Deposit Insurance

Definition

  • 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.

Synonyms
account insurance, bank savings insurance

Related Terms and Acronyms

  • Canada Deposit Insurance Corporation (CDIC) Company Est. 1967, Ottawa, Ontario, Canada, Important,
    • A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
    Government of Canada federal crown corporation.
  • Deposit Definition,
    • 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.
    • An act of putting a sum of money in to a bank account.
  • 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.
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