The short answer
Yes, eligible US-dollar and other foreign-currency deposits at CDIC member institutions can be protected, alongside eligible Canadian-dollar deposits.
CDIC explains that foreign-currency deposits are combined with other eligible deposits within the same insurance category rather than receiving a fresh separate limit just because they are held in US dollars. Accounts at a US bank are not covered by Canadian CDIC.
What to do next
Confirm the institution is a CDIC member, the account is an eligible deposit and your combined balance fits the applicable category limit.
CDIC
This official website is a relevant starting point for this question. Product access or eligibility depends on where you live and the provider's own requirements.
Visit CDIC ↗Official website — not an affiliate tracking link. A resource link does not imply that every reader qualifies for its services.
Questions people ask
What is the recommended option for are US-dollar savings at a Canadian bank protected by CDIC deposit insurance?
Yes, eligible US-dollar and other foreign-currency deposits at CDIC member institutions can be protected, alongside eligible Canadian-dollar deposits.
Which residency or country restrictions apply to are US-dollar savings at a Canadian bank protected by CDIC deposit insurance?
Yes. This page describes the rule or example for Canada. The contract, residence and tax rules in another jurisdiction can differ.
Primary source
Our answer is based on guidance published by Canada Deposit Insurance Corporation.
This article explains the published general rule or provider example. It does not establish personal eligibility, a guaranteed allocation or an individual tax outcome.
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