Deposit insurance is part of a comprehensive protection program in all Ontario credit unions which is backed by provincial legislation. 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. 

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)

The purpose of the deposit insurance brochure is to provide an overview of typical insurance coverage.

What you need to know if your credit union goes out of business

If your credit union or caisse populaire goes out of business, FSRA deposit insurance takes effect.

  • Payments for insurable deposits will be made as soon as possible
  • Payment will include principal and interest up to $250,000 for insurable deposits held in non-registered accounts
  • Payments will be aggregated together, and unlimited, for insurable deposits held in registered accounts
  • Borrowers are responsible for repayment of outstanding debt until it is paid in full 

Always make sure that your credit union or caisse populaire has your current and complete contact information to ensure swift resolution in the unlikely event that they go out of business. Your deposits and accrued interest will be repaid by FSRA in accordance with the prescribed maximum limits.