Canada Deposit Insurance Corporation (CDIC)

The Canada Deposit Insurance Corporation (CDIC) is a federal Crown Corporation created in 1967 to protect eligible deposits in member financial institutions against the failure of those institutions.

CDIC insures the following eligible deposits at member institutions up to $100,000.00 per depositor:

- Savings & Chequings accounts

- Term Deposits such as GICs, RRSPs, RRIFs and debentures issued by loan companies

- Money Orders and Drafts

- Certified Drafts and Cheques

- Traveller’s Cheques issued by members

To be eligible with CDIC, these deposits must be payable in Canada in Canadian currency and must be payable no later than five years from the date of deposit. Depositors are automatically insured within coverage limits when investing with a member institution. Mortgage Funding works to ensure that all of our investors stay within the CDIC insurable limits with each member institution.

If a member institution fails, CDIC will repay depositors all insured funds. CDIC will write to depositors in order to let them know how and when they will receive payment, it is not necessary to file any claims.

For more detailed information regarding CDIC, please visit their website at http://www.cdic.ca.