Canada Deposit Insurance Corporation

The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation established on March 4, 1967 that insures deposits held by Canadians at its member banks and other Canadian deposit-taking institutions, reporting to the Minister of Finance. It insures eligible deposits up to 100,000 Canadian dollars per depositor within each of nine separate deposit categories, such as individual accounts, joint accounts and registered retirement accounts, so a single depositor's total coverage can exceed that figure across categories, and it also serves as Canada's resolution authority for federally regulated financial institutions; as of 2017 it protected 774 billion dollars in insured deposits across 82 member institutions, with no Canadian bank failure since 1996.