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Canada Deposit Insurance Corporation (CDIC)
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament in 1967 to protect your deposits made with member financial institutions in case of their failure. CDIC is NOT a bank. CDIC is NOT a private insurance company.
Scotiabank is the well-known trade name of The Bank of Nova Scotia. The following Scotiabank group of members are CDIC member institutions
- The Bank of Nova Scotia
- Scotia Mortgage Corporation
- Montreal Trust Company of Canada
- National Trust Company
At a Glance
For full details of current coverage limitations, refer to the CDIC brochure Protecting Your Deposits (38 kb), or ask for a copy at your Scotiabank branch.
Eligible Deposits
The Scotiabank group's Deposit Product List displays instruments and/or products of these Scotiabank Group members that are eligible for deposit insurance through the CDIC (up to the maximum protection limit).The current Canada Deposit Insurance Corporation (CDIC) coverage will remain in effect until April 29, 2020, which excludes deposits held in foreign currency payable in Canada and deposits having a term greater than five years. Effective April 30, 2020, (1) deposits held in foreign currency payable in Canada, and deposits having a term greater than five years will become eligible for CDIC coverage; and (2) travellers’ cheques will no longer be eligible for CDIC coverage. To learn more about these upcoming changes please visit CDIC website at http://www.cdic.ca or call CDIC at 1-800-461-2342.
Scotia Mutual Funds offered by Scotia Securities Inc., a corporate entity separate from although wholly owned by The Bank of Nova Scotia, are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer.