- The Canada Deposit Insurance Corporation insures depositors' funds to a maximum of $60,000 per depositor, per institution, with some exceptions, in the event of the failure of a federal financial institution. Deposits in some provincial financial institutions are also covered.
account insurance, bank savings insurance
Related Terms and Acronyms
- Canada Deposit Insurance Corporation (CDIC) — Company Est. 1967, Ottawa, Ontario, Canada, Important,
➥ Government of Canada federal crown corporation.
- A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
- Deposit — Definition,
- An act of putting a sum of money in to a bank account.
- A sum of money put towards a given transaction. In a property purchase, a deposit signifies the intent to buy, which is paid to the vendor and applied to the principal cost.
- Finance Canada — Company, Canada-wide,
- Federal department responsible for Canada's economic performance and regulation of financial institutions.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.