The Financial Services Regulatory Authority of Ontario (FSRA) provides insurance coverage for your member's deposits, in the unlikely event that your credit union fails.

Members qualify for up to $250,000 worth of coverage for their non-registered accounts and unlimited coverage for their registered accounts. All deposits must be held in Canadian dollars, payable in Canada.

Insurable products:

  • Chequing accounts
  • Savings accounts
  • Guaranteed Investment Certificates (GICs) and other term deposits
  • Money orders
  • Funds in transit
  • Index-linked term deposits (principal portion only)

Deposits in non-registered accounts qualify for separate deposit insurance coverage up to $250,000 as follows:

  1. All accounts in a single name
  2. All accounts in joint names―separate coverage for each name combination
  3. Separate coverage for each beneficiary in a trust account

Insurable registered accounts that qualify for 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)

Deposit insurance does not cover:

  • Investments in mutual funds, stocks, shares, mortgages and subordinated debt
  • Membership shares and 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

For more information on deposit insurance coverage, please see How deposit insurance works.