Training is only part of it - video ads and trade-name brands are in scope too
The CDIC wants annual training for staff who discuss deposit coverage with clients, under proposed rules open for comment until August 3.
The Canada Deposit Insurance Corporation published the proposed changes to its Deposit Insurance Information By-law in the Canada Gazette, Part I, on July 4, 2026, opening a 30-day consultation. The amendments follow a review the agency carried out in 2025-26, which it says was informed by focus groups, mystery shop exercises, compliance work and research into how Canadians bank today.
For wealth firms and the advisors inside CDIC member institutions, the training requirement is the headline. The proposal would require member institutions to establish and maintain a program covering their status as a CDIC member and the basics of the deposit insurance framework - what counts as an eligible deposit, how coverage is calculated, and when CDIC is obliged to pay out. Any employee who might make a representation about CDIC coverage to a depositor would need to complete it, then repeat it every year. CDIC says that group can include branch customer service representatives, financial advisors, call centre staff and people working through digital channels.
The agency points to its own research showing that depositors look first to their financial institutions and advisors as a trusted source on how their money is protected. CDIC would make a training module available for members to use, or they could build their own from the topics the by-law sets out. That requirement would come into force on July 14, 2028, by which point all client-facing staff would need to have finished the training.
The rest of the package is about disclosure. Members would have to show their CDIC membership - through the membership sign, the digital symbol, or a line such as "Member of CDIC" - in paid video advertising carried on a media outlet, including social media, television and streaming services. Advertising already in production or running before the provision takes effect would be exempt.
CDIC also wants to simplify its signage to two forms, a membership sign for physical places of business and a digital symbol for digital platforms, and to replace the printed brochure with a CDIC information sheet that members could display digitally or on paper. Where members sell eligible deposits under a trade name, they would have to post language on those websites explaining the relationship to the member institution and what it means for coverage - aimed at cases where separate brands can leave depositors unsure how much of their money is protected.
CDIC says the costs of some amendments are expected to be low, while others should carry no cost. Most provisions are set to take effect December 1, 2026, with the training requirement following in 2028.
The full text of By-law Amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-law is available at https://gazette.gc.ca/rp-pr/p1/2026/2026-07-04/html/reg1-eng.html.
