Which organization provides deposit insurance for Schedule I Banks in Canada?

The Canadian Deposit Insurance Corporation (CDIC) is the correct answer as it is the organization responsible for providing deposit insurance specifically for Schedule I banks in Canada. This insurance protects depositors by covering their eligible deposits in the event that a member bank fails. CDIC ensures depositor confidence in the financial system, helping stabilize the banking sector and protect the interests of consumers.

Schedule I banks, which are domestic banks that are chartered under the Bank Act of Canada, benefit from this insurance coverage, which is critical for promoting trust in the banking system. CDIC covers various types of deposits, including savings accounts and term deposits, up to a certain limit.

The other organizations listed do not provide deposit insurance. The Canadian Securities Administrators governs securities regulation in Canada, but it does not deal with deposit insurance for banks. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) focuses on anti-money laundering and financial reporting, rather than deposit protection. The Bank of Canada serves as the country's central bank, responsible for monetary policy and financial stability, but it does not provide deposit insurance either. Thus, the Canadian Deposit Insurance Corporation is indeed the key entity for this purpose.