverage — e.g. accounts in one name, joint accounts, a TFSA, an RRSP, a RRIF, an FHSA, and deposits in trust. . Hold deposits in several categories at the same member institution and each is covered in full, independently.
Deposits in one name
Your individual chequing, savings, and GICs
Joint deposits
An account you hold jointly with a spouse or partner
Deposits in a TFSA
GICs and savings inside your Tax-Free Savings Account
Deposits in an RRSP
Eligible deposits inside your Registered Retirement Savings Plan
Deposits in a RRIF
Eligible deposits inside your Registered Retirement Income Fund
Deposits in an FHSA
Deposits inside a First Home Savings Account
Deposits in a trust
Money you hold in trust for someone else (each beneficiary counts)
Worked example: $600,000 insured at one bank
Because the categories stack, a single person can insure well past $100,000 without opening accounts at six different banks. Here's one way to fully protect $600,000 at a single CDIC member:
| Insured category | Amount | Covered? |
|---|---|---|
| Individual savings + GICs | $100,000 | Fully |
| Joint account (your half) | $100,000 | Fully |
| TFSA GICs | $100,000 | Fully |
| RRSP GICs | $100,000 | Fully |
| RRIF GICs | $100,000 | Fully |
| FHSA deposits | $100,000 | Fully |
| Total at one bank | $600,000 | Insured |
Need to insure even more? Open the same categories at a second CDIC member and the $100,000 limits start over. A couple combining individual, joint, and registered accounts across two institutions can insure well over a million dollars. Oaken is a shortcut here — it issues deposits across two CDIC members under one login, doubling coverage without a second relationship.
Credit unions: provincial coverage, often higher
CDIC only covers banks. Credit unions are insured Credit unions aren't CDIC members. Each province runs its own deposit-guarantee corporation instead, and the limits often exceed $100,000 — Manitoba's is unlimited. instead, and for a large balance that can actually be better:
- Manitoba — deposits at credit unions like Hubert and Achieva are guaranteed 100%, with no dollar limit, and they're open to savers across Canada.
- Ontario — Deposits held inside a registered plan — a TFSA, RRSP, RRIF, or FHSA. Each is its own insured category and, in Ontario credit unions, is covered with no dollar limit. (TFSA/RRSP/RRIF) are covered in full; non-registered deposits up to $250,000.
- Other provinces — most have their own guarantee corporations with limits above $100,000; confirm the details for the specific credit union.
So if you're placing a large GIC, an unlimited provincial guarantee can mean you don't have to split the money at all. Weigh that against the rate on our best GIC rates table, which flags each issuer's coverage.
What CDIC does not cover
Deposit insurance protects deposits — not investments. CDIC does not cover:
- Mutual funds, ETFs, stocks, and bonds — investments, not deposits
- Cryptocurrency and any crypto-platform balances
- Deposits at institutions that are not CDIC members
- Foreign-currency cash held outside eligible deposit products (most foreign-currency deposits ARE now covered — confirm with your bank)
Coverage also doesn't protect against market losses — it only pays out if the member institution itself fails. Your GIC principal is safe; the value of a mutual fund is not a CDIC matter.
Put insured deposits to work
Compare the best GIC rates in Canada — every issuer's CDIC or provincial coverage is spelled out.
Frequently asked questions
What is CDIC and what does it cover?
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects your eligible deposits at member banks if the bank fails. It covers up to $100,000 (principal plus interest) per depositor, per insured category, per member institution — automatically, with no sign-up. Eligible deposits include chequing and savings accounts, GICs, and term deposits. Investments like mutual funds, stocks, and ETFs are not deposits and are not covered.
How can I insure more than $100,000 at one bank?
Because the $100,000 limit applies separately to each insured category, you can hold far more than $100,000 at a single CDIC member and still be fully covered. An individual account, a joint account, a TFSA, an RRSP, a RRIF, and an FHSA are each insured up to $100,000 on their own — so one person could have $600,000 or more fully insured at the same bank by spreading deposits across categories. Add a second institution and you start the categories over again.
Is a joint account insured separately from my own account?
Yes. Deposits held jointly are a separate insured category from deposits in one name. A joint account is covered up to $100,000 as a whole (shared among the co-owners), on top of the $100,000 each owner gets for their individual deposits at the same bank. For a couple, combining individual, joint, and registered accounts can insure several hundred thousand dollars at one institution.
Are credit unions covered by CDIC?
No — CDIC covers banks and federal institutions. Credit unions are covered by provincial deposit insurance instead, run by each province's guarantee corporation. Coverage varies: Manitoba credit unions (like Hubert and Achieva) guarantee deposits with no dollar limit; Ontario covers registered deposits in full and non-registered up to $250,000. For a large balance, an unlimited provincial guarantee can be safer than a bank capped at $100,000.
Does CDIC cover my investments?
No. CDIC only covers deposits — chequing, savings, GICs, and term deposits. It does not cover mutual funds, ETFs, stocks, bonds, or crypto, even when you hold them at a bank or in a registered account. Those investments may have other protections (for example, brokerage accounts may be covered by CIPF against the firm's insolvency), but that is separate from CDIC and does not protect against market losses.
Do I have to apply for CDIC coverage?
No. CDIC protection is automatic and free on eligible deposits at member institutions — you do not sign up or pay a premium. Look for the CDIC member sign or check the membership list at cdic.ca. Your job is simply to stay within $100,000 per category at each bank, or spread larger balances across categories and institutions.
This guide is for educational purposes only and is not financial advice. CDIC coverage rules, limits, and eligible categories are set by the Canada Deposit Insurance Corporation and can change; provincial credit-union coverage differs by province. Confirm current coverage details and your specific account structure with CDIC (cdic.ca), your provincial deposit-insurance corporation, or your institution before relying on them. See our methodology and GIC rate table for related reading.