Definition
CDIC (Canada Deposit Insurance Corporation) is a federal agency that insures deposits at federally chartered banks (TD, RBC, BMO, Scotiabank, CIBC, National, etc.). It does not cover Desjardins caisses populaires or the Desjardins Movement credit unions.
CDIC coverage: - Up to $100,000 per deposit category (unregistered deposits, RRSP, TFSA, RRIF, RESP, RDSP, business accounts) - Does NOT insure: stocks, bonds, mutual funds, cryptocurrencies
Quebec protection for Desjardins: - Deposits in Desjardins caisses are covered by Chambre de sécurité Desjardins (formerly FCDQ) - Coverage up to $100,000 per category for deposit accounts
Mortgage relevance: funds in transit at a notary for a real estate transaction are generally not covered by CDIC (trust account — separate coverage under professional regulations).