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COVID-19 Response

CDIC Takes Action to Support the Confidence of Canadian Depositors in the Wake of COVID-19 Global Outbreak

Photographing a cheque for direct deposit
Photographing a cheque for direct deposit

In these difficult times when Canadians are concerned about their health and personal finances, rest assured that Canada Deposit Insurance Corporation (CDIC) is here to protect your deposits.

To allow its member institutions to focus resources on directly supporting the needs of their customers in this challenging economic and financial environment, Canada Deposit Insurance Corporation (CDIC) has announced the following measures:

  • Defer premium due dates until December 15, 2020
  • Delay submission of the stratification section of the Return of Insured Deposits
  • (RID)Offer acceptable delays on complying with Deposit Insurance Information By-law (DIIB) requirements in light of changes to CDIC deposit insurance cov- erage, effective April 30, 2020
  • Postpone testing for Data and System Re- quirements (DSR 2.0) compliance until July 15, 2020
  • Waive the annual notification to multi-beneficiary trust depositors
  • Step up its public awareness activities

“We anticipate that the above measures will offer member institutions some operational reprieve to aid in weathering the ongoing economic and market uncertainty and to focus resources on client service delivery,” says CDIC President and CEO Peter Routledge.

CDIC is a federal Crown corporation that was established in 1967 to protect the savings of Canadians, and it contributes to financial stability by safeguarding over $800 billion in deposits at more than 80 member institutions. As a resolution authority, it’s responsible for handling the failure of any of its members, from the smallest to the largest. CDIC mem- bers include banks and federally-regulated credit unions as well as loan and trust com- panies and associations governed by the Cooperative Credit Associations Act that take deposits. It’s funded by premiums paid by member institutions and doesn’t receive public funds to operate.

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