Canadians place a lot of trust in their financial institutions. From everyday banking to long-term saving for retirement, we hold the vast majority of our assets as deposits in Canadian banks and credit unions.
And, generally speaking, we believe we can trust the safety and security of these financial institutions. However, the recent collapse of Silicon Valley Bank and Signature Bank— two of the three largest bank failures in U.S. history — may have some Canadians concerned. What happens if a Canadian bank or credit union fails? Are our savings protected?
This is where CDIC Canada comes in.