I thought this was information worth sharing with all my fellow Canadians and anyone who has a bank account here in Canada.

The CDIC (Canada Deposit Insurance Corporation), is government insurance that protects up to $60,000 of your money in a bank account in case they go under. So if the CIBC was to go bankrupt, you would get back all your money via the government up to $60,000.

They have now raised that limit to $100,000.

It was apparently announced in the Martin-NDP Budget, and it is retroactive to Feb 23, 2005.

Website reference: http://www.cdic.ca/