We value your privacy. To understand how RBC Royal Bank collects, uses, and shares your personal information, please see the “Consent to Collection and Use of Personal Information” section of this document.

This RBC International Student GIC Program Application Package (the “Application Package”) consists of the following documents:

1. Consent to Receive Electronic Disclosures from Royal Bank of Canada

   Your consent to receive your documents and disclosures for the transactions contemplated herein electronically from Royal Bank of Canada

2. RBC International Student GIC Program Terms & Conditions

   The terms and conditions applicable to the RBC International Student GIC Program

3. Client Agreement - Guaranteed Investment Certificate (GIC)

   The terms and conditions that will apply to your RBC GIC once it's issued

4. Consent to Collection and Use of Personal Information

   Our Privacy Policy, which outlines how we collect and use your personal information

5. Canada Deposit Insurance Corporation Abbreviated Brochure: “Protecting your deposits”

   Information about deposit insurance protection applicable to your RBC GIC

Please review each of the documents in this Application Package carefully, as they contain important information about your participation in the RBC International Student GIC Program (the “Program”), and/or about the Investment Account and the Guaranteed Investment Certificate (GIC) you will receive through your participation in the Program.

By clicking “Agree and Apply” in the online RBC International Student GIC Program Application, you acknowledge that you have reviewed all the documents in this RBC International Student GIC Program Application Package and agree to be bound by all terms and conditions contained in them. If you do not agree, you may cancel your application by selecting “Cancel my application”.

Consent to Receive Electronic Disclosures from Royal Bank of Canada

You are applying to open an RBC Investment Account and to receive Guaranteed Investment Certificate (“GIC”) from Royal Bank of Canada, through the RBC International Student GIC Program, for the purpose of meeting the Government of Canada’s financial support requirement for a study permit.

You consent to receive all disclosures and other documentation/materials related to these transactions electronically. In particular, by clicking “Agree and Apply” to submit your online application for the RBC International Student GIC Program, you request and consent to us providing you, and we will provide you, with all documentation and regulatory disclosures related to the opening of an Investment Account and the issuance of the GIC under this program by email. You designate the email address you provide to us in your online application as the Designated Information System to which we will provide all such documentation and regulatory disclosures. This consent applies to the Investment Account you open and to any GIC you may obtain by submitting your application, should your application be approved.

If you wish to retain for future reference any documents or disclosures that we provide to you, you may print or save them by using your browser's print/save functionality at the time that they are presented to you online. You may also print or save copies of them upon receipt, by email, from us.

Please print/save any documents or disclosures you wish to retain for future reference.

RBC International Student GIC Program Terms and Conditions

You (“you” or the “Applicant”) are applying electronically as a non-resident of Canada, through the RBC International Student GIC Program, to open a non-registered Investment Account and to purchase a Guaranteed Investment Certificate (“GIC”) with Royal Bank of Canada® (“RBC”, “we”, or “us”) as described herein, in order meet the Government of Canada’s financial support requirement for a study permit.

You acknowledge that your eSignature is equally binding on you and has the same legal effect as your handwritten signature, and you agree that you adopt the eSignature as your signature and signature card for the purposes of opening this account. “eSignature” means any electronic information unique to you, which you create or adopt to show your acceptance of the Terms. Examples of an electronic signature include an electronic representation of your handwritten signature, or clicking on an “Agree and Apply” button, combined with relevant data such as current date and time, session identification number and your client number.

In addition to agreeing to the terms and conditions of the relevant documents in this RBC International Student GIC Program Application Package, you will also be required to submit to us, and you agree to submit to us, a clear scan or photograph of your letter of acceptance from an eligible Canadian educational institution.

You agree to send RBC a single, one-time international wire transfer to pay the minimum GIC amount established by Immigration, Refugees, and Citizenship Canada, as well as any applicable fees listed below, up to a maximum of CAD 30,000. Your transfer amount will cover (i) the purchase of your RBC One-Year Cashable GIC (the “GIC”) in order to meet the Government of Canada’s(opens new window) financial support requirement for a study permit. (ii) a one-time handling fee of CAD 200 that RBC charges in relation to this application, and (iii) any third-party fees deducted by other financial institutions involved in processing the international wire transfer transaction (together, the “Aggregate Amount”). Any portion of the Aggregate Amount remaining after the deduction of applicable fees will be invested as the principal of your GIC and reimbursed on the terms described below.

Only one remittance in the Aggregate Amount will be accepted before you arrive in Canada and complete the requisite authentication process at an RBC Royal Bank^® branch. In any of the following circumstances, international wire transfers received by us from you will be returned by return wire transfer to the account from which the funds originated:

• if any subsequent or additional remittance or deposit in addition to the initial one-time international wire transfer in the Aggregate Amount is made before you arrive in Canada and complete the abovementioned authentication process;
• if the initial one-time international wire transfer received by us is for an amount less than the minimum amount established by Immigration, Refugees and Citizenship Canada plus applicable fees or more than CAD 30,000 including applicable fees; and/or
• if you fail to include in the international wire transfer details any of the important information we require you to include (detailed instructions for which will be provided to you following receipt of your completed application materials).

If we return your international wire transfer(s) as described above, and you still wish to complete the application process, you must send a new international wire transfer that conforms to all requirements described herein.

Your GIC will be issued after we receive from you, by international wire transfer, the funds required for its purchase, as described above. The interest rate that will apply to your GIC will be the interest rate that we offer on our GIC on the date that we issue your GIC, and this rate may differ from the rate in effect on the date(s) the Program application is completed by you and/or received by us. We will disclose to you by email prior to the issuance of your GIC the specific interest rate that will be applicable to your GIC, and will subsequently issue that GIC on the same day that we do so. The date we issue your GIC will also be the date on which its one-year term shall begin. We will send to you by email an investment confirmation document (the “GIC Contribution Details”), which will state your GIC’s principal amount, interest rate, issuance date, term, and maturity date, as well as other details applicable to your GIC.

After you arrive in Canada, you must visit an RBC Royal Bank branch to have your identity verified by us, and provide us with instructions regarding the personal deposit account (“PDA”) into which you would like your GIC funds to be deposited. We will then redeem the full value of your GIC, including the principal and any accrued interest.

To receive your GIC proceeds, you must have a PDA in your name with a Canadian financial institution.

For your convenience, we suggest you open a PDA with RBC Royal Bank, when you make your mandatory initial visit to an RBC Royal Bank branch.

However, you are not required to open a PDA with RBC Royal Bank. If you prefer your GIC proceeds to be deposited to a PDA at a different Canadian financial institution, you must advise us accordingly and provide us with the account information and other information of that PDA, including, but not necessarily limited to, the name of the financial institution, the banking number, the branch number and address, the account number and name(s) of the owner(s) of the account.

The GIC purchased by you under the terms of this application cannot be redeemed by you prior to your arrival to Canada, other than in accordance with the payment terms above or other applicable terms relating to early redemption as described herein. The GIC will be issued under the terms of the Government of Canada’s study permit application, which require you to have applied to come to Canada as a student.

If you are delayed in your arrival to Canada and fail to notify us accordingly, we will contact you after 10 months elapse from the date we issued your GIC. If we have not received a response from you before its maturity date, your GIC will be redeemed at its maturity date, and we will reimburse you its principal and any accumulated interest by wire transfer of these funds to the account from which you sent to us the initial wire transfer described above, and your Investment Account will be closed.

If you notify us that you will not be coming to Canada to pursue your studies following the issuance of your GIC, please provide us with a reason and evidence thereof (e.g., study permit rejection letter from Immigration, Refugees, and Citizenship Canada (“IRCC”), enrollment cancelation letter, etc.). We will reimburse you the principal and any accumulated interest at your request, by wire transfer of these funds to the account from which you sent to us the initial wire transfer described above, and your Investment Account will be closed.

Please note that in no event will we reimburse the CAD 200 handling fee or any fees charged by other financial institutions, as these fees are non-refundable.

In addition, in the event that we must return funds to you by wire transfer for any reason (including, but not limited to, any of the circumstances described herein), you will be charged a non-refundable CAD 25 return fee by RBC for this return wire transfer. Additional fees may also be charged and deducted by any third party (e.g., an intermediary bank or financial institution) involved in the return wire transfer process before your funds are returned to and/or reach you.

In all such cases, you agree that RBC will retain the CAD 200 one-time handling fee, and additionally, you agree to pay the CAD 25 wire transfer return fee charged by RBC, as well as any and all wire transfer fees (whether charged by RBC or any third party) that may apply to the return of the funds to you, even if such fees result in you receiving back a lesser amount than the amount you initially wired to us for the GIC purchase transaction.

Acknowledgements, Consents, and Agreement

By selecting “Agree and Apply” in the online RBC International Student GIC Program Application, I acknowledge and agree as follows:

• I am applying to open an RBC non-registered Investment Account and to purchase a GIC for the purpose of meeting the Government of Canada’s financial support requirement for a study permit, and that any funds held in the Investment Account opened in my name and/or redeemed from the GIC purchased in my name will be used solely for the purposes of my studying and living in Canada and related expenses.
• Neither my Investment Account, nor my GIC, will be used by or on behalf of a third party. I understand that a third party is any person or entity other than me, who will benefit from the proceeds of the GIC, gives instructions and/or directs the manner in which the proceeds of the GIC will be used.
• I have received and agree to be bound by the terms and conditions set out in each of the following documents contained in this “RBC International Student GIC Program Application Package”, which includes the following:
  1. Consent to Receive Electronic Disclosures from Royal Bank of Canada
  2. RBC International Student GIC Program Terms and Conditions
  3. Client Agreement - Guaranteed Investment Certificate (GIC)
     I acknowledge that the terms and conditions set out in the “Client Agreement – Guaranteed Investment Certificate (GIC)” shall take effect and become binding on me on the date I place my GIC deposit, with RBC, which date shall be confirmed in the GIC Contribution Details document applicable to the GIC, to be provided to me electronically by RBC.
  4. Consent to Collection and Use of Personal Information
• I acknowledge receipt of a copy of the document entitled “Protecting your deposits”, which is included in this RBC International Student GIC Program Application Package, and provides information pertaining to deposit insurance coverage by the Canada Deposit Insurance Corporation.
• I authorize RBC to remit copies of my GIC Contribution Details document and/or any other documentation pertaining to my Investment Account, GIC, and/or any other account in my name with RBC to the Government of Canada or any of its departments or agencies, including, without limitation, Immigration, Refugees, and Citizenship Canada (“IRCC”), and/or to any Canadian Embassy or other authority as may be required to process or validate my application to live and/or study in Canada.
• I also authorize RBC to contact me by mail, email, or telephone with regards to the transaction(s) requested herein.

I hereby represent and warrant that all information I have provided to RBC is true, complete, and accurate, and I consent to all products and transactions (or future products and transactions, as applicable) contemplated herein.

Client Agreement
Guaranteed Investment Certificate (GIC)

What This Agreement Covers

This Client Agreement – Guaranteed Investment Certificate (the “Agreement”) sets out the terms under which you can open a GIC account and place a GIC deposit (“GIC”) with us. It replaces all earlier versions.

When this Agreement refers to “you” and “your”, it means any person in whose name a GIC is held. If you hold a GIC with others, “you” and “your” mean each of you and all of you are individually and together agreeing to all of the terms of this Agreement.

When this Agreement refers to “we”, “our” and “us”, it means Royal Bank of Canada (the “Bank”), Royal Bank Mortgage Corporation (“RBMC”), Royal Trust Corporation of Canada (“RTCC”) and, in Quebec, The Royal Trust Company (“RTCo”).

Placing your GIC with us means that you have received, read and agree to the terms of this Agreement and any Special Conditions applicable to certain types of GICs. If you are a business and have entered into the Bank's Master Client Agreement (MCA) for Business Clients, this Agreement forms part of the MCA.

Account Ownership and Signing Authority

When you open a GIC account, you tell us the name of the owner(s). Any GIC placed into that GIC account will be held in the name of the owner(s) of that account. You also tell us who has signing authority for the GIC account. If you hold a GIC account with others, you may tell us that you want “any of you” to have signing authority on the account. This means that any one of you can withdraw money from any GIC in that GIC account, make any changes we permit you to make to a GIC and the GIC account and give us any other instructions without telling the others. If you tell us that “all of you” are to sign on the GIC account, all your signatures will be required in order to withdraw money or do anything else with the GICs and the GIC account. The information about ownership and signing authority is set out on your GIC account signing authority document.

If you have a personal deposit account with us, you may also open a GIC account by telephone or in RBC® Online Banking. The information about ownership and signing authority that applies to the personal deposit account you select will also apply to your GIC account.

Confirmation Notice

We will provide you with a confirmation notice once we have instructions from you to place a GIC in your account. It shows the details of the GIC, such as its principal amount, its term, the rate of interest and any instructions on what to do at maturity. It also shows whether you may cash the GIC before the end of its term and any penalties that may apply if you do so.

Interest

Interest in a GIC will be calculated counting the first but not the last day of the term.

Payments and Renewals

You will tell us whether to pay the interest on the GIC to you periodically or to keep it with the principal. We will pay you the principal and any interest at the end of the term, or renew the GIC if you tell us to do so. You may provide us with instructions on what to do at maturity by communicating with us. To be effective, we must receive instructions at least 7 days before a scheduled payment.

Automatic Renewal

If you have instructed us to do so, we will automatically renew your GIC at the end of its term in accordance with your instructions. The interest rate on the renewed GIC will be the same as the interest rate we offer on comparable deposits at the date of renewal, which may include any special and/or bonus rate offered at the time of renewal, if applicable. The other details of the renewed GIC will be the same as the original GIC. If the GIC is no longer offered, we will renew it as a one year redeemable GIC. You have the right to cancel a renewed GIC within 10 business days from the issuance (renewal) date, and if you do, your principal will be returned, and interest will apply from the issuance to the cancellation date.

Transfer

Some GICs can be transferred to a new owner, others cannot be. If you ask us, we will tell you whether your GIC can be transferred and what you must do to transfer it to someone else. You cannot give your GIC as security to anyone except us.

Once a GIC has been transferred by you, we will treat the new owner as if they were you, for all purposes of this Agreement.

Paying off Your Debt

We may apply the funds in a GIC against any amounts you owe us or any of our affiliated companies, without notice to you. If there is more than one owner of the GIC, we may apply the funds against any amounts any one of you owes without notice to any of you. This right will survive the death of any one of you and may be exercised by us against the GIC held by the survivors.

Representation on the Payment of Taxes

You represent to us that, for so long as you have a GIC with us, you have filed and will continue to file truthfully all necessary tax returns, forms and disclosures with respect to all of your transactions and GICs with each taxation authority having jurisdiction over your tax affairs by reason of your citizenship, residence or domicile. You acknowledge and agree that you are responsible for timely paying any taxes owing to any taxation authority in relation to such GICs.

Foreign Tax Implications

Tax Residency

You acknowledge providing us with your country (or countries) of tax residency, either at the time of account opening or within 30 days, with respect to any change in circumstances regarding your tax residency.

It is your responsibility to determine where you are resident for tax purposes, and if you are unsure whether or not you are a resident of Canada for tax purposes and/or a tax resident of another country or countries, review information available at the Canada Revenue Agency, U.S. government websites, the Organisation for Economic Cooperation and Development (OECD), and/or seek professional tax advice.

The CRA requires financial institutions to obtain from you a self-certification of tax residency when required. As such, failure to provide a valid self-certification under the Foreign Account Tax Compliance Act (“FATCA”) or Common Reporting Standard (“CRS”) will result in the temporary restraint of your account until such time as it is provided to us and verified.

Tax Identification Number (TIN)

You acknowledge providing us with your Tax Identification Number(s) associated with your tax jurisdiction(s). A TIN is a unique identifying number used for tax purposes. Where the jurisdiction of tax residence issues a TIN, we are required to collect and report the TIN. If you are not eligible or unable to obtain a foreign TIN, you must provide a reasonable explanation. We may request from you and collect your TIN through various channels such as in person, by mail, by email, by phone or online.

Entity Classification

If you are a business that has an entity classification for the purposes of FATCA and CRS, you and any Controlling Persons, if applicable, must provide a self-certification of residency for tax purposes. The Controlling Person of an entity is defined as the natural person(s) who exercises control over the account(s).

We may rely on information in our possession including the Standard Industrial Code (SIC) to confirm the entity classification.

Legal Representative

You may appoint one or more Legal Representatives to act for you in respect of a GIC. However, please note the following:

1. We may refuse to accept the appointment in our sole discretion if it is not satisfactory to us.
2. We may refuse to honor any transaction made by a Legal Representative or require satisfaction of certain conditions before honoring a transaction.
3. A Legal Representative will have access to the previous history and transaction details for the GIC, and you agree to this access being provided.

Additional Information

More information may be found at the following websites:

Information for individuals holding accounts with Canadian financial institutions:

canada.ca/en/revenue-agency/services/tax/international-non-residents/enhanced-financial-account-information-reporting/information-individuals-holding-accounts-canadian-financial-institutions.html (opens new window)

Information for entities holding accounts with Canadian financial institutions:

canada.ca/en/revenue-agency/services/tax/international-non-residents/enhanced-financial-account-information-reporting/information-entities-holding-accounts-canadian-financial-institutions.html (opens new window)

Deposit Insurance

Royal Bank of Canada and our affiliates, the Royal Trust Corporation of Canada, The Royal Trust Company and the Royal Bank Mortgage Corporation, are members of the Canada Deposit Insurance Corporation (CDlC). A GIC with any of these institutions is eligible for CDIC deposit insurance coverage provided it is payable in Canada. For more information, including conditions of coverage, contact CDIC directly at info@cdic.ca or 1-800-461-2342. Quebec only: If this is a GIC with Royal Bank Mortgage Corporation or The Royal Trust Company, it is a deposit within the meaning of the Deposit Institutions and Deposit Protection Act (Quebec).

Guarantee

The Bank guarantees all GICs placed with RBMC.

Death

Upon death, we will suspend payment of your GIC. We will wait for further instructions from the estate representatives or new owner, failing which the funds at maturity will be dealt with in accordance with the Automatic Renewal section above. We are entitled to ask for proof of death and any other documents that we may require in connection with the transmission of the GIC on death, such as Letters Probate or other documents issued by a court.

Survivorship

This paragraph does not apply to GICs at a Quebec branch, regardless of the client's residence. It applies to personal clients only.

A GIC account with more than one owner will be owned jointly with right of survivorship, subject to the Paying off Your Debt section above. The surviving owner(s) will own all the GIC funds remaining, after any debts have been paid, subject to any applicable laws about the period of survivorship. If one of you dies, the surviving owner(s) must let us know and provide us with acceptable proof of your death. Then, the surviving owner(s) may either direct us to remove your name from the GIC and place it into a GIC account in the surviving owner name(s) or request that we pay the surviving owner(s) the GIC principal and any interest. We shall be entitled to follow the direction of any surviving owner without inquiring whether they have the beneficial right to the monies and without recognizing any claims of third parties. Once we have either paid out the funds or removed the deceased owner's name from the GIC, we will be fully discharged respecting the deceased owner and their estate's interest in any GIC. By acting on the right of survivorship, we will not be liable for any loss or legal costs incurred in any dispute between the estate of the deceased owner and the surviving owner(s) or a third party.

Disputes

If there is a dispute about any GIC or the ownership of a GIC account, we may freeze the funds in any GIC until such time as the dispute is resolved, apply to the court for directions or pay the funds into court. In the event of any executions of third party demands or claims against or disputes related to a GIC, you will reimburse us any expenses we incur.

Changing This Agreement

We may make changes to this Agreement at any time. If we do, we will let you know before the changes take effect.

If You Move or Change Your Name

We depend on you to tell us immediately if you change your address or name.

Governing Law

This Agreement is governed by the laws of the province or territory where the GIC account is located.

Language / Langue (Quebec residents only - Résidents du Québec seulement)

You acknowledge you have been offered the choice to enter into this Agreement in French or English. You have selected to enter into this Agreement in English, after being provided with the French version. Therefore, you agree that this Agreement and any document related to it, including notices, will be in English only. Vous reconnaissez vous être fait offrir le choix de conclure cette convention en français ou en anglais. Vous avez choisi de conclure cette convention en anglais, après avoir reçu la version française. Par conséquent, vous acceptez que cette convention et tous les documents qui s’y rattachent, y compris les avis, soient en anglais seulement.

For more information on GICs, please call us at 1-800-463-3863 or visit rbcroyalbank.com/products/gic(opens new window).

Consent to Collection and Use of Personal Information

You consent to the following collection and use of your personal information in connection with the transactions contemplated in this RBC International Student GIC Application Package and your relationship with Royal Bank of Canada.

In this “Consent to Collection and Use of Personal Information” document, references to “you” and “your” mean the applicant who is submitting an online application for the RBC International Student GIC Program. Reference to “we”, “us”, and “our” mean Royal Bank of Canada.

1. Collecting Information

   We may collect financial and other information about you, such as information: (i) establishing your existence or identity (name, address, phone number) and background; (ii) related to transactions arising from your relationship with and through us and other financial institutions; (iii) provided on an application for products and services; (iv) on the products and services you use; and (v) about financial behaviour, such as your payment history and credit worthiness. We may collect this information during the course of our relationship with you. We may obtain this information from any source necessary for the provision of products and services, including from: (i) you; (ii) service arrangements you make with or through us; (iii) credit reporting agencies; (iv) other financial institutions; (v) registries; and (vi) references provided to us. You acknowledge receipt of notice that from time to time reports about you may be obtained by us from credit reporting agencies. Parental consent. Where one or more account holders is younger than 14 (“minor”), you represent that you have parental authority or are the minor’s tutor (Quebec) or guardian, and you consent to the collection, use, and disclosure of the minor’s personal information as set out in this section.

2. Using Information

   All information collected by and provided to us, including information about you, may be used and disclosed for the following purposes: (i) to verify your identity and investigate your background; (ii) to open and operate account(s) and provide requested products and services; (iii) to understand your financial situation; (iv) to determine and make decisions about your eligibility for products and services we offer; (v) to help us better understand the current and future needs of our clients; (vi) to communicate to you any benefit, feature or other information about our products and services; (vii) to help us better manage our business and your relationship with us; (viii) to maintain the accuracy and integrity of information held by a credit reporting agency; and (ix) as required or permitted by law.

   For these purposes, we may share this information with other persons, including: (i) our employees, agents and service providers, who are required to maintain the confidentiality of this information; (ii) regulatory authorities; (iii) other financial institutions; (iv) persons with whom you have financial or other business dealings; and (v) credit reporting agencies, that may, in turn, share credit, financial and other related information with others. Your personal information may be transmitted through, stored, or processed in countries or provinces other than your home jurisdiction, in which case the information is bound by the laws of those jurisdictions and may be disclosed in accordance with those laws. We will take measures to protect your personal information with appropriate contract clauses or other applicable safeguards. We may also use this information and share it with our affiliates: (i) to manage our risks and operations and those of our affiliates; (ii) to comply with valid requests for information about you from regulators, government agencies, public bodies or other persons who have a right to issue such requests; and (iii) to let our affiliates know your choices under “Other Uses of Information” below for the sole purpose of honouring your choices. If we have your social insurance number, it may be used for tax-related purposes and shared with the appropriate government and credit reporting agencies for identification purposes. We may also use automated processing to make decisions about you, including credit and loan adjudication, where applicable.

3. Other Uses of Information

   We may use and disclose this information: (i) to promote our products and services, and those of third parties, which may be of interest to you; (ii) where not prohibited by law, share this information with our affiliates for the purpose of referring you or promoting products and services which may be of interest to you; and (iii) if you deal with our affiliates, where not prohibited by law, we and our affiliates may consolidate the information we have about you with the information any of our affiliates have about you in order to manage our business and your relationships with us and our affiliates. You acknowledge that as a result of such sharing, we and our affiliates may advise each other of any products or services provided. For the purposes described in subsections (i) and (ii), we and our affiliates may communicate with you through various channels, including telephone, computer or mail, using the contact information you have provided. You may choose not to have this information shared or used for any of these other uses by contacting us as set out below, and you will not be refused credit or other services just for that reason.

4. Right to Access Information

   You may obtain access to the personal information we hold about you at any time, to the extent permitted by law, review its content and accuracy, and have it amended as appropriate; however, access may be restricted as permitted or required by law. To request access to the information, to learn more about our use of automated processing, to ask questions about our privacy policies or to request that the information not be used for any or all of the purposes outlined in the Other Uses of Information section above, you may do so by visiting an RBC branch (find a branch at maps.rbcroyalbank.com) or by calling calling 1-800 ROYAL® 1-1 (1-800-769-2511).

5. Our Privacy Notices

   All collection, use and disclosure of your personal information will be in accordance with our Global Privacy Notice (available at Privacy and Security - RBC(opens new window), which form part of these terms. For students from China, please also refer to the China Privacy Policy Addendum in Chinese here(opens new window).

   Please print/save this document should you wish to retain it for future reference.

Protecting your deposits

Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that insures more than $1 trillion in deposits held in member institutions. CDIC is fully funded by our members and coverage is free and automatic – you don't have to sign up.

CDIC protects eligible deposits in Canadian and foreign currency for up to $100,000 (Canadian dollars) in each of CDIC's insurance categories.

A word about financial service providers, products and deposit protection

CDIC deposit insurance may be available for eligible financial products offered by a CDIC member, another financial institution, a broker, a third-party financial service provider (for example, a financial technology company), or other providers. To find out if your deposits are protected by CDIC, speak to your financial service provider.

What happens if a CDIC member fails?

In the unlikely event of failure of a CDIC member institution, CDIC provides access to insured funds (including interest) within days. It's automatic – we will contact you.

What you can do

• Know what is covered and what is not
• Keep your contact information up-to-date at your financial institution
• Ask your broker or financial advisor about CDIC's rules for deposits held in trust including keeping up-to-date beneficiary information

Want to know more?