The deposit insurance coverage available for eligible deposits will depend on the institution. The coverage provided for Chartered Banks and Trust Companies are federally insured, and Credit Unions are provincially or corporately insured. We are here to help you navigate how deposit insurance coverage works and provide you with advice on your portfolio to ensure you are protected.
In Canada, Canadian Deposit Insurance Corporation provides deposit insurance against the loss of eligible deposits at member institutions in the event of bankruptcy and financial failure. CDIC deposit insurance coverage is only available where eligible deposits are held at a CDIC member institution. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each CDIC member financial institution. Members include banks, federally regulated credit unions, as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. *Please visit CDIC’s website for full details and for a current list of their member institutions. It’s important to note that the coverage is at an institutional level, so purchases from multiple brokers at the same carrier may not be covered by CDIC.
Insurable deposits with Ontario Credit Unions are covered by the Financial Services Regulatory Authority of Ontario (FSRA formerly DICO). All insurable non-registered deposits are covered up to $250,000. Insurable deposits in registered accounts have unlimited deposit coverage.
Update: Effective June 8, 2019, the Financial Services Regulatory Authority of Ontario (FSRA) assumed regulatory duties of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). Click Here for more details
Deposit Insurance Provider Links:
- CDIC – www.cdic.ca – Find out if your savings are protected using CDIC’s Deposit Insurance Estimator. For more information about CDIC’s deposit insurance, visit www.cdic.ca.
- FSRA – www.fsrao.ca – The Deposit Insurance Corporation of Ontario (DICO) has amalgamated into the Financial Services Regulatory Authority (FSRA)
- NSCUDIC – www.nscudic.org
Note: SGN Investments is not a deposit taking company nor a deposit issuing company. SGN Investments is not a member institution of deposit insurance. SGN Investments is an independent broker for introducing deposits on behalf of the issuing companies.