Deposit protection depends on who issues the GIC, how the deposit is held and which scheme applies. This page explains how CDIC coverage works, how provincial credit-union protection differs, and what to confirm before depositing.
Last updated: August 18, 2026 · Reviewed by GICRateCompare editorial team
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GICRateCompare.com compares fixed-term, non-redeemable GIC options only. Cashable and redeemable GICs exist in the wider Canadian market but are not offered through this service.
Last verified August 18, 2026
Last verified August 18, 2026
Last verified August 18, 2026
Last verified August 18, 2026
Last verified August 18, 2026
The Canada Deposit Insurance Corporation is a federal Crown corporation that protects eligible deposits held at its member institutions if a member fails. Membership covers banks and federally regulated credit unions and trust companies — not every institution operating in Canada.
CDIC protection is automatic for eligible deposits at member institutions; there is nothing to apply for. What matters is whether the institution is a member and whether the deposit is eligible.
CDIC coverage applies separately within each category, so the same depositor can be covered more than once at the same member institution.
Provincially regulated credit unions are not CDIC members. Each province operates its own deposit-protection arrangement, and the limits and structures differ meaningfully between provinces — some cover deposits without a stated dollar cap, others apply specific limits.
If you are considering a credit-union GIC, confirm which provincial arrangement applies and what it covers before depositing funds.
GICRateCompare.com is not a deposit insurer and does not guarantee coverage of any deposit. The deposit-protection label shown against a listing reflects the issuer type recorded in our data and is provided as general information only.
Confirm the issuing institution, its membership status and the eligibility of your specific deposit directly with the institution and the relevant deposit insurer before funds are placed.
No. Coverage depends on the issuing institution being a CDIC member and the deposit meeting CDIC's eligibility rules. Credit-union deposits are generally covered by provincial arrangements instead, and some products are not eligible deposits at all.
CDIC protects eligible deposits up to $100,000, including principal and interest, per depositor, per member institution, within each applicable coverage category. Provincial credit-union limits differ and some provinces apply different structures.
CDIC treats certain registered plans as separate coverage categories from ordinary deposits, which can mean more than one $100,000 limit at the same institution. Eligibility rules determine how a specific deposit is categorised.
Ask the issuing institution to confirm its membership and whether your specific deposit is an eligible deposit, and check the deposit insurer's own published information before funds are placed.
Where a suitable option is identified, a participating provider, deposit broker or licensed representative may contact you to discuss available GIC options.
Rates are subject to change and may depend on deposit amount, province, account type, eligibility and provider availability. Displayed rates are indicative and must be confirmed before any funds are placed.