Federal Crown corporation that reports to Canadian Parliament through the Minister of Finance.
http://www.cdic.ca/
The Canada Deposit Insurance Corporation (CDIC) protects deposits made with member financial institutions in case of their failure. The CDIC also serves as the lender of last resort for commercial banks in Canada to protect the Canadian banking system from insolvency and bank runs.
Key Facts
CDIC insures most savings accounts up to $100,000. Credit unions and Quebec and New Brunswick's caisses populaire are not insured federally, because they are created under provincial charters and backed by provincial insurance plans, which generally follow the federal model. Deposits in foreign currencies are not insured, even when held by a registered CDIC financial institution. Guaranteed Investment Certificates with a term longer than 5 years are also not insured. Funds in foreign banks operating in Canada are not covered. Some funds in Registered Retirement Savings Plans or Registered Retirement Income Funds at a bank may not be covered if they are invested in mutual funds or held in specific instruments like debentures issued by government or corporations.
Who it affects
Most despositary institutions in Canada.
Additional Information
Frequently Asked Questions
Wikipedia Entry
http://en.wikipedia.org/wiki/Canada_Deposit_Insurance_Corporation