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Are Canadian bank accounts insured?
Rounding it up
The CDIC, or Canada Deposit Insurance Corporation, insures eligible deposits in each of its seven categories for up to $100,000 each.
If the bank does fail, the CDIC will work with you and relevant authorities to get you reimbursed.
If you have more than $100,000 in one of the eligible categories, you should consider putting that excess elsewhere.
Dan Bucherer
Dan is a runner and writer living in the Washington, D.C. area, where he currently works for a financial services trade association as the Communications Director.
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