Deposit Insurance

All Guaranteed Investment Certificates (GICs) are insured by Federal, Provincial or Corporate insurance coverage depending on the institution. Chartered Banks and Trust Companies are federally insured and Credit Unions are provincially or corporately insured. Deposit insurance is automatic and does not require special application regardless of where the depositor resides.

Federal Insurance Coverage is provided by the Canadian Deposit Insurance Corporation (CDIC). The CDIC was created in 1967 by Parliament to keep Canada's financial system strong and to protect deposits made with member financial institutions. The financial institutions GICdirect.com deals with are all member institutions and a list of these member institutions can be found at www.cdic.ca along with other detailed information about CDIC insurance coverage.

Insurance Coverage for Credit Unions (by Province) based on the Credit Unions that GICdirect.com offers GICs through.

Ontario

The Deposit Insurance Corporation of Ontario (DICO) is a Provincial Agency providing deposit insurance protection for the members of Ontario Credit Unions and Caisses populaires. For more information, visit www.dico.com.

DICO's insured institutions pay premiums to DICO to cover the cost of insuring your deposits. In the event that a credit union is unable to repay all of its deposits, DICO pays these up to the maximum prescribed limit of $100,000 for deposits held in each of the separate categories of DICO deposit insurance coverage.

Deposit insurance covers eligible deposits up to the prescribed statutory limit of $100,000. DICO automatically insures savings and chequing accounts, term deposits (GICs), money orders, certified cheques and registered accounts.

British Columbia

The Credit Union Deposit Insurance Corporation (CUDIC), a statutory corporation, guarantees all deposits and non-equity shares of British Columbia credit unions as set out in the Financial Institutions Act.

CUDIC's responsibility is to administer and operate a deposit insurance fund. The Financial Institutions Commission (FICOM), an agency of the Government of British Columbia, is responsible for administering CUDIC and for administering the regulation of financial institutions operating in the province. For more information, visit www.cudicbc.ca.

All money on deposit and money invested in non-equity shares with a BC credit union is 100% guaranteed, including foreign currencies and accrued interest, regardless of the length of the term to maturity.

Alberta

The Credit Union Deposit Guarantee Corporation monitors and regulates the performance of credit unions in Alberta and the compliance of Alberta credit unions with the Credit Union Act. The primary role of the Corporation is to guarantee deposit protection to deposit holders with credit unions in Alberta. For more information, visit www.cudgc.ab.ca.

The Credit Union Deposit Guarantee Corporation provides a 100% guarantee of all deposits with Alberta credit unions. This protection includes accrued interest to the date of payout. The Government of Alberta ensures that the Credit Union Deposit Guarantee Corporation's obligation to depositors will be carried out.

Saskatchewan

Credit Union Deposit Guarantee Corporation guarantees the full repayment of deposits held in Saskatchewan credit unions. The Corporation is the primary regulator for Saskatchewan credit unions. For more information, visit www.cudgc.sk.ca.

Deposits held in Saskatchewan credit unions are fully guaranteed. There is no limit to the size of deposit covered by the guarantee - whether $1 or $1,000,000 or more, all deposits are fully guaranteed.

The Corporation's system of deposit protection, including preventive approaches, strong levels of credit union capital and a strong guarantee fund, ensures even the largest deposits are fully guaranteed.

Manitoba

The Deposit Guarantee Corporation of Manitoba commenced operations in 1965. Its mission is to guarantee deposits and maintain confidence in the Manitoba credit union system, by focusing on sound business practices, governance, performance and risk management. For more information, visit www.depositguarantee.mb.ca.