CDIC vs Provincial Deposit Insurance in Canada
A bank deposit is covered by CDIC, the federal deposit insurer, up to $100,000 per category. A deposit at most credit unions is covered by that province's own deposit insurer instead, because the credit union is provincially regulated. Which system protects your money follows from how the institution is regulated, and the coverage limits are where the two diverge.
Bank deposits
CDIC, federal
The Canada Deposit Insurance Corporation insures eligible bank deposits to $100,000 per category, backed by the federal government.
Credit union deposits
The province's insurer
Each province's deposit insurer covers the credit unions it regulates. Four provinces apply no dollar cap.
Which one applies
How it is regulated
Federally regulated means CDIC; provincially regulated means the provincial insurer. The institution's regulation decides it.
Federal vs provincial
What CDIC is, and what provincial deposit insurance is
CDIC
Federal, banks
The Canada Deposit Insurance Corporation is a federal Crown corporation established by the Government of Canada. It insures eligible deposits at its member institutions, the Canadian banks, federal credit unions, and trust and loan companies, up to $100,000 in each of nine separately insured categories. Member institutions fund CDIC through premiums, and the coverage is automatic and free to the depositor.
Provincial deposit insurance
Provincial, credit unions
Every province has its own deposit guarantee body, created under that province's credit union legislation, that protects deposits at the credit unions and caisses populaires it regulates. The coverage is set provincially, so the dollar limits and the treatment of registered accounts differ by province. Four provinces guarantee credit union deposits in full with no dollar cap. The deposit insurance guide sets out each insurer and its limit.
How they compare
CDIC and provincial coverage, line by line
What it is
A federal Crown corporation that insures eligible deposits at its member institutions.
Each province's own deposit guarantee body, created under that province's credit union law.
Who it covers
Canadian banks, federal credit unions, and trust and loan companies that are CDIC members.
The credit unions and caisses populaires regulated by that province.
Who backs it
The Government of Canada; CDIC is funded by member institution premiums.
A provincial guarantee corporation or fund, funded by that province's credit unions.
Coverage limit
$100,000 per insured category, per member institution.
Set by the province: no dollar cap in BC, AB, SK, and MB; per-category limits of $100,000 to $250,000 elsewhere.
Registered accounts
RRSP, RRIF, TFSA, RDSP, RESP, and FHSA are each a separate $100,000 category.
No cap in the four full-guarantee provinces; Ontario and PEI cover registered accounts with no limit; capped elsewhere.
Separate categories
Nine: one name, joint, trust, RRSP, RRIF, RDSP, RESP, TFSA, FHSA, each insured on its own.
Category structure is provincial; full-guarantee provinces have no per-category cap to apply.
Deposit types covered
Chequing and savings, GICs and other term deposits (any term), in Canadian or foreign currency.
Chequing and savings, GICs and term deposits; foreign-currency treatment varies by province.
Not covered
Mutual funds, stocks, bonds, ETFs, and crypto are investments, so deposit insurance does not cover them.
Mutual funds, member shares, and other investments sit outside the guarantee; only deposits qualify.
How a payout works
If a member institution fails, CDIC reimburses insured deposits; the depositor pays nothing for the coverage.
If a credit union fails, the provincial insurer covers insured deposits; coverage is automatic and free to the member.
The exact limit and insurer for each province, with official links, is on the province-by-province guide.
The provincial picture is not uniform
No dollar cap in four provinces, per-category limits elsewhere
British Columbia, Alberta, Saskatchewan, and Manitoba guarantee credit union deposits in full, with no dollar cap on the amount. A member in those provinces has every dollar at a credit union protected if it fails.
The other provinces set a per-category limit, generally between $100,000 and $250,000. Ontario and Prince Edward Island cover non-registered deposits to $250,000 and registered accounts such as an RRSP, RRIF, or TFSA with no limit. Quebec sits at $100,000 per category, the same figure CDIC uses for banks.
The exact limit, the named insurer, and the official source for your province are on the province-by-province deposit insurance guide. The checker below names the insurer and the limit for the institution type and province you pick.
No dollar cap on credit union deposits
- British Columbia
- Alberta
- Saskatchewan
- Manitoba
Ontario and PEI add no-limit coverage on registered accounts; the rest apply per-category limits.
Check your coverage
Who insures your deposit, and how much
Pick whether your money is at a bank or a credit union, and the province. It names the deposit insurer and the coverage that applies. The figures come from the named insurer; the insurer is the authority for the exact terms.
Deposit insurer
Financial Services Regulatory Authority of Ontario (FSRA)
Coverage
$250,000 non-registered; unlimited registered
per the insurer's category rules
Non-registered deposits are covered to a maximum of $250,000 (principal and interest combined) per depositor at each Ontario credit union or caisse populaire. Deposits in registered accounts (RRSP, RRIF, RDSP, RESP, TFSA, LIRA, LIF) have unlimited coverage. Insurance is provided through the Deposit Insurance Reserve Fund administered by FSRA, which took on this role in 2019, replacing the former Deposit Insurance Corporation of Ontario (DICO).
Coverage figures are summaries from the named insurer and reflect only what this site has verified. The insurer is the authority for the exact terms; confirm with it before relying on a number for a large balance.
What it means for your money
Equivalent within a limit, different above it
For a balance inside one category limit, the two systems reach the same place: an insured deposit is returned in full if the institution fails. A $60,000 savings balance is covered the same way at a CDIC bank and at a credit union in any province.
The difference appears with a larger balance. In British Columbia, Alberta, Saskatchewan, or Manitoba, the full amount at a credit union is guaranteed, with nothing to spread around. Under CDIC, or in a province with a per-category cap, a large balance stays fully covered only when it is split across separate insured categories or institutions, and in Ontario and PEI a large registered balance is already fully covered because registered accounts there carry no limit.
Both systems cover deposits, so a GIC or a savings balance is protected, while mutual funds, stocks, and ETFs are investments and are outside deposit insurance either way. The credit union vs bank comparison sets deposit protection alongside the other differences, and the directory shows the deposit insurer for each credit union.
Common questions
CDIC vs provincial deposit insurance, answered
See who insures a credit union before you join
The directory lists the deposit insurer for each credit union, and the province-by-province guide has every coverage limit with its official source.
CreditUnionDirectory.ca is fully independent, with no affiliation to any credit union or deposit insurer.