NAME OF INSURER PROVINCE WEBSITE LINK TO MEMBERS WHAT’S COVERED WHAT’S NOT COVERED ADDITIONAL NOTES
Canada Deposit Insurance Corporation (CDIC) Federal http://www.cdic.ca/ CDIC Members
  • Up to a maximum of $100,000 per separately insured category in case of a failure
  • Savings accounts
  • Chequing accounts
  • Term deposits such as GICs (no term limits)
  • Deposits held in foreign currencies
  • Debentures issued to evidence deposits by CDIC member institutions (other than banks)
  • Money orders and bank drafts issued by CDIC members
  • Cheques certified by CDIC members
  • Travellers Cheques
  • Deposits in mortgage tax accounts
  • Mutual funds, stocks and bonds
  • Treasury bills and bankers’ acceptances
  • Principal protected notes that are traded
  • Debentures issued by banks, governments or corporations
  • Deposits with receipts payable to bearer (rather than to a named person)
  • Deposits held at financial institutions that are not CDIC members
  • Coverage Area: Canada wide, Federal Institutions.
  • CDIC is the federal Crown corporation which protects eligible deposits at each of its member financial institutions.
  • Separate coverage for up to $100,000 in eligible deposits held under Registered Education Savings Plans (RESPs) coming into force April 30, 2022*
  • Separate coverage for up to $100,000 in eligible deposits held under Registered Disability Savings Plans (RDSPs) coming into force April 30, 2022*
  • *See CDIC Act changes deferred to April 30, 2022
  • Brochures, Signage and other requirements
Credit Union Deposit Guarantee Corporation (CUDGC) Alberta http://www.cudgc.ab.ca/ CUDGC Alberta Members
  • All deposit amounts are fully guaranteed and include accrued interest to the date of payout
  • Deposit amounts include chequing and savings accounts
  • RRSP deposits
  • RRIF deposits
  • Foreign currency deposits
  • Term deposits, including those with terms exceeding five years
  • Non-deposit investments
  • Common shares
  • Investment shares
  • Mutual funds
  • Self-administered RRSPs that are not deposits (e.g. shares, mutual funds)
  • The goal of the CUDGC is to provide risk-based regulatory oversight and a deposit guarantee to enable a safe and sound credit union system in Alberta.
  • It is not affected by a credit union changing its name, amalgamating, or entering similar types of arrangements. This guarantee covers deposits only.
Credit Union Deposit Insurance Corporation of British Columbia (CUDIC BC) British Columbia https://www.bcfsa.ca/ CUDIC BC Members
  • All money on deposit and money invested in non-equity shares with a BC credit union, regardless of whether it is placed directly with the credit union or through a broker, is 100% guaranteed
  • Whether it is placed directly with the credit union or through a broker, is 100% guaranteed
  • Personal & business accounts covered:
    • Savings accounts
    • Chequing accounts
    • Joint accounts
    • Trust accounts
    • Term deposits (with no limit on the length of the term to maturity)
    • GICs (that are in the form of money on deposit with a BC credit union)
    • Foreign currency deposits
    • Registered and tax-free savings accounts
    • Accrued interest on deposits is also guaranteed
  • Credit union equity shares
  • Debt instruments
  • Mutual funds or RRSP equity plans
  • The Credit Union Deposit Insurance Corporation (CUDIC), a statutory corporation, guarantees all deposits and non-equity shares of British Columbia credit unions.
  • Advertising of the Deposit Guarantee
Deposit Guarantee Corporation of Manitoba (DGCM) Manitoba https://dgcm.ca/ DGCM MB Members
  • Provides an unlimited guarantee of all deposits in a Manitoba credit union or caisse including accrued interest to date of payout.
  • All deposits including chequing and savings accounts
  • Term deposits (including those with terms exceeding five years)
  • Registered deposits
  • Foreign currency deposits
  • Non-deposit instruments such as members’ share capital (e.g. common, surplus, or preferred shares)
  • Mutual funds
  • Self-administered RRSPs that are not deposits (e.g. equity shares and mutual funds)
  • The guarantee is not affected by a credit union or caisse populaire changing its name, amalgamating or entering similar agreements.
New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC) New Brunswick https://www.nbcudic.ca/ NBCUDIC Members
  • Members of New Brunswick credit unions with NBCUDIC insurance receive coverage of up to $250,000 in each of the six categories of savings cited below. Since every category comes with its own, separate coverage of up to $250,000, if you have savings in four categories, you have a combined coverage of up to $1,000,000, depending on your account balances. The six categories are:
  • accounts held in one name
  • joint accounts (two or more names)
  • trust accounts (in trust for someone else)
  • registered retirement savings plans (RRSPs)
  • registered retirement income funds (RRIFs)
  • tax-free savings accounts (TFSAs)
  • Eligible deposits include a combination of savings accounts, chequing accounts, term deposits and guaranteed investment certificates (GICs) with an original term to maturity of five years or less, money orders, drafts, and certified cheques.
  • Investments in mortgages, mutual funds, and stocks
  • Term deposits and guaranteed investment certificates (GICs) with an original term to maturity of more than five years
  • Bonds and debentures issued by governments and corporations
  • Membership shares and other types of shares issued by a credit union
  • Treasury bills
  • Deposits held in foreign currencies
  • Deposits made at banks and trust companies
  • Deposits made at credit unions or caisses populaire that are not members of NBCUDIC
 
Credit Union Deposit Guarantee corporation Newfoundland (CUDGC NL) Newfoundland & Labrador http://cudgcnl.com/ CUDGC NL Members
  • Deposits of members and associate members of credit unions in Newfoundland and Labrador up to $250,000 per type of deposit
  • Deposits include basic deposits such as non-equity shares
  • Chequing and savings accounts
  • Term deposits, guaranteed investment certificates and joint deposits
  • Registered Savings Plans (RRSPs, RRIFs, and TFSAs)
  • Trust accounts
  • Mutual funds
  • Foreign currency deposits
  • Term deposits with a maturity date more than five years from date of deposits
  • Bonds and debentures issued by chartered banks, governments and corporations
  • Treasury bills
  • Investments in mortgages and stocks
 
Nova Scotia Credit Union Deposit Insurance Corporation (NSCUDIC) Nova Scotia http://www.nscudic.org/ NSCUDIC Members
  • You are insured up to $250,000 on a range of accounts
  • All deposit accounts – the combined total of each member’s chequing, savings and term deposit accounts are covered up to $250,000, including principal and interest
  • Trust deposits are insured separately up to $250,000, including principal and interest. Each person in a trust account is insured separately up to $250,000, including principal and interest
  • All joint accounts owned by the same combination of persons are added together and the combined total is insured to $250,000, including principal and interest
  • Every registered RRSP, RRIF, TFSA, and RESP investment contract is insured separately to $250,000, including principal and interest
  • Equity shares issued by a credit union
  • Self-administered TFSAs and RRSPs that are not deposits (e.g., real estate, mutual funds)
  • Contents of safety deposit boxes
  • Securities held for safekeeping
  • Mutual funds
  • Accounts in foreign currency
  • You are insured on a range of accounts which includes coverage for your primary savings and chequing accounts, money held in a joint savings account, funds held in a trust account, and all of your TFSA, RRSP, RRIF or RESP contracts up to $250,000 each. So, by choosing multiple contracts, you can now have unlimited coverage of your RRSP portfolio. Or, if you choose a trust fund, each beneficiary of the trust receives the maximum $250,000 coverage.
  • Every active credit union in Nova Scotia is required by legislation to be insured by CUDIC. The credit union must display the official membership sign of CUDIC and the words – Member of Nova Scotia Credit Union Deposit Insurance Corporation or Membre de Société d’Assurance-Dêpots des Caisses Populaires des la Nouvelle Écosse.
Financial Services Regulatory Authority (FSRA) Ontario https://www.fsrao.ca/ FSRA Members
  • Insurable deposits and account types include:
  • Chequing accounts
  • Savings accounts
  • Guaranteed Investment Certificates (GIC) and other term deposits (regardless of term of investment)
  • Money orders
  • Funds in transit
  • Index-linked term deposits (principal portion only)
  • Trust Accounts
  • Joint Accounts
  • Business Accounts (e.g. corporations, partnerships)
  • Insurable deposits in the following types of registered accounts have unlimited coverage:
  • Locked-in retirement account (LIRA)
  • Life income fund (LIF)
  • Registered retirement savings plan (RRSP)
  • Registered retirement income fund (RRIF)
  • Registered disability savings plan (RDSP)
  • Registered education savings plan (RESP)
  • Tax-free savings account (TFSA)
  • Investments in mutual funds, stocks, shares, mortgages, subordinated debt, etc.
  • Membership shares
  • Patronage, investment or preferred shares issued by a credit union
  • Foreign currency deposits
  • Contents of safety deposit boxes
  • Securities held for safekeeping
  • Bonds and debentures issued by governments and corporations
  • Treasury bills
  • Deposit insurance covers a wide range of deposits held at credit unions. Through FSRA, deposits held in Canadian currency in non-registered accounts, payable in Canada, may be insured up to a maximum of $250,000. In order to qualify, you must be a member of a credit union. Joint accounts, trust accounts and registered deposit accounts are separately insured.
  • Credit Union Deposit Insurance Advertising Rule
PEI Credit Union Deposit Insurance Corporation (PEICUDIC) Prince Edward Island http://peicudic.com/ PEICUDIC Members
  • The maximum basic protection with the same credit union is $125,000 (principal and interest combined). The $125,000 maximum, therefore, applies to all the insurable deposits that you have with the same member. Deposits are not insured separately in each branch of a credit union.
  • Membership share accounts
  • Savings and chequing accounts
  • Term deposits
  • Money orders
  • Drafts
  • Certified drafts and cheques
  • Foreign currency deposits (savings accounts, chequing accounts and term deposits)
  • Term deposits that are locked in longer than five years
  • Debentures issued by a credit union
  • Bonds and debentures issued by governments and corporations
  • Treasury bills
  • Investments in mortgages, stocks and mutual funds
  • CUDIC provides separate protection for joint deposits, formal trust deposits and deposits held in registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), registered disability savings plans (RDSPs) and Tax Free Savings Accounts (TFSAs).
Autorité des Marchés Financiers (AMF) Quebec https://lautorite.qc.ca/ AMF Deposit Insured Members
  • Your deposits are protected up to a maximum of $100,000 per category of deposit, per authorized deposit institution, including principal and accrued interest.
  • deposits held in chequing accounts and savings accounts
  • term deposits and Guaranteed Investment Certificates (GICs)
  • supplémentaire
  • drafts and certified cheques
  • Shares, mutual funds, bonds, debentures, mortgage-backed securities and units/shares or other equity securities
  • Treasury bills
  • Life insurance contracts and segregated funds
  • For your deposits to be protected, they must meet certain conditions. They must be made and payable in Québec and be in Canadian dollars
Credit Union Deposit Guarantee Corporation of Saskatchewan (CUDGCSK) Saskatchewan https://www.cudgc.sk.ca/ CUDGCSK Deposit Insured Members
  • All deposits are fully guaranteed
  • Chequing or savings accounts
  • Term deposits such as GICs
  • Registered plans, such as RRSPs, on deposit in a credit union
  • The Canadian equivalent of funds deposited in another currency
  • Accrued interest on deposits
  • Principal on index-linked term deposits – the return is guaranteed once the credit union is holding it
  • The guarantee covers all deposits in Saskatchewan credit unions regardless of membership, citizenship or residence of the depositor
  • Mutual funds and securities are investments purchased by an agent who invests in other companies on the members’ behalf. They are not deposits in the credit union so are not covered by the guarantee.
  • Safety deposit box contents are not covered because the box is rented from the credit union to house your personal belongings. The contents of the box are not considered deposits.
  • Securities held for safekeeping are also not deposits and are therefore not covered by the deposit guarantee.
  • Deposits held in Saskatchewan credit unions are fully guaranteed. There is no limit to the size of deposit covered by the guarantee – whether $1 or $1,000,000 or more, all deposits are fully guaranteed.

 

RDBA provides this chart for informational purposes only and we endeavour to keep the information up to date and correct, however, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the information on this web page for any purpose. Any reliance you place on such information is therefore strictly at your own risk. Follow the hyperlinks to the Deposit Insurers’ websites for up-to-date information. Please email us at headoffice@rdba.ca if you find an error or omission.

Last updated May 2020