FSRA's deposit insurance protects deposits held in Ontario credit unions in the event that a credit union is unable to repay all of its depositors. If you want to see what's covered by deposit insurance, please visit What's Covered.

Real world example

John Smith is a member of two Ontario credit unions: Butterfly CU and Maple Tree CU (not real credit unions). John has a number of different accounts in both credit unions, held in his name, and jointly with the members of his family. 

Butterfly Credit Union

John's individual Chequing & Savings Account combined: insured up to $250,000

Business account (provided it is not a sole proprietorship): $250,000*

John’s maximum in insurable deposits at Butterfly CU: $500,000*

* Deposits in the individual’s name will be combined with the deposits of the “sole proprietorship”. For the purposes of determining deposit insurance protection, a business is defined as a corporation, partnership, association, registered charity or government.

Maple Tree Credit Union

Joint Savings account with Hellen Novak (wife) - $250,000

Joint chequing account with Frank Smith (father) - $250,000

RRSP in John Smith’s name – fully insured, no limit

Trust account for Sophia Smith Novak & Bill Smith Novak (children of John and Hellen) – 2x $250,000

John’s maximum in insurable deposits at Maple Tree CU - $1,000,000 + unlimited insurance on RRSP