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All large Canadian banks and many other financial institutions are a part of the CDIC framework, which covers most deposits and guaranteed investment certificates but not mutual funds, stocks, bonds or cryptocurrencies.

Finance Canada is asking Canadians and other stakeholders in the financial system to weigh in on the proposed higher limit and a few other potential changes by Sept. 26.

The department is also consulting on extending coverage for temporarily high balances tied to a disruptive life event and requiring banks to offer more upfront information to customers about what CDIC insurance covers.

Ottawa's last review of the deposit insurance framework kicked off over a decade ago and saw coverage expanded for foreign currencies in 2018.

This report by ¹ú²úÓÕ»ó¸£Àû was first published July 22, 2025.