Deposit Insurance

Financial Services Regulatory Authority of Ontario (FSRA)

The Financial Services Regulatory Authority of Ontario (FSRA) deposit insurance program ensures the safety of Ontario’s credit unions and caisses populaires by providing comprehensive and reliable insurance for all eligible deposits - automatically. The best part? There’s no charge to you since each credit union is legally required to be insured by FSRA, and they pay for coverage through their insurance premiums, so they pass the safety (rather than the cost) on to you.

Protecting your financial future is of utmost importance, so FSRA’s maximum coverage for insurable deposits is $250,000 (principal, interest, and total deposits in all branches combined for unregistered accounts) and unlimited for registered accounts! That’s a lot higher than your average bank at just $100,000.

> See the FSRA brochure

GENERAL QUESTIONS Expand/Collapse

1. Who pays for deposit insurance coverage?

  • Credit unions and caisses populaires pay for deposit insurance coverage through premiums paid to FSRA. All insurable deposits held by depositors are automatically covered.

2. What happens if a credit union goes out of business?

  • Payments for insurable deposits are made as soon as possible;

  • The payment includes principal and interest up to $250,000 for insurable deposits held in non-registered accounts aggregated together and unlimited for insurable deposits held in registered accounts;

  • Borrowers from an insolvent credit union or caisse populaire are responsible for repayment of outstanding debt until paid in full and will be notified by letter from FSRA with specifics, including any exercise of a right of set-off against deposits or deposit insurance payments to assist in such repayment.

3. As an account owner what can I do to ensure complete and prompt payment if my credit union or caisse populaire fails?

  • Ensure your credit union or caisse populaire always has your current and complete contact information;

  • Understand what’s covered and what’s not.

WHAT’S COVERED Expand/Collapse

Insurable deposits held at Ontario credit unions and caisses populaires in Canadian currency are covered up to a maximum of $250,000. Insurable deposits include:

  • Chequing and 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)


All insurable deposits in the following 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)


To be eligible for deposit insurance coverage, you must be a member of the credit union or caisse populaire. Deposit insurance coverage is provided by the Deposit Insurance Reserve Fund administered by FSRA and pre-funded by Ontario credit unions and caisses populaires at no cost to depositors.

WHAT IS THE MAXIMUM COVERAGE? Expand/Collapse

Basic Coverage: The maximum basic coverage for insurable deposits held in non-registered accounts is $250,000 (principal and interest combined) per depositor in each Ontario credit union and caisse populaire and unlimited for insurable deposits held in registered accounts. Deposits held in different branches of the same credit union or caisse populaire are not separately insured.

Separate Coverage: FSRA’s deposit insurance program provides separate coverage for insurable deposits held in joint accounts, trust accounts and registered accounts

LIMITS Expand/Collapse

The following are not covered under FSRA’s deposit insurance program:

  • Mutual funds

  • Membership shares

  • Patronage, investment or preferred shares issued by a credit union

  • Foreign currency deposits

  • Contents of safety deposit boxes

  • Securities held for safekeeping

GLOSSARY OF TERMS Expand/Collapse

Credit Union or Caisse Populaire

A corporation incorporated as a credit union or Caisse Populaire under the Credit Unions and Caisses Populaires Act or as a predecessor thereof.

Deposit

Funds held on deposit with a credit union or Caisse Populaire by a member or for his or her benefit, including savings and chequing accounts, term deposits, and guaranteed investment certificates.

Person

A corporation, an individual, an unincorporated association or a partnership.

Depositor

A person who is a member of a credit union or Caisse Populaire under the Credit Unions and Caisses Populaires Act and any other depositor from which a credit union or Caisse Populaire may lawfully accept deposits.

 

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Financial Services Regulatory Authority of Ontario (FSRA)

Deposits are guaranteed by the Financial Services Regulatory Authority of Ontario.


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