Canadians want to know that the money they have on deposit with their bank is safe, especially during difficult economic times. Thankfully, the money in your chequing or savings account is protected with something called CDIC insurance, providing that you bank with a CDIC member institution.

Given the economic uncertainty we’re facing right now, I thought it would the perfect time to have this week’s guest join the show. Peter Routledge is the CEO of Canada Deposit Insurance Corporation, or CDIC. Peter joins me to explain exactly how his organization protects Canadians, and reassures us that CDIC will be there when we need them.

You can find the show notes for this episode at https://maplemoney.com/peterroutledge

Do you bank with a member of CDIC? If so, your eligible deposits with that institution will be protected up to $100,000 in each of their coverage categories, in the event of a bank failure. Didn’t know that banks could fail? CDIC has handled the failure of 43 of its member institutions since it was established in 1967. Guess how many people lost their protected deposits during those failures? Zero. Not a single dollar under CDIC protection was lost. Find out more about CDIC coverage and check to see if you bank with one of its member institutions by visiting https://www.cdic.ca/