Deposit Insurance

Deposit Insurance Corporation of Ontario (DICO)

Who They Are and What They Do

The Deposit Insurance Corporation of Ontario (DICO) is an Ontario Provincial Agency established under the Credit Unions and Caisses Populaires Act, 1994. DICO’s role is to protect depositors of Ontario credit unions and caisses populaires from loss of their deposits. Deposit insurance is part of a comprehensive depositor protection program for all Ontario credit unions which is backed by provincial legislation.

DICO helps keep Ontario’s credit unions safe and sound by providing deposit insurance and regulating their activities.

  • Your deposits are automatically insured up to the $250,000 limit (unlimited for deposits in registered plans);
  • You don’t have to pay for deposit insurance. Premiums are paid to DICO by credit unions and caisses populaires;
  • We insure most—but not all—types of deposits. See What’s Covered and What’s Not Covered below.
  • We insure deposits placed in all credit unions in Ontario. See the list of current DICO’s insured institutions.

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. DICO automatically insures many types of deposits but, there are some deposits that we do NOT insure. For further details of deposit insurance coverage please refer to the brochure which provides an overview of typical insurance coverage.

Please click here for a full brochure, or visit DICO's website at

What's Covered? Expand/Collapse

DICO insures most deposits but not all.

Deposits must be in Canadian dollars and held at a DICO insured institution.

Deposit accounts and products insured by DICO:

  • Savings accounts and chequing accounts
  • Term deposits including index-linked term deposits and GICs
  • Money Orders, Certified Cheques and Drafts
  • 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

DICO 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
© Deposit Insurance Corporation of Ontario. All rights reserved.