The CDIC is a federal Crown Corporation created in 1967 to provide deposit insurance and contribute to the stability of Canada's financial system. Simply put, the CDIC protects the money -- and the interest earned on it -- that you deposit in the bank (provided it's a CDIC member). CDIC provides basic deposit insurance coverage up to $100,000 per person in each member institution. That means, if the financial institution should experience a failure, your money is protected.

The CDIC insures:

To date, CDIC has provided protection to depositors in 43 member institution failures. As of April 30, 2004, CDIC insured some $376 billion in deposits.