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CDIC is a federal crown corporation created by Parliament in 1967 to protect money on deposits in the event a member institution becomes insolvent. CDIC protects eligible deposits to a maximum of $100,000 per depositor and per eligible deposit category.
Coverage is free and automatic – members do not have to apply for it. In the event of a failure of a member institution, CDIC would reimburse eligible deposits (including interest) payable in Canada up to Canadian currency equivalent of $100,000 CAD per deposit category.
On May 6th, Sunshine Coast Financial, Prospera, and Coast Capital Savings merged to form Canada’s largest national purpose-driven credit union. With the legal name, Coast Capital Savings Federal Credit Union (CCSFCU), the combined federal credit union operates under the following trade names: Sunshine Coast Financial, Coast Capital, Coast Capital Savings, and Prospera.
Deposits of the combined federal credit union are insured by CDIC. Member deposits at Sunshine Coast and Prospera prior to the merger changed coverage from the Credit Union Deposit Insurance Corporation of B.C. (CUDIC) to CDIC as of the effective date of the merger on May 6th.
For a limited transition period, CDIC will provide the same coverage that CUDIC previously provided on most pre-existing deposits previously held with Prospera and Sunshine Coast that remain on deposit with the combined federal credit union. (See the FAQs below detailing what is and is not eligible for CDIC coverage). This transition period starts on May 6th. It lasts 180 days for chequing and savings accounts, and until the maturity date or cash‑out date for term deposits like GICs. Once the transition period ends, CDIC’s standard deposit insurance rules will apply.
For Coast Capital members, there is no change because Coast Capital deposits were already covered by CDIC at the time of the merger.
For members who have eligible deposits at two or more of Coast Capital, Prospera, and Sunshine Coast on May 6 that remain on deposited after May 6, these deposits will be treated as separate deposits for two (2) years after May 6, for determining CDIC insurance eligibility up to $100,000 per deposit, per insurance category. All other deposits with the combined federal credit union, will have protection of up to $100,000 per depositor, per insurance category.
For those Sunshine Coast and Prospera members whose pre-existing deposits are eligible for transitional coverage, find the full details about transitional coverage here.
Deposits Held in One Name
Deposits in More Than One Name (Joint Deposits)
Deposits held in Trust
Deposits in an RRSP
Deposits in an RRIF
Deposits in a TFSA
Deposits in an RDSP
Deposits in an RESP
Deposits in an FHSA
Call 1.800.461.2342
Visit www.cdic.ca
Refer to the CDIC 'Protecting Your Deposits' brochure
Refer to the Statement of Transitional Deposit Insurance Coverage
To calculate your coverage, visit the CDIC coverage calculator.
Did you know that you can get more than $100,000 in deposit insurance coverage from CDIC after the transition period for pre-existing deposits is over? Check out these scenarios to understand how you can structure your deposits to maximize your deposit insurance coverage.
Content TextBefore Prospera and Sunshine Coast credit unions completed their continuance and merged with Coast Capital to form the combined federal credit union, Paul is a member of Sunshine Coast and had the following products:
Amount | Amount Insured by CUDIC | |
| Chequing Account | $5,000 | $5,000 |
| Savings Account | $45,000 | $45,000 |
| Term Deposit (3 year) | $75,000 | $75,000 |
| RRSP Term Deposit (5 year) | $175,000 | $175,000 |
| Mortgage ($250,000) | ($250,000) | Not eligible |
| RRSP Mutual Fund Investment | $80,000 | Not eligible |
Amount | Amount Insured by CUDIC | |
| Chequing Account | $5,000 | $5,000 |
| Savings Account | $45,000 | $45,000 |
| Term Deposit (3 year) | $75,000 | $75,000, until maturity |
| RRSP Term Deposit (5 year) | $175,000 | $175,000, until maturity |
| Mortgage ($250,000) | ($250,000) | Not eligible |
| RRSP Mutual Fund Investment | $80,000 | Not eligible |
Amount | Amount Insured (before term deposits mature) | Amount Insured (after term deposits mature) | |
| Chequing Account | $5,000 | $50,000 | $100,00 (aggregate total coverage for all 3 accounts) |
| Savings Account | $45,000 | ||
| Term Deposit (3 year) | $75,000 | $75,000, until maturity | |
| RRSP Term Deposit (5 year) | $175,000 | $175,000, until maturity | $100,000 |
| Mortgage ($250,000) | ($250,000) | Not eligible | Not eligible |
| RRSP Mutual Fund Investment | $80,000 | Not eligible | Not eligible |
After the transitional coverage ends, some of Paul’s deposits would exceed CDIC’s coverage limits. However, we can help to provide strategies that could help Paul maximize his coverage. For example, in Paul’s case he could obtain additional coverage by putting some of his money in a TFSA, RESP or FHSA. Another thing Paul could do is put some of his money in a joint account with his spouse.
Name Registration | Deposit | Balance |
| Joe | Sunshine Coast Financial Savings Account | $60,000 |
| Joe | Sunshine Coast Financial USD Account | Equivalent of CAD $20,000 |
| Joe | Sunshine Coast Financial Chequing Account | $20,000 |
| Joe | Sunshine Coast Financial RRSP | $100,000 |
| Joe | Sunshine Coast Financial TFSA | $100,000 |
Total Deposits | $300,000 | |
Total Deposits Insured by CDIC | $300,000 |
In another example, John and Jane have obtained $300,000 of coverage each individually for their eligible deposits by adding funds to non-registered accounts, RRSPs, and TFSAs. They have also obtained an additional $100,000 of coverage by placing funds in a joint account, which is an additional eligible deposit category with its own $100,000 maximum coverage amount.
Name Registration | Deposits | Balance |
| John | Sunshine Coast Financial Savings Account | $72,000 |
| John | Sunshine Coast Financial USD Account | Equivalent of CAD $20,000 |
| John | Sunshine Coast Financial Chequing Account | $8,000 |
| John | Sunshine Coast Financial RRSP | $100,000 |
| John | Sunshine Coast Financial TFSA | $100,000 |
| Jane | Sunshine Coast Financial Chequing Account | $100,000 |
| Jane | Sunshine Coast Financial RRSP | $100,000 |
| Jane | Sunshine Coast Financial TFSA | $100,000 |
| John & Jane | Sunshine Coast Financial Joint Savings Account | $100,000 |
Total Deposits | $700,000 | |
Total Deposits Insured by CDIC | $700,000 |
CDIC is a federal crown corporation created by Parliament in 1967 to protect money on deposits in the event a member institution becomes insolvent. CDIC insures eligible deposits held by its member institutions, which include banks, federal credit unions, trust and loan companies, and retail associations.
In the event of a failure of a member institution, CDIC would reimburse eligible insured deposits (including interest). However, there have never been any claims against deposit insurance relating to deposits held with Sunshine Coast Financial. We have robust risk management in place to ensure the adequacy of our liquidity to protect members’ deposits. As a federally regulated credit union, we comply with the liquidity and capital adequacy requirements set out by the Office of the Superintendent of Financial Institutions (OSFI).
Yes, you can get more than $100,000 in coverage from CDIC even after any transition period applicable to pre-existing deposits ends. For example, one person can obtain up to $300,000 of coverage for their eligible deposits by adding funds to non-registered accounts, RRSPs and TFSAs. If this person has a spouse, the spouse will have the same amount of coverage available separately for eligible deposits held solely in the spouse’s name. Additional coverage of up to $100,000 will be available if they place eligible deposits in a joint account. More coverage could be available depending on family circumstances and preferences. Contact us to find out more details.
CDIC provides deposit insurance for eligible deposits payable in Canada up to $100,000 per each of the following deposit categories:
Deposits Held in One Name
Deposits in More Than One Name (Joint Deposits)
Deposits held in Trust
Deposits in an RRSP
Deposits in an RRIF
Deposits in a TFSA
Deposits in an RDSP
Deposits in an RESP
Deposits in an FHSA
CDIC does not provide coverage for:
membership shares issued by a federal credit union
any shares issued by a federal credit union
debentures issued by a federal credit union;
shares issued by other corporations
mutual funds
bonds, notes, treasury bills, and debentures issued by governments or corporations
money orders, certified cheques, traveller’s cheques, drafts, and prepaid letters of credit in respect of which a federal credit union is not primarily liable
principal protected notes that are traded
Federally regulated credit unions are governed by and organized under the Canadian federal Bank Act and regulated by OSFI. Deposit insurance is provided by CDIC. This is the same regulatory framework that applies to Canada’s largest banks.
Canada’s financial system is regarded as one of the safest and strongest in the world. The federal regulatory framework and supervision play an important role in promoting and contributing to financial stability and public confidence and, in particular, supporting depositors to have confidence that their deposits are safe.
For the purposes of deposit insurance, a depositor may be an individual, an association of persons, a partnership, a corporation or a government entity. Eligible deposits in business accounts may be insurable separately from eligible deposits in individual accounts. Sole proprietorships do not benefit from separate deposit protection, as they are not separate legal entities. As a result, deposits in the individual’s name will be combined with the sole proprietor’s personal deposits for the purposes of determining deposit insurance coverage.
Yes. As of April 30, 2020, deposits in foreign currencies (such as USD) and term deposits with terms greater than five years are eligible for deposit insurance. Foreign currency deposits are eligible for coverage up to their Canadian currency equivalent of $100,000 CAD. Eligible foreign currency deposits will also be paid out in Canadian currency.
Prior to Sunshine Coast Financial, Coast Capital and Prospera merging as a single federal credit union on May 6, deposits held with Sunshine Coast Financial were insured by CUDIC. When the merger took effect on May 6, deposits previously held with Sunshine Coast Financial are held with the combined federal credit union and are insured by CDIC. Under CUDIC, eligible deposits held with Sunshine Coast Financial were insured to an unlimited amount. Under CDIC, after the end of the transition period for pre-existing deposits with Sunshine Coast Financial and for any new deposits made after May 6, coverage is limited to $100,000 per depositor per deposit category.
As of May 6 all eligible pre-existing deposits and any new eligible deposits with Sunshine Coast Financial are protected by CDIC. CDIC provides transitional coverage for eligible pre-existing deposits as outlined in our Statement of Transitional Coverage.
If a member had eligible deposits held with two or more of Coast Capital, Prospera and Sunshine Coast on May 6 that remain on deposit with the combined federal credit union, these deposits, less any withdrawals, will be treated as separate deposits, each with separate coverage per category up to CDIC’s insurance limit for two (2) years following that date, in the case of demand deposits, and until maturity or cashing out, in the case of term deposits. After this period, a single $100,000 CDIC insurance limit per category per registration will apply across the combined federal credit union.
Yes. CDIC offers transitional coverage for eligible pre-existing term deposits previously held with Sunshine Coast and Prospera prior to the merger on May 6. Eligible term deposits that members have with Sunshine Coast or Prospera that are still outstanding will continue to have unlimited deposit insurance until the end of the term or until they are cashed out.
CDIC offers transitional coverage for eligible demand deposits (e.g. chequing and savings accounts) held with Sunshine Coast and Prospera at the time of the merger. The transition period lasts for 180 days until November 2, during which CDIC protection applies to eligible deposits made before the transition.
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