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Why does CDIC insure deposits only until $100,000?
$100K CAD appears a low maximum, esp. for retirees. FDIC does so until $250K USD.
Because it only needs to insure enough to inspire confidence in the system, and seeing as people use the Canadian banking system, it is successful.
Unrelatedly, you can get multiple coverages from the CDIC for having a joint account, accounts at other banks, in Registered Retirement Plans, etc.