Canadian Deposit Insurance Corporation (CDIC) is an organization which insures qualifying deposits and GICs at savings institutions.

The institutions are mainly trust companies and banks which have membership in the CDIC. The amounts are up to $60,000 and for terms of up to five years. it is interesting to note that the name that is used on these deposits becomes very important. An example is that John Smith can have $60,000 guaranteed as can Mary Smith, his wife. John and Mary Smith can now have a joint savings guaranteed as well for $60,000.

Be aware that there are some types of deposits that are not insured. Examples would include an annuity of more than five years, mutual funds and mortgage-backed deposits.

Talk to your agent or broker about what options are open for you. Taking control of your insurance and investments will pay off on the long-term.