Deposit Insurance at Canadian Credit Unions
Four provinces protect every dollar at a credit union with no limit: BC, AB, SK, and MB. Ontario and Prince Edward Island also cover registered accounts with no limit. Bank deposits under CDIC are capped at $100,000 per category.
4 provinces
guarantee every credit union deposit with no dollar cap
Ontario & PEI
cover registered accounts (RRSP, RRIF, TFSA) with no limit
Separate systems
credit unions and banks use entirely different insurers
What is deposit insurance?
Deposit insurance is a government-backed or legislated guarantee that protects your money if your financial institution fails. In Canada, banks and credit unions use completely separate systems, and credit unions often offer stronger protection. The CDIC vs provincial deposit insurance comparison explains how the two systems differ.
It operates like other forms of insurance: you don't pay premiums directly, but the financial institution pays into an insurance fund. If the institution becomes insolvent, the insurer steps in to return your protected deposits.
Important: credit unions are NOT covered by CDIC
CDIC (Canada Deposit Insurance Corporation) only covers deposits at federally chartered banks and some federal credit unions. Most Canadian credit unions are provincially regulated and use entirely separate provincial deposit insurers.
CDIC (Banks): key facts
Each category is insured separately. A depositor with $100K in a TFSA and $100K in an RRSP is protected for both, but $200K in a single savings account is only covered for the first $100K.
Provincial deposit insurance: credit unions
Every Canadian credit union is covered by its province's deposit insurer. Four provinces (BC, AB, SK, and MB) apply no dollar cap at all, Ontario and Prince Edward Island cover registered accounts with no limit, and the rest set per-category limits.
British Columbia
✓ Unlimited protectionCredit Union Deposit Insurance Corporation of BC (CUDIC)
All eligible deposits at BC credit unions are 100% guaranteed with no dollar cap. CUDIC is a statutory corporation administered by the BC Financial Services Authority (BCFSA).
Alberta
✓ Unlimited protectionCredit Union Deposit Guarantee Corporation (CUDGC)
Deposits at Alberta credit unions are 100% guaranteed by CUDGC under the provincial Credit Union Act, with no dollar cap.
Saskatchewan
✓ Unlimited protectionCredit Union Deposit Guarantee Corporation (CUDGC Saskatchewan)
All deposits at Saskatchewan credit unions are 100% guaranteed by CUDGC Saskatchewan, with no dollar cap.
Manitoba
✓ Unlimited protectionDeposit Guarantee Corporation of Manitoba (DGCM)
All deposits at Manitoba credit unions and caisses populaires are 100% guaranteed by DGCM, with no dollar cap.
Ontario
✓ Unlimited on registeredFinancial Services Regulatory Authority of Ontario (FSRA)
Non-registered deposits are covered to a maximum of $250,000 (principal and interest combined) per depositor at each Ontario credit union or caisse populaire. Deposits in registered accounts (RRSP, RRIF, RDSP, RESP, TFSA, LIRA, LIF) have unlimited coverage. Insurance is provided through the Deposit Insurance Reserve Fund administered by FSRA, which took on this role in 2019, replacing the former Deposit Insurance Corporation of Ontario (DICO).
Quebec
$100,000 per depositor, per categoryAutorité des marchés financiers (Fonds d'assurance-dépôts)
Deposits at Quebec caisses populaires and other provincially regulated financial services cooperatives are guaranteed by the AMF's Fonds d'assurance-dépôts up to $100,000 per depositor, per eligible category. This is a separate system from CDIC.
New Brunswick
$250,000 per insured categoryNew Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC)
NBCUDIC provides deposit protection up to $250,000 per eligible category at New Brunswick credit unions. Each category (basic deposits, RRSP, TFSA, RRIF) is covered separately.
Nova Scotia
$250,000 per insured categoryNova Scotia Credit Union Deposit Insurance Corporation (NSCUDIC)
NSCUDIC covers deposits up to $250,000 per eligible category at Nova Scotia credit unions. Categories (basic deposits, RRSP, TFSA, RRIF, and others) are each protected separately.
Prince Edward Island
✓ Unlimited on registeredPEI Credit Union Deposit Insurance Corporation
Non-registered deposits are covered to a maximum of $250,000 per depositor at each PEI credit union. Deposits in registered plans (RRSP, RRIF, TFSA, FHSA) are covered in full with no dollar limit.
Newfoundland & Labrador
$250,000 per type of depositCredit Union Deposit Guarantee Corporation (CUDGC Newfoundland and Labrador)
CUDGCNL covers deposits at Newfoundland and Labrador credit unions up to $250,000 per type of deposit. Each type (basic deposits, RRSP, TFSA, RRIF, and others) is protected separately.
Coverage details are summaries only. Verify exact terms with the deposit insurer in your province.
What types of deposits are covered?
Most provincial credit union deposit insurers protect a wide range of deposit types. Eligible deposits typically include:
- Chequing and savings accounts
- Term deposits and GICs (including non-redeemable)
- RRSP deposits
- RRIF deposits
- TFSA deposits
- FHSA deposits (where applicable)
- US dollar and foreign currency deposits (varies by province)
What is NOT covered?
Deposit insurance does not cover market losses or investment products. Typical exclusions include:
- Mutual funds and ETFs (even if sold through a credit union)
- Stocks and bonds held in brokerage accounts
- Segregated funds (these have separate insurance)
- Losses from investment decisions or market movements
- Amounts over the insured limit (where limits apply)
Find a credit union in your province
Our directory shows the deposit insurer for each credit union so you can verify coverage before joining.
CreditUnionDirectory.ca is fully independent, with no affiliation to any credit union or deposit insurer.