The Canada Deposit Insurance Corporation (CDIC) automatically insures several types of savings accounts. These include:
- Savings Accounts: Standard savings accounts at CDIC member institutions.
- Chequing Accounts: Although primarily used for transactions, these accounts also fall under CDIC coverage.
- Tax-Free Savings Accounts (TFSAs): Contributions to TFSAs are covered.
- Guaranteed Investment Certificates (GICs): Only GICs with maturities of five years or less are insured.
Coverage is up to $100,000 per depositor, per insured category, at each CDIC member institution. For more detailed information, visit Canada.ca.
For a visual overview, here's an image showing CDIC coverage categories: