Provincial Deposit Insurance

Credit unions in Canada are either provincially or federally regulated. Regulators have oversight over individual credit unions; and credit unions are required to meet standards and work with public agencies to ensure they are among the country’s soundest financial institutions. 

All provinces have deposit insurance coverage that provide credit union members with deposit protection equal to, or higher than, the big banks..

See below for a breakdown of the regulators, deposit insurers and credit unions in each province. Please refer to the website of the applicable provincial deposit insurer for further details. 

Alberta:

Alberta credit unions are provincially regulated by the Credit Union Deposit Guarantee Corporation. The Credit Union Deposit Guarantee Corporation also provides deposit insurance coverage, guaranteeing the repayment of all deposits with Alberta credit unions, including accrued interest. Learn More

AB credit unions:

British Columbia:

BC credit unions are provincially regulated by the BC Financial Services Authority. Deposit insurance coverage is provided by the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”). Learn More

BC credit unions:

Manitoba:

Manitoba credit unions Caisse Financial Group are provincially regulated by the Deposit Guarantee Corporation of Manitoba. The Deposit Guarantee Corporation of Manitoba also provides deposit insurance coverage, guaranteeing 100% of deposits held with Manitoba credit unions and Caisse Financial Group. Learn more

MB credit unions:

New Brunswick:

New Brunswick credit unions are provincially regulated by the Financial and Consumer Services Commission (FCNB). Deposit insurance coverage is provided by New Brunswick Credit Union Deposit Insurance Corporation. Learn more

NB credit unions:

Newfoundland:

Newfoundland credit unions are provincially regulated by the Department of Digital Government and Service NL. Deposit insurance coverage is provided by Credit Union Deposit Guarantee Corporation.  Learn more

NL credit unions:

Nova Scotia:

Nova Scotia credit unions are provincially regulated by the Nova Scotia Department of Finance. Deposit insurance coverage is provided by Nova Scotia Credit Union Deposit Insurance Corporation.Learn more

NS credit unions:

Ontario:

Credit unions in Ontario are provincially regulated by the Financial Services Regulation Authority (FSRA). Deposit insurance coverage is provided by the Deposit Insurance Reserve Fund administered by FSRA.  Learn more

ON credit unions:

Prince Edward Island:

PEI credit unions are provincially regulated by the Department of Justice and Public Safety.  Deposit insurance coverage is provided by the Credit Union Deposit Insurance Fund. Learn more

PEI credit unions:

Saskatchewan:

Saskatchewan credit unions are provincially regulated by Credit Union Deposit Guarantee Corporation.The Credit Union Deposit Guarantee Corporationalso provides deposit insurance coverage, guaranteeing the full repayment of deposits held in Saskatchewan credit unions. Learn more

SK credit unions:

Federal:

Federal credit unions are chartered under the Bank Act (Canada) and are regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC). Deposit insurance coverage is provided by The Canada Deposit Insurance Corporation (CDIC). Learn more

Federal credit unions:

December 7, 2022

*This publication is provided for informational purposes only and does not constitute legal or financial advice.*