(NC) The truth is, bank failures happen in Canada. But the reason you may not have heard about them is because the Canada Deposit Insurance Corporation has been around for 50 years protecting your deposits. Since it was established, no one has lost a single dollar under their protection. . Learn some key milestones of one of the most important organizations for Canadian depositors below.
1967: CDIC is created to protect deposits up to $20,000.
1983: CDIC protects depositors up to $60,000.
1983: Number of CDIC member institutions peaks at 188, and drops to 154 by the end of the 1980s.
1997: CDIC launches its website.
2005: CDIC protects depositors up to $100,000.
2017: CDIC marks its 50th year with an unprecedented number of bank resolution tools, including bail-in.
For more information on the tools and powers of the CDIC, go to cdic.ca.