CDIC — The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament in 1967 to protect your deposits made with member financial institutions in case of their failure. CDIC is NOT a bank. CDIC is NOT a private insurance company.

CDIC helps keep Canada’s financial system strong. We work for Canadians—by insuring their savings in case a bank or other CDIC member institution fails.

•You don’t need to sign up for our insurance.
CDIC deposit insurance is automatic - for eligible deposits in Canadian dollars at its member institutions.
•You don’t pay for our insurance.
CDIC member institutions fund deposit insurance through premiums paid on the insured deposits that they hold.
Are YOUR savings insured?
It’s important to know...

Banks and other financial institutions in Canada can fail. It does not happen often, but it has happened and it could happen again. If your financial institution is a CDIC member and it fails and your savings are eligible for CDIC coverage, you will get up to $100,000 of your savings back. If your savings are NOT covered, you might lose them.

Your savings are covered…
•If your bank (or the institution you bank with) is a member of CDIC.
We only insure savings if they are at one of our member institutions.
and…

•If the accounts or financial products you have are insured by CDIC.
There are insure certain types of savings.
Find out if YOUR savings are insured by CDIC.

CDIC insures eligible savings
CDIC is a Federal Crown corporation that contributes to the stability of the Canadian financial system. Protecting Canadians’ savings is our job. CDIC automatically insures many types of savings against the failure of a bank or financial institution that is a CDIC member. However, NOT all savings are insured and CDIC deposit insurance does not protect against fraud, theft or scam.
 

Original Website information source: http://www.cdic.ca/e/index.html