The Canada Deposit Insurance Corporation (CDIC) is the backstop for Canadian retail deposits, guaranteeing them up to a certain level in case of financial institution insolvency. Most retail banking clients fall under CDIC protection, but it’s important to note what is and isn’t covered. Of note, Home Trust, the subsidiary of Home Capital Group which issues GICs, is a CDIC member.

What’s covered:

Deposits up to a maximum of $100,000 (principal and interest combined) in savings accounts, chequeing accounts, debentures, money orders, and cheques certified by CDIC members.
Guaranteed Investment Certificates (GICs) with original maturities of five years or less.

What’s not covered:

Deposits above $100,000
Foreign currency deposits
Deposits held at financial institutions that are not CDIC members
GICs with original maturities exceeding five years
Debentures issued by banks, governments or corporations.