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Nov 6, 2026 2:38 PM - Connect Newsroom - Ramandeep Kaur with files from The Canadian Press

Canada Raises Deposit Insurance Limit from $100,000 to $250,000

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The Carney government plans to increase Canada's deposit insurance coverage from $100,000 to $250,000 under Budget 2026, offering greater protection to bank depositors. (Photo: The Canadian Press)

The federal government led by Prime Minister Mark Carney has announced an increase in the deposit insurance limit, raising the amount of money protected in Canadians’ bank accounts from $100,000 to $250,000.

Under a new proposal introduced as part of Budget 2026, the Canada Deposit Insurance Corporation (CDIC) coverage limit will increase by $150,000. This marks the first increase in the deposit insurance limit in nearly 20 years.

CDIC insurance guarantees that eligible deposits held at member financial institutions are protected up to a specified limit in the event of a bank failure. The coverage limit had remained unchanged at $100,000 since 2005.

Notably, in 2023, the Canadian Bankers and Trust Companies Association wrote to then-Finance Minister Chrystia Freeland, urging the federal government to double the CDIC coverage limit to $200,000 per depositor. However, the request was not acted upon at the time.

Now, as part of Budget 2026, the Carney government has also pledged to review the deposit insurance framework every 10 years to ensure the coverage remains relevant and adequate for Canadians.

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