🛡️ Investor Protection · Canada · Official Entity

CIPF — Canadian Investor
Protection Fund

CIPF is the safety net for Canadian investors. If your CIRO-member securities dealer becomes insolvent, CIPF protects your accounts up to $1 million CAD — one of the most generous investor protections in the world.

1 M$
Coverage per account — in Canadian dollars If your CIRO-member broker becomes insolvent, CIPF covers your cash and securities up to $1,000,000 CAD per account category (RRSP, TFSA, general account, etc. count separately).
1 M$
Protection par compte CAD
1969
Founded (55 years)
OCRI
CIRO members only
0 cas
Historic client loss
📋 Table of Contents
  1. What is CIPF?
  2. What CIPF Covers
  3. Limits & Exclusions
  4. Coverage by Account Type
  5. CIPF & Cryptocurrencies
  6. How to File a Claim
  7. Covered Brokers
  8. FAQ
01 — What is CIPF?

The Canadian Investor Protection Fund (CIPF) — in French FCPI (Fonds canadien de protection des investisseurs) — is a private not-for-profit organization founded in 1969. Its mission is simple: to protect clients of CIRO-member dealers in the event of insolvency.

Since its founding, no eligible CIPF client has lost money due to the insolvency of a member firm. CIPF maintains a reserve fund funded by contributions from its members (CIRO dealers) to quickly compensate clients en cas de faillite.

Le FCPI est administré indépendamment de l'OCRI et des gouvernements. Son conseil d'administration inclut des représentants de l'industrie et des représentants du public. Il publie des audited annual reports available at cipf.ca.

02 — What CIPF Covers
✅ CIPF covers:
🔹 Cash funds — Money deposited in your brokerage account
🔹 Stocks and bonds — Securities held in your account by the dealer
🔹 ETFs and mutual funds — Fund units held in your account
🔹 Open forex positions — In case of CIRO dealer insolvency (not trading losses)
🔹 Treasury bills — Money market instruments
🔹 Options and futures — Derivatives held in your account
🔹 Registered accounts — RRSP, TFSA, RRIF, RESP count separately (see table)
03 — Important Limits & Exclusions
⚠️ What CIPF does NOT cover:
🔹 Your trading losses — Lost $20,000 trading EUR/USD? Not covered.
🔹 Broker fraud — If your broker intentionally defrauded you (Ponzi, embezzlement), CIPF coverage may not apply depending on circumstances.
🔹 Crypto exchanges — Coinbase, Kraken, Newton, Shakepay are not CIRO members → no CIPF coverage.
🔹 Offshore brokers — A non-CIRO member broker offers no CIPF protection, regardless of foreign regulation.
🔹 Market depreciation — Your stocks fell 50%? That is not dealer insolvency.
04 — Coverage by Account Type

The $1M CAD limit applies per account category — meaning an investor with multiple account types can receive multiple separate coverages:

Account TypeCIPF CoverageNotes
General investment accountUp to $1,000,000 CADStandard individual or joint account
RRSP (registered account)Up to $1,000,000 CADSeparate from general account
TFSA (registered account)Up to $1,000,000 CADSeparate from RRSP and general account
RRIF (retirement account)Up to $1,000,000 CADSeparate from other accounts
RESP (education savings)Up to $1,000,000 CADSeparate from other accounts
Total potentialUp to $5,000,000 CADIf you hold all 5 account types
📌 Concrete example: A Canadian investor holds $150,000 in a general trading account, $250,000 in an RRSP and $80,000 in a TFSA at AvaTrade Canada. If AvaTrade Canada became insolvent, CIPF would cover all $480,000, since each account is below the $1M limit and protected separately.
05 — CIPF & Cryptocurrencies: No Coverage

This is the most important point for Canadian crypto investors: CIPF does not apply to cryptocurrency exchanges. Coinbase, Kraken, Newton, Shakepay, NDAX, Crypto.com and all other crypto exchanges are not CIRO members — they offer no CIPF protection.

PlatformCIPF CoverageAlternative protection
AvaTrade Canada (CIRO broker)✓ Jusqu'à 1 M$ CAD—
FOREX.com (CIRO broker)✓ Jusqu'à 1 M$ CAD—
Questrade (CIRO broker)✓ Jusqu'à 1 M$ CAD—
Coinbase (crypto exchange)✕ NonePartial private crypto insurance
Kraken (crypto exchange)✕ NoneInternal reserve fund
Newton (crypto exchange)✕ NoneFINTRAC only
Ledger / Trezor (hardware wallet)✕ Not applicableSelf-custody → maximum protection
📌 Solution for crypto holders: To protect your cryptocurrencies, the best strategy is self-custody via hardware wallet — Ledger or Trezor. If your cryptos are in a hardware wallet, they cannot be lost if an exchange becomes insolvent. Not your keys, not your coins.
06 — How to File a CIPF Claim
✅ Procedure if your CIRO broker becomes insolvent:
🔹 CIPF is automatically notified by CIRO as soon as a member becomes insolvent
🔹 CIPF appoints a trustee to recover client assets
🔹 You will receive a letter or email notification inviting you to submit your claim
🔹 Submit your claim with your account statements to the address provided by the trustee
🔹 CIPF aims to compensate clients within 6 to 12 months of the insolvency
🔹 Direct CIPF contact: cipf.ca · 1-866-243-6981
07 — CIPF-Covered Forex Brokers in Canada

All active CIRO-member dealers are automatically covered by CIPF. Here are the forex brokers recommended by Forex Québec that offer CIPF protection:

BrokerFCPIOCRIAMF QuébecAvis
AvaTrade Canada✓ 1 M$ CAD✓ Active member✓ RegisteredRead review →
FOREX.com✓ 1 M$ CAD✓ Active member✓ RegisteredRead review →
Questrade✓ 1 M$ CAD✓ Active member✓ RegisteredRead review →
08 — FAQ
Is CIPF similar to CDIC deposit insurance for banks?
Yes, but different. The Canada Deposit Insurance Corporation (CDIC) protects bank deposits up to $100,000 CAD. CIPF protects brokerage accounts (stocks, forex, ETFs) up to $1,000,000 CAD. Both are complementary — your bank account is covered by CDIC and your trading account at a CIRO broker is covered by CIPF.
Can a broker falsely claim to be "CIPF-protected"?
It is difficult to falsify — the complete, up-to-date list of CIRO members (and therefore CIPF-covered) is public at ciro.ca. Always verify yourself by searching the broker's name on the CIRO website. If the broker is not listed, they are lying.
Does CIPF cover losses due to poor broker management?
No. CIPF only covers cases where the dealer is insolvent (bankrupt) and cannot return your assets. If your assets simply lost value due to poor management, excessive fees or incorrect advice, CIPF does not apply — but you can file a complaint with CIRO or the AMF.
How do I verify if my broker is covered by CIPF?
The most reliable method is to verify that your broker is an active CIRO member at ciro.ca → Member search. All active CIRO members automatically participate in CIPF. You can also directly consult the CIPF member list at cipf.ca.
🏛️ CIRO Entity Page → 🏛️ AMF Entity Page → 📋 Covered Broker Reviews → 🔐 Protect Your Cryptos →