Canadian Deposit Insurance Corporation - CDIC

Filed Under » , , ,
Dictionary Says

Definition of 'Canadian Deposit Insurance Corporation - CDIC '

A crown corporation owned by the Canadian government that insures bank deposits up to C$100,000 per personal account held in member Canadian banks in they event that the financial institution fails. The corporation was formed under the Financial Administration Act and Canada Deposit Insurance Corporation Act in 1967. The CDIC is similar to the Federal Deposit Insurance Corporation in the United States.
Investopedia Says

Investopedia explains 'Canadian Deposit Insurance Corporation - CDIC '

Between 1967 and 2008, Canada experience the failure of 43 financial instutions, all of which were CDIC member banks. When using a bank in either in the United States or Canada, FDIC or CDIC membership is important to consider, as it provides depositors with some insurance against losing their savings. 

Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. Crown Corporation

    Any corporation ...

  2. Deposit

    1. A transaction ...

  3. Savings Account

    A deposit ...

  4. Federal Deposit Insurance ...

    The U.S. ...

  5. Bank

    A financial ...

  6. Ontario Securities Commission - OSC

    The securities ...

  7. Risk-Based Deposit Insurance

    Deposit ...

  8. Canadian Competition Act

    A federal law ...

  9. Public Unit Account

    An account that ...

  10. National Average Wage Index - NAWI

    An index ...

Articles Of Interest

  1. CDIC Protects Canadians From Bank Failure

    Bank failures can happen in Canada, but many deposits are insured. Find out what's covered.

  2. Are Your Bank Deposits Insured?

    Learn how the FDIC is helping to keep your money in your pockets.

  3. Are My Investments Insured Against Loss?

    Money invested in a brokerage account has some protection, but that doesn't mean you can't lose it.

  4. Compare Local Interest Rates

    Search and compare the best checking and savings rates nationwide from Bankrate.com. Click Here!

  5. Money Market Mutual Funds: A Better Savings Account

    An good alternative to the traditional savings account is the money market mutual fund. It's easy, safe and has better returns.

  6. Market Capitalization Defined

    Find out the differences between mega-, large-, mid- and small-cap stocks and how each suits different investing styles.

  7. In Small Business, Success Is Spelled With 5 "C"s

    Incorporating these steps will help your business thrive in a competitive market.

  8. Retirement Savings Tips For 35- To 44-Year-Olds

    Learn how the "sandwich generation" can save for retirement while taking care of their kids and parents.

  9. Is Loan Protection Insurance Right For You?

    This coverage can keep you from defaulting on your loans when you're in financial trouble.

  10. Selecting And Managing Insurance Payouts

    Find out which settlement option is right for you before you recieve your funds.
Sponsored links

comments powered by Disqus
Hot Definitions

  1. Love Money

  2. Shark Watcher

  3. Judo Business Strategy

  4. Dogs Of The Dow

  5. Chinese Hedge

  6. X-Mark Signature

Recommended
Loading, please wait...
See More »
Trading Center