Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament, which insures Canadians’ savings in case their bank or other CDIC member institution fails or goes bankrupt.  CDIC helps keep Canada’s financial system strong.Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament, which insures Canadians’ savings in case their bank or other CDIC member institution fails or goes bankrupt.  CDIC helps keep Canada’s financial system strong.