Is my money insured above $100,000 at a Canadian credit union?
The usual advice is that deposits are insured up to $100,000. That is the CDIC number, and it applies to CDIC member banks. Credit unions work differently, and the answer depends on where you live.
Two different safety nets
CDIC insures each eligible category of deposits up to $100,000, principal and interest combined, at member institutions. Our CDIC explainer covers the categories. Many credit unions are regulated by a province instead, and each province runs its own deposit insurance. A federal credit union is the exception: in B.C., for example, federal credit unions are insured by CDIC.
What two provinces say
Ontario
FSRA (the Financial Services Regulatory Authority of Ontario) says Ontario credit unions are not covered by CDIC. Instead, the Deposit Insurance Reserve Fund covers non-registered accounts up to $250,000 per depositor at each credit union, principal and interest combined. Joint accounts are insured separately from individual accounts, up to $250,000 for each combination of owners. Registered accounts such as a TFSA, RRSP and FHSA have unlimited coverage. Branches of the same credit union are not insured separately.
British Columbia
BCFSA says authorized B.C. credit unions have 100 per cent coverage on eligible deposits, with no set maximum, guaranteed by the Credit Union Deposit Insurance Corporation of B.C. The B.C. government does not guarantee it directly.
Everywhere else
Other provinces and territories have their own rules and limits. Look up your credit union's regulator or ask the credit union which insurer covers you, and confirm the limit in writing.
Worked example (Ontario, illustrative)
| Item | Amount |
|---|---|
| Savings in your name at one Ontario credit union | $300,000 |
| Insured limit, non-registered | $250,000 |
| Amount above the limit | $50,000 |
| Joint account with a partner at the same credit union | $100,000 |
| Joint account insured separately? | Yes, up to $250,000 |
Note the first line: interest counts toward the limit, so a balance close to the cap can cross it as interest builds. Moving the $50,000 into a TFSA (if you have room, see the TFSA vs HISA guide) is one way to use a category with higher coverage in Ontario.
A quick checklist
- Ask who insures you. The insurer's name should be on the credit union's website or in branch.
- Know your category. Individual, joint, trust and registered accounts are treated differently.
- Do not assume branches add coverage. In Ontario they do not.
The bottom line
The $100,000 number is only one version of the rule. If your savings sit at a credit union, find out which insurer covers it, what the limit is for your account type, and whether your balance plus interest stays under it. Spreading money across categories or institutions is a common way to stay inside the limits. It takes a few minutes to check and the answer is worth having in writing.
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