GICs

Canada Deposit Insurance Corporation (CDIC)

The Canada Deposit Insurance Corporation (CDIC) insures the eligible deposits made with member banks and trust companies.  To be eligible for deposit insurance protection, the deposit must be payable in Canada and in Canadian currency.

Term deposits must be repayable no later than five years after the date of deposit.  The maximum protection for eligible deposits is $100,000 per depositor, principal and interest combined, in each member institution. Separate protection is provided for joint deposits, deposits held in trust, and deposits held in Registered Retirement Savings Plans and in Registered Retirement Income Funds.

For more information visit the CDIC website at www.cdic.ca