Deposit Insurance 

The Financial Services Regulatory Authority of Ontario's (FSRA), provides deposit protection for all eligible deposits held at Ontario credit unions. This deposit insurance is part of comprehensive depositor protection program for all Ontario credit unions and is backed by provincial legislation. Subject to coverage limits, eligible deposits held with FSRA member institutions are automatically insured; you do not have to apply for coverage.

How much is insured?

All eligible deposits held in savings and chequing accounts; term deposits and guaranteed investment certificates (GICs) held in the name of an individual depositor at a single member institution are insured up to a maximum of $250,000 per member including interest and dividends. Funds held in US accounts are not insured.

FSRA provides separate coverage up to a maximum of $250,000 (including interest and dividends) for each of the following eligible deposits:

  • Deposits held jointly, in the name of two or more persons
  • Deposits held in trust for one or more beneficiaries
  • Deposits held in the name of a corporation, partnership or association.

All deposits held in registered plans (RRSPs, RRIFs, RESPs and TFSAs) are fully insured with no maximum limit.

Note that eligible deposits held at different credit unions are separately insured; eligible deposits held at different branches of the same credit union are combined to determine the maximum insurance coverage.

What are the eligibility criteria for FSRA deposit insurance?

To be eligible, deposits must be:

  • in Canadian currency, payable in Canada
  • held in an Ontario credit union

Some deposits and investments are not insurable by FSRA. These include:

  • foreign currency deposits
  • mutual funds
  • membership shares and investment shares of a credit union
  • treasury bills
  • government and corporate bonds
  • stocks and debentures
  • contents of safety deposit boxes

For further information on deposit insurance, please ask for a brochure at the credit union or visit the FSRA’s website at

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