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Toilet paper isn’t the only thing Canadians were hoarding early in the pandemic. Headlines were buzzing that the Bank of Canada was running short of $50 bills too. Whether you were stuffing cash in your mattress or in the bottom of your sock drawer, the truth is your savings are safer at a financial institution because it’s likely insured by the fiscal guardian angel called the Canada Deposit Insurance Corporation (CDIC). 
The upside is that your coverage comes for free—but before we get into that good news, let’s dive into the CDIC’s history and break down why your bank is the safest place to keep your savings.
What is the CDIC? 
A non-profit crown corporation launched in 1967, the CDIC is clear on their website about how they don’t define themselves: “We are not a bank. We are not a private insurance company.”
Funded by premiums paid by their member financial institutions (which is why you benefit from this security blanket for free), the CDIC insures your deposits in the event of a bank’s collapse…

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