Deposit Insurance in Canada: CDIC and Provincial Credit Union Coverage
Deposit insurance protects eligible money held at a bank or credit union if the institution fails. Coverage is automatic and does not require an application, but the insurer and limit depend on the legal institution holding the deposit, not necessarily the brand name shown in an app or on a branch sign.
Deposits at CDIC-member banks and federal credit unions fall under the federal system. Deposits at provincially incorporated credit unions and caisses are protected by the applicable provincial program. Limits range from $100,000 per category to an unlimited guarantee, depending on the jurisdiction.
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Directory scope: The table on this page includes every current CDIC-member bank and federal credit union, and represents every provincially insured credit union or caisse. For readability, 188 Quebec Desjardins caisses and the Fédération des caisses Desjardins du Québec are consolidated into one display row; however, they remain separate AMF-authorized deposit institutions for coverage purposes. The table excludes non-CDIC foreign bank branches and CDIC-member trust, loan and mortgage companies. Product availability at federally regulated institutions varies by province.
How CDIC deposit insurance works
The Canada Deposit Insurance Corporation (CDIC) protects eligible deposits at each CDIC member institution up to $100,000, including principal and interest, in each insurance category. The nine categories are deposits held in one name, jointly, in trust, and separately within RRSPs, RRIFs, TFSAs, RDSPs, RESPs and FHSAs.
Eligible products include Canadian and foreign-currency deposits, savings and chequing balances, and eligible GICs or other term deposits. Mutual funds, stocks, bonds, exchange-traded funds (ETFs) and cryptocurrencies are not deposits and are not covered by CDIC.
However, these investments may be protected by the Canadian Investor Protection Fund (CIPF) when held by an eligible client at a CIPF member firm. CIPF protects against missing property if a member firm becomes insolvent, not against declines in investment value. Cryptocurrencies are not covered by either CDIC or CIPF.
CDIC coverage is calculated by legal member institution. Using two brands owned by the same member does not double the limit. For example, CIBC and Simplii Financial deposits are issued by the same CDIC member, as are Equitable Bank and EQ Bank deposits.
Tangerine is different: although Tangerine is owned by Scotiabank, it is also a CDIC member, so eligible deposits at Tangerine have separate coverage from eligible deposits at Scotiabank. Check the legal issuer on the account agreement or deposit confirmation.
Credit union deposit insurance by province
Credit union protection is not uniform across Canada. Four provinces provide an unlimited guarantee, while other provinces use limits and ownership or account categories.
| Province or jurisdiction | Deposit insurer | Non-registered coverage | Registered coverage | How the limit works |
|---|---|---|---|---|
Federal (CDIC members) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per category, per member institution | Up to $100,000 in each registered category | Nine categories in total; principal and interest are combined. |
British Columbia | CUDIC, administered by BCFSA | Unlimited | Unlimited | Full guarantee of eligible deposits at provincially incorporated B.C. credit unions. |
Alberta | Credit Union Deposit Guarantee Corporation (Alberta) | Unlimited | Unlimited | Full guarantee of eligible deposits at Alberta credit unions. |
Saskatchewan | Credit Union Deposit Guarantee Corporation (Saskatchewan) | Unlimited | Unlimited | Full guarantee of eligible deposits at Saskatchewan credit unions. |
Manitoba | Deposit Guarantee Corporation of Manitoba (DGCM) | Unlimited | Unlimited | Full guarantee of eligible deposits at Manitoba credit unions. |
Ontario | Financial Services Regulatory Authority of Ontario (FSRA), through the Deposit Insurance Reserve Fund (DIRF) | Up to $250,000 per depositor per credit union | Unlimited | Non-registered coverage is aggregated at the legal credit union; eligible registered deposits are separately protected without limit. Foreign currency deposits are not covered. |
Quebec | Autorité des marchés financiers (AMF) | Up to $100,000 per protected category, per authorized institution | Up to $100,000 in each registered category | Each Quebec Desjardins caisse and the Fédération is a separate authorized institution. |
New Brunswick | New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC) | Up to $250,000 per protected category | Up to $250,000 in each registered category | Each category provides separate coverage. |
Nova Scotia | Nova Scotia Credit Union Deposit Insurance Corporation (NSCUDIC) | Up to $250,000 for basic deposits; separate joint and trust rules | Up to $250,000 in each registered category | Each category provides separate coverage. Foreign currency deposits are not covered. |
Prince Edward Island | Prince Edward Island Credit Union Deposit Insurance Corporation (PEICUDIC) | Up to $250,000 per depositor per credit union | Unlimited for eligible RRSP, RRIF, RESP, RDSP, TFSA and FHSA deposits | Registered coverage is separate; eligible deposits generally must be repayable within five years. |
Newfoundland and Labrador | Credit Union Deposit Guarantee Corporation of Newfoundland and Labrador (CUDGCNL) | Up to $250,000 per protected category | Up to $250,000 per protected registered category | Each category provides separate coverage. |
Current merger and transitions
Eligible deposits held at Canadian Western Bank (CWB) before its amalgamation with National Bank on March 1, 2025 may continue to receive separate CDIC protection of up to $100,000 per category through March 1, 2027. Eligible term deposits retain separate protection until maturity or redemption. Withdrawals reduce the amount protected under the transition rules.
Several credit unions also changed from provincial insurance to CDIC coverage in 2026:
- ABCU Credit Union joined Innovation Federal Credit Union on April 1, 2026.
- First West Credit Union became Tru Cooperative Bank on April 1, 2026. Its operating brands include Enderby & District Financial, Envision Financial, Island Savings and Valley First.
- Prospera Credit Union and Sunshine Coast Credit Union joined Coast Capital Savings Federal Credit Union on May 6, 2026.
For these transactions, CDIC provides transitional protection for qualifying pre-existing deposits: eligible demand deposits retain the previous coverage for 180 days from the effective date, while eligible term deposits and GICs retain it until maturity or withdrawal. Deposits made after the federal effective date receive standard CDIC coverage.
Are All Banks and Credit Unions in Canada Required to Have Deposit Insurance?
Yes, banks and credit unions that accept deposits in Canada from retail customers must be covered by deposit insurance by participating in an applicable deposit insurance or deposit guarantee system.
Under federal law, banks, trust and loan companies, and federal credit unions must be CDIC members to accept retail deposits in Canada. Limited exceptions apply, primarily to institutions restricted to large or wholesale deposits over $150,000.
Provincial credit union deposit insurance is also mandatory. Provincially regulated credit unions in Canada participate in their province’s deposit insurance or guarantee system as part of their regulatory framework. A credit union cannot simply choose to operate as an uninsured retail deposit-taking credit union if they wish to continue accepting deposits.
For example, Section 218 of Ontario’s Credit Unions and Caisses Populaires Act says insurable deposits with every Ontario credit union are insured by FSRA. If insurance is cancelled, the credit union must stop accepting deposits.
Canadian banks and credit unions by deposit insurer
Use the table to identify the legal institution, its governing jurisdiction, the applicable insurer and the main coverage limit.
Desjardins note: Quebec Desjardins caisses and the Fédération are shown in one combined row. This is a presentation grouping only. Each caisse and the Fédération is separately authorized by the AMF, and the $100,000 limit applies per category, per person, per individual authorized institution.
| Logo | Financial institution | Type | Province(s) / regulatory scope | Deposit insurer | Coverage limit |
|---|---|---|---|---|---|
| Bank of China (Canada) | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Bank of Montreal | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Bank of Nova Scotia (The) | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Bridgewater Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Canadian Imperial Bank of Commerce | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Canadian Tire Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Cidel Bank Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Citibank Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Concentra Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| CS Alterna Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| CTBC Bank Corp. (Canada) | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Digital Commerce Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Equitable Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Fairstone Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| First Nations Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| General Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Habib Canadian Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Haventree Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Home Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| HomeEquity Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| ICICI Bank Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Industrial and Commercial Bank of China (Canada) | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| J.P. Morgan Bank Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| KEB Hana Bank Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Laurentian Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Manulife Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| National Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Peoples Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| President’s Choice Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Questbank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| RFA Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Royal Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Santander Consumer Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| SBI Canada Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Shinhan Bank Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Tangerine Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Toronto-Dominion Bank (The) | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| UBS Bank (Canada) | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Vancity Community Investment Bank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| VersaBank | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Wealth One Bank of Canada | Bank (CDIC member) | Canada (federal) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Caisse populaire acadienne ltée | Federal credit union (CDIC member) | Canada (federal credit union; primarily New Brunswick) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Coast Capital Savings Federal Credit Union | Federal credit union (CDIC member) | Canada (federal credit union; branch footprint primarily British Columbia) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Innovation Federal Credit Union | Federal credit union (CDIC member) | Saskatchewan and Alberta (federal charter; availability may extend elsewhere) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Tru Cooperative Bank | Federal credit union (CDIC member) | British Columbia (federal charter) | Canada Deposit Insurance Corporation (CDIC) | Up to $100,000 per deposit insurance category, per CDIC member institution (principal and interest combined). | |
| Beem Credit Union | Provincial credit union | British Columbia | Credit Union Deposit Insurance Corporation of British Columbia (CUDIC), administered by BCFSA | Unlimited eligible deposits. | |
| Bulkley Valley Credit Union | Provincial credit union | British Columbia | Credit Union Deposit Insurance Corporation of British Columbia (CUDIC), administered by BCFSA | Unlimited eligible deposits. | |
| Cascadia Credit Union | Provincial credit union | British Columbia | Credit Union Deposit Insurance Corporation of British Columbia (CUDIC), administered by BCFSA | Unlimited eligible deposits. | |
| Coastal Community Credit Union | Provincial credit union | British Columbia | Credit Union Deposit Insurance Corporation of British Columbia (CUDIC), administered by BCFSA | Unlimited eligible deposits. | |
| Community Savings Credit Union | Provincial credit union | British Columbia | Credit Union Deposit Insurance Corporation of British Columbia (CUDIC), administered by BCFSA | Unlimited eligible deposits. |
How to use the directory
- Find the legal institution. A bank or credit union may use several brands. Coverage is shared across deposits issued by the same legal member.
- Separate eligible deposits from investments. A TFSA or RRSP label does not make every investment deposit-insured; the underlying product must be an eligible deposit.
- Recheck after a merger. A change of charter or amalgamation can alter the insurer and create temporary transitional rules.
Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026
Frequently asked questions
Are all banks in Canada covered by CDIC?
Yes, if they accept deposits from everyday consumers. Banks that offer retail deposit products in Canada, such as savings accounts, chequing accounts and GICs, are required to be CDIC members.
Some banks are not CDIC members because they do not offer consumer deposit products. For example, Rogers Bank offers consumer credit cards but does not currently offer retail deposit accounts. Other exceptions include foreign bank branches and institutions that primarily accept large commercial or wholesale deposits. These typically do not offer the types of deposit accounts used by everyday consumers.
Are Canadian credit unions covered by CDIC?
Only federal credit unions, namely UNI (Caisse populaire acadienne ltée), Coast Capital, Innovation Federal Credit Union and Tru Cooperative Bank, are CDIC members and covered by CDIC. Other credit unions are provincially incorporated credit unions and are covered by a provincial insurer.
Are GICs insured in Canada?
An eligible GIC can be insured when it is issued by a participating institution, and the balance remains within the applicable limit and category. A GIC sold through a broker may be issued by a different legal institution, so check the issuer on the confirmation.
Does using two bank brands provide two CDIC limits?
Not when both brands issue deposits through the same legal CDIC member. For example, CIBC and Simplii Financial deposits are issued by the same CDIC member, Canadian Imperial Bank of Commerce, so eligible deposits held through both are combined when calculating the applicable CDIC coverage limit. Coverage is calculated per member institution and category, not per website, app or branch brand.
Which provinces provide unlimited credit union deposit insurance?
British Columbia, Alberta, Saskatchewan and Manitoba provide an unlimited guarantee for eligible deposits at provincially incorporated credit unions. Ontario and Prince Edward Island also provide unlimited coverage for eligible registered deposits, such as TFSAs and RRSPs. Federal credit unions in those provinces remain under CDIC coverage limits instead.
Disclaimer:
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