Deposit Insurance

Financial Services Regulatory Authority of Ontario (FSRA)

Who They Are and What They Do

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 was established to replace the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). The agency is flexible, self-funded and designed to respond rapidly to an evolving commercial and consumer environment. In this capacity, FSRA will: 

  • Promote high standards of business conduct
  • Foster a sustainable, competitive financial services sector
  • Respond to market changes quickly
  • Promote good administration of insurance and pension plans
  • Encourage innovation

FSRA regulates the Credit Union / Caisses Populaire sector in Ontario. They provide deposit insurance, prudential oversight and more to protect Ontarians and strengthen your industry.

Ontario credit unions are regulated through a comprehensive regulatory framework, in addition to their own by-laws and articles of incorporation. They are also expected to adhere to FSRA issued Guidance Notes and Advisories that outline sound business and financial practices.

Are Your Deposits Insured?

Credit unions can go out of business. It does not happen often, but it has and can happen. If your credit union goes out of business your insured deposits are protected up to $250,000. If your deposits are not covered by deposit insurance there is a risk that you may lose them.

  • They only insure deposits at Ontario credit unions;
  • They only insure certain types of deposits.

Protecting depositors is part of their job. FSRA automatically insures many types of deposits but, there are some deposits that they do NOT insure. Please click here for full details.

What's Covered? Expand/Collapse

FSRA insures most deposits but not all. Deposits must be in Canadian dollars and held at a FSRA insured institution.

Deposit accounts and products insured by FSRA:

  • Savings accounts and chequing accounts
  • Term deposits including index-linked term deposits and GICs
  • Money Orders, Certified Cheques and Drafts
  • Funds in transit
  • Deposits held in one name
  • Deposits held in more than one name
  • Deposits held in trust
  • Life Income Fund (LIF)
  • Locked-in Retirement Account (LIRA)
  • Locked-in Retirement Income Fund (LRIF)
  • Registered Retirement Income Fund (RRIF)
  • Registered Disability Savings Plans (RDSP)
  • Registered Education Savings Plans (RESP)
  • Registered Retirement Savings Plans (RRSP)
  • Tax Free Savings Account (TFSA)

What's Not Covered? Expand/Collapse

FSRA does not insure any of the following:

  • Member shares and investment shares issued by the credit union
  • Mutual Funds
  • Stocks, bonds and debentures
  • Treasury Bills
  • Foreign Currency deposits
  • Contents of safety deposit boxes
  • Securities held for safekeeping
© Financial Service Regulatory Authority of Ontario. All rights reserved.