Every day, thousands of Ontarians trust their credit unions with cash deposits, investments, mortgages and more.
In Ontario, the moment you become a credit union member and make a deposit, your insurable deposits are protected. Non-registered insurable deposits held at an Ontario credit union in Canadian funds, payable in Canada, have a maximum coverage amount of $250,000, while deposits in registered accounts have unlimited coverage.
Financial Services Regulatory Authority of Ontario’s (FSRA) deposit insurance program protects insurable deposits held with Ontario credit unions and caisses populaires. Deposit insurance is part of a comprehensive depositor protection program that ensures the safety and soundness of credit unions and caisses populaires.
All credit unions and caisses populaires in Ontario are required to prominently display the official decal provided by FSRA at each of their locations.
What's on this page:
- Who pays for deposit insurance coverage?
- What happens if a credit union or caisse populaire goes out of business?
- As an account owner what can I do to ensure complete and prompt payment if my credit union or caisse populaire fails?
- What's covered?
- What's not covered?
- What is the maximum insurance coverage?
- Non-Registered Accounts
- Registered Accounts
- FSRA's Deposit Insurance Program Coverage
- 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.
Note: All amounts include principal and interest (in Canadian dollars)