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UPDATE JULY 2005: CDIC RAISES LIMIT TO $100,000! Yes, it's finally happened - The CDIC deposit insurance limit of $100,000 is now in force. Royal Accent was given to Bill-C48 on June 29th, bringing the increased coverage into play and retroactively from February 23, 2005 - thus adding some $40,000.00 more insurance for each of your CDIC eligible guaranteed investments. Click here for a bulletin with the details.


Mission Statement

Petition Letters

Summary of
Deposit Insurance Agencies

In the Press

Other Links

Deposit insurance, for banks and trust companies, based on its current coverage limit is not providing enough value for depositors. Most people who purchase GIC type investments are aware that the maximum basic protection for eligible deposits covered by Canada Deposit Insurance Corporation (CDIC) is $60,000 per depositor per member institution. What they might not be aware of however is that this $60,000 limit was brought into place in 1983… Over 20 years ago. The limit prior to that time was $20,000. During the past 21 years inflation has decreased the buying power of a dollar by about 56% based on changes in the consumer price index. Inflation has also reduced the value of CDIC coverage by this same percentage. The $60,000 coverage limit of 1983 is now worth about $34,000 in today's dollars.

The eroded value of CDIC insurance has forced some depositors to use multiple registrations, such as adding other family member's names to some of their investments, in order to keep all of their deposits insured. This practice might insure a deposit but it also results in a sharing of ownership, which may not be in the best interest of the original owner. A larger more practical limit for CDIC insurance would reduce the need to use such alternatives.

Many provinces have realized the need for higher coverage limits for provincially insured deposits, such as those purchased from credit unions, and have much higher limits than CDIC. For example, the provincial deposit insurance limit is $100,000 in Ontario, $250,000 in Nova Scotia and unlimited in Alberta. If the provinces can provide a higher limit for their credit unions why can't the federal government bring its coverage for banks and trust companies in line with current needs?

We at Fiscal Agents feel that CDIC coverage should be increased to $100,000.00 at a minimum and un-limited for registered plans. This probably won't happen anytime soon however without a lobbying effort on the part of the public. We are therefore recommending that all concerned either write directly to CDIC or complete one of our pre-printed form letters available via the links below, forwarding it to our offices which we will submit in bulk to the CDIC. The respective addresses are as follows:

50 O'connor Street, 17th Floor
P.O. Box 2340, Station D
Ottawa, ON
K1P 5W5
Fax: (613) 996-6095
Fiscal Agents
25 Lakeshore Rd. W.
Oakville, ON
L6K 1C6

Fax: (905) 844-8552

Petition Letters

Below are links to the pre-printed letters we have made available suitable for mailing or sending via fax, in Adobe PDF format. Each are interactive and can be filled out and sent through Adobe Reader software. Simply click the blank fields on the letter and type. When complete, use the Send Mail option in the file menu, and use the address

For any questions that you may have about current CDIC policies please contact them directly at 1-800-461-2342. You can also contact our office at 905-844-7700 if you have any questions about deposit insurance coverage on your existing investments.

Summary of Canadian Deposit Insurance Agencies

In the table below are the contact information and dollar amount of coverage provided by various deposit insurance agencies across Canada. To review each deposit insurer use the links provided.

Deposit Insurer Current Amount Previous Amount Phone
Canada Deposit Insurance Corporation $100,000 $100,000 613.992.7124
Credit Union Deposit Insurance Corporation of B.C. 100% $100,000 604.660.2947
Alberta Credit Union Deposit Guarantee Corporation 100% 100% 780.428.6680
Saskatchewan Credit Union Deposit Guarantee Corporation 100% 100% 306.566.1286
Credit Union Deposit Guarantee Corporation (Manitoba) 100% 100% 204.947.1723

Deposit Insurance Corporation of Ontario

$100,000 $100,000 416.325.9580
Quebec Deposit Insurance Board (QDIB) $100,000 $60,000 514.395.0311
Credit Union Deposit Insurance Corporation (PEI) $125,000 (100% registered funds) $60,000 902.368.3534
Nova Scotia Credit Union Deposit Insurance Corporation $250,000 $250,000 902.422.4431
New Brunswick Credit Union Deposit Insurance Corporation $250,000 $60,000 506.853.7280
Newfoundland and Labrador Credit Union Deposit Guarantee Corporation $250,000 $250,000 709.279.0170
Compcorp Canadian Life insurance issuers $60,000 + $60,000 + 416.777.2344

In The Press

Our efforts in this matter have been recognized recently
by various news outlets, online and in print. Below are a collection of these articles.

Forever Young: CDIC protection falls far short

Advisor's Only: Deposit broker calls for CDIC overhaul (by Doug Watt)

The Investment Executive: CDIC urged to update 21-year-old deposit threshold (by Wendy Cuthbert)

The Globe And Mail: It's about time the CDIC raised its paltry coverage on bank deposits (by Rob Carrick)

The Toronto Star: Money Talk (by James Daw)

The Toronto Sun: How safe is your cash? (by Linda Leatherdale)

Other Links

CDIC have a Deposit insurance calculator that will guide you through a series of questions about the deposits for which you wish to calculate deposit insurance coverage. This process should take approximately 10 to 15 minutes. The calculator will then produce a report showing your deposit insurance coverage based on the information you provide.

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