Canadian Deposit Insurance Corporation or CDIC is a federal agency that provides insurance (up to a $60,000 CAD per personal and on Canadian accounts only) on financial services provided by chartered Canadian banks and financial institutions.
Created in 1967 (under Schedule III, Part 1 of the Financial Administration Act and Canada Deposit Insurance Corporation Act), it is similar to the FDIC in the United States. Since 1967, 43 finacial institutions have failed in Canada and all have been members of CDIC, but none since 1996.
The Corporation is an agent of Her Majesty in right of Canada and is a Crown Corporation named in Part I of Schedule III of the Financial Administration Act.
The Corporation's objects are to provide insurance against the loss of part or all of deposits, to be instrumental in the promotion of standards of sound business and financial practices for member institutions, and to promote and otherwise contribute to the stability of the financial system in Canada.
Deposits not payable in Canada or repayable in foreign currency are not eligible to be insured.
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