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How is my GIC Protected?

All Canadian Financial Institutions (Banks, Trust Companies and Credit Unions) are members of Deposit Insurance Corporations and coverage amounts depend on the Financial Institution. Banks and Trust Companies (including Mortgage Corporations) are members of the Canadian Deposit Insurance Corporation (CDIC). Credit Unions are covered by provincial insurance corporations.  

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Bank and Trust Companies (including Mortgage Corporations) are members of the Canada Deposit Insurance Corporation. Please visit www.cdic.ca for detailed coverage information and a list of member institutions.

Insurance Coverage for Credit Unions (by Province)

British Columbia

Credit Union Deposit Insurance Corporation (CUDIC) is a government corporation, established in 1958 that provides deposit insurance for members’ deposits. The Financial Institutions Commissions (FICOM), an agency of the Government of BC, is responsible for administering CUDIC and for regulating financial institutions operating in the province. For more information, visit www.fic.gov.bc.ca.

All money on deposit and money invested in non-equity shares with a BC credit union is 100% guaranteed, including foreign currencies and accrued interest, regardless of the length of the term to maturity.

Alberta

The Credit Union Deposit Guarantee Corporation (CUDGC) monitors and regulates the performance of credit unions in Alberta and the compliance of Alberta credit unions with the Credit Union Act. The primary role of the Corporation is to guarantee deposit protection to deposit holders with credit unions in Alberta. For more information, visit www.cudgc.ab.ca.

Each Alberta credit union is required to build and maintain capital to a level outlined in the Credit Union Act and Regulations. A credit union's capital is comprised of retained earnings, and common shares and investment shares (if any) owned by its members.

The Credit Union Deposit Guarantee Corporation provides a 100% guarantee of all deposits with Alberta credit unions. This protection includes accrued interest to the date of payout. The Government of Alberta ensures that the Credit Union Deposit Guarantee Corporation's obligation to depositors will be carried out.

Manitoba

The Deposit Guarantee Corporation of Manitoba (DGCM) commenced operations in 1965. Its mission is to guarantee deposits and maintain confidence in the Manitoba credit union system, by focusing on sound business practices, governance, performance and risk management. For more information, visit www.depositguarantee.mb.ca.

All deposit amounts are fully guaranteed and include accrued interest to the date of payout. Deposit amounts include chequing and savings accounts, RRSP deposits, RRIF deposits, foreign currency deposits and term deposits, including those with terms exceeding five years. There is no legislated requirement for the Manitoba government to provide financial support to credit unions.

Ontario

The Deposit Insurance Corporation of Ontario (DICO) is a Provincial Agency providing deposit insurance protection for the members of Ontario Credit Unions and Caisses populaires. For more information, visit www.dico.com.

DICO's insured institutions pay premiums to DICO to cover the cost of insuring your deposits. In the event that a credit union is unable to repay all of its deposits, DICO pays these up to the maximum prescribed limit of $100,000 for deposits held in each of the separate categories of DICO deposit insurance coverage.

Deposit insurance covers eligible deposits up to the prescribed statutory limit of $100,000. DICO automatically insures savings and chequing accounts, term deposits (GICs), money orders, certified cheques and registered accounts.

Saskatchewan

Credit Union Deposit Guarantee Corporation (CUDGC) guarantees the full repayment of deposits held in Saskatchewan credit unions. The Corporation is the primary regulator for Saskatchewan credit unions. For more information, visit www.cudgc.sk.ca.

Deposits held in Saskatchewan credit unions are fully guaranteed. There is no limit to the size of deposit covered by the guarantee - whether $100 or $1,000,000 or more. All deposits are fully guaranteed.

The Corporation's system of deposit protection, including preventive approaches, strong levels of credit union capital and a strong guarantee fund, ensures even the largest deposits are fully guaranteed.