CDIC
Insuring your deposits
Your eligible deposits with Bridgewater Bank are insured by the Canada Deposit Insurance Corporation (CDIC). We are a member of the (CDIC) and therefore eligible deposits are insured up to $100,000 per depositor, per insured category, subject to CDIC rules and eligibility criteria. Protection for eligible deposits is outlined in the brochure “Protecting Your Deposits” located on the CDIC website.
CDIC is a federal Crown corporation – a part of the Government of Canada – that protects eligible deposits at financial institutions that are CDIC members. For more information about CDIC coverage, please contact CDIC at 1.800.461.CDIC (2342) or visit the CDIC website.
Deposit Register
The following instruments and/or products are eligible for deposit insurance coverage from the Canada Deposit Insurance Corporation (CDIC), subject to maximum coverage limits, rules, and eligibility criteria as outlined in the brochure Protecting Your Deposits.
Products eligible for CDIC coverage:
- Bridgewater Bank Non-Redeemable Guaranteed Investment Certificate (GIC)
- Bridgewater Bank Guaranteed Investment Certificate (GIC) – Cashable after 30 days
- AMA Financial Non-Redeemable GIC*
- Bridgewater Bank Smart eSavings™ Account
* Products available for purchase solely by Alberta Motor Association (AMA) members.
CDIC coverage
CDIC coverage is free and automatic – you don’t have to sign up. However, CDIC recommends that all customers keep their contact information at their financial institution up-to-date and know what products are covered (and which are not).
Your Guaranteed Investment Certificates (GICs) and Savings Accounts are eligible for deposit insurance.
Eligible Guaranteed Investment Certificates (GICs) and savings accounts are insured by CDIC, subject to applicable limits and conditions.
Understanding CDIC Coverage Limits
Coverage is limited to $100,000 per insured category. Categories include, for example:
- Deposits held in one name
- Joint deposits
- Tax-Free Savings Accounts (TFSAs)
- Registered Retirement Savings Plans (RRSPs)
- Registered Retirement Income Funds (RRIFs)
You may have coverage of more than $100,000 if your deposits are held in different insured categories at a CDIC member institution. For example, you could have up to $100,000 insured in an account in your name, and another $100,00 insured in a joint account with someone else.
Deposits not Covered by CDIC
Not all financial products are insured by CDIC. For example, the following products among others, are not covered:
- Mutual funds
- Stocks and bonds
- Exchange-traded funds (ETFs)
- Cryptocurrencies
CDIC protection helps Canadians feel confident about keeping their money in banks and other financial institutions that are CDIC members. This helps to keep the Canadian financial system strong, which benefits all Canadians. Ensure your financial institution is a CDIC member by visiting the CDIC website’s link for a List of Member Institutions.