In short: at a CDIC member bank, your deposits are covered up to $100,000 per category per institution. In Quebec, Desjardins and the caisses are covered by the AMF under similar rules. Other credit unions depend on their province’s insurer.
Who protects you?
| Your institution | Insurer | Where to check |
|---|---|---|
| Federal bank or trust company (e.g. EQ Bank, Simplii, Tangerine, the big banks) | Canada Deposit Insurance Corporation (CDIC) | CDIC member list |
| Desjardins, caisses and Quebec trust companies | Autorité des marchés financiers (AMF) | Deposit protection, AMF |
| Credit union outside Quebec | Provincial insurer | The credit union’s website or the provincial regulator |
In our tables, the Insurance column shows each account’s insurer.
CDIC: $100,000 per category
CDIC protects deposits at its member institutions up to $100,000, principal and interest combined, in each of these categories:
- deposits in your name alone;
- joint deposits (in the names of two or more people);
- RRSPs;
- RRIFs;
- TFSAs;
- FHSAs;
- RESPs;
- RDSPs;
- deposits held in trust.
Example: you have $80,000 in a savings account in your name and $50,000 in a TFSA, at the same bank. The two amounts are in different categories: all $130,000 is covered.
On the other hand: $150,000 in two savings accounts in your name, at the same bank, fall in the same category. Only $100,000 is covered.
What is covered
- savings and chequing accounts;
- GICs and other term deposits;
- foreign currency deposits.
What is not covered
- mutual funds and exchange-traded funds (ETFs);
- stocks and bonds;
- crypto assets.
Even when you buy them at your bank, these investments are not deposits.
In Quebec: the AMF
Desjardins, the caisses and trust companies registered in Quebec are not CDIC members. Their deposits are guaranteed by the Autorité des marchés financiers, up to $100,000 per deposit category, with categories similar to CDIC’s.
If you have an account at Desjardins and another at a federal bank, each is protected separately by its own insurer.
Credit unions outside Quebec
Credit unions in other provinces are protected by a provincial insurer. Limits vary a lot from one province to another: some cover far more than $100,000, others treat registered and non-registered accounts differently.
Before depositing a large amount, check the coverage on the credit union’s website or with your province’s regulator.
Neobanks, apps and brokers
Some apps and investment platforms offer a “savings account” without being banks themselves. Your money is then deposited at one or more partner banks, often CDIC members.
In that case:
- coverage applies per partner bank, and is combined with whatever you already hold directly at that bank;
- the app must keep proper records of your deposits for the protection to work;
- CIPF (Canadian Investor Protection Fund) protects brokerage accounts if the broker fails, but it is not deposit insurance and does not protect you against market losses.
When an account in our tables is covered through a partner bank, we say so.
How to check your own account
- Find the legal name of the institution that holds your money, at the bottom of its website or on your statements.
- Look it up in the member list of CDIC or of institutions registered with the AMF.
- Add up your deposits by category at that institution, including those held through an app.
- Above $100,000 in a single category, move the excess to another institution or another category.
Sources
Last checked: October 19, 2026
General information, not personalized financial or legal advice. Coverage rules may change: always check with the insurer concerned. Lai See Wise is not a bank and does not accept deposits.