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Protecting Your Deposits

As a member of an Ontario credit union, your deposits are protected through the Financial Services Regulatory Authority of Ontario (FSRA). Non-registered insurable deposits have a maximum coverage amount of $250,000, while insurable deposits in registered accounts have unlimited coverage.

What is FSRA?

The Financial Services Regulatory Authority of Ontario (FSRA) is an independent regulatory agency created to improve consumer and pension plan beneficiary protections in Ontario. FSRA deposit insurance protects a wide range of deposits held at a credit union in Ontario.

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What is Covered?

Non-Registered Deposits 

Insurable deposits held in Canadian currency in non-registered accounts, payable in Canada, may be insured up to a maximum of $250,000. Insurable deposits and account types include:

  • Chequing accounts

  • Savings accounts

  • Guaranteed Investment Certificates (GIC) and Term Deposits

  • Index Linked Term Deposits (principal only)

  • Trust Accounts

  • Joint Accounts

  • Business Accounts

Registered Deposits

Insurable deposits in the following types of registered accounts have unlimited coverage:

  • Locked-in retirement account (LIRA)

  • Life income fund (LIF)

  • Registered retirement savings plan (RRSP)

  • Registered retirement income fund (RRIF)

  • Tax-free savings plan (TFSA)

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What is Not Covered?

  • Mutual Funds

  • Membership shares

  • Patronage, investment or preferred shares issued by a credit union

  • Foreign currency deposits

  • Contents of safety deposit boxes

  • Securities held for safekeeping

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