GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Deposit Insurance


Synonyms:account insurance, bank savings insurance
Filed Under: financial-banking, insurance
Tags: banking, insurance
 

Definition of deposit insurance

deposit insurance
1. The Canada Deposit Insurance Corporation insures depositors' funds to a maximum of $60,000 per depositor, per institution, with some exceptions, in the event of the failure of a federal financial institution. Deposits in some provincial financial institutions are also covered.

Related Terms and Acronyms:

  • Canada Deposit Insurance Corporation (CDIC)   A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
      ➥  Government of Canada federal crown corporation.
  • deposit   An act of putting a sum of money in to a bank account.
  • Finance Canada   Federal department responsible for Canada's economic performance and regulation of financial institutions.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.

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