Ottawa – The federal government is looking for a response to a change in Canada’s deposit insurance framework, which can look at the coverage limit increased up to $ 150,000.
Right now, Canada Deposit Insurance Corp Canadian will guarantee deposits of up to $ 100,000 in case of bank failure, unless they are held with a member institute.
All large Canadian banks and many other financial institutions are a part of the CDIC framework, which covers most deposits and guarantees the investment certificate, but not mutual funds, stocks, bonds or cryptocurrency.
Finance is asking Canada Canadian and other stakeholders to weigh the proposed high boundary in the financial system and some other possible changes on 26 September.
The department is also consulting on expanding coverage for temporarily high balance tied to the phenomenon of a disruptive life and banks need to provide more advance information to customers about CDIC insurance cover.
The last review of the Deposit Insurance Framework closed a decade ago and it was observed that in 2018, coverage for foreign currencies expanded.
This report of Canadian Press was first published on 22 July 2025.
Canadian press