Which statement best explains the role of the Canadian Deposit Insurance Corporation (CDIC)?
A) The CDIC protects depositors in the event of bank failures.
B) The CDIC protects commercial banks in the event of mortgage defaults
C) The CDIC determines the bank rate.
D) The CDIC determines the reserve requirement.

Question

Quizplus · Accepted Answer

The CDIC's primary role is to protect depositors in the event of bank failures by insuring eligible deposits up to a maximum of $100,000 per depositor per insured category at its member institutions.

Which Statement Best Explains the Role of the Canadian Deposit