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Deposit Insurance Corporation of Ontario

What is DICO?

The Deposit Insurance Corporation of Ontario (DICO) is an Ontario Provincial Agency. DICO’s role is to protect depositors of Ontario credit unions 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.


How much is covered?

All insurable non-registered deposits are covered up to $250,000. Insurable deposits in registered accounts have unlimited deposit coverage. For further information on deposit insurance, please ask for a brochure at the credit union or visit DICO's website.

Deposits and investments held in a single name, are insured by the government guarantee up to a combined $250,000 per person. Joint accounts are eligible for another $250,000 of protection on deposits per set of joint depositors, separate from the money you hold in your own name.


Is there a fee?

There is no cost to Members; premiums are paid to DICO by credit unions.


What types of deposits are insured under DICO?

DICO insures Canadian dollar deposits up to $250,000 in the following non-registered products:

  • Savings accounts and chequing accounts
  • Term deposits including index-linked term deposits and GICs
  • Money Orders, Certified Cheques and Drafts
  • Deposits held in trust
    • DICO insures eligible Canadian deposits in trust accounts.. Deposits held in trust are separately insured from deposits held in the names of the trustee or the beneficiary. DICO insures deposits for each beneficiary for up to $250,000 held in trust account at an Ontario credit union for each named beneficiary. The combined money you have in insured trust accounts with the same beneficiary is automatically covered up to $250,000 for each beneficiary. Trust accounts with a different beneficiary/trustee combination are separately insured.

DICO automatically insures all eligible Canadian deposits in the following types of registered accounts:

  • Registered Retired Savings Plan (RRSP)
  • Registered Retirement Income Fund (RRIF)
  • Registered Education Savings Plan (RESP)
  • Registered Disability Savings Plan (RDSP)
  • Life Income Fund (LIF)
  • Locked-in Retirement Account (LIRA)
  • Locked-in Retirement Income Fund (LRIF)
  • Tax Free Savings Accounts (TFSA)

What types of deposits are not insured under DICO?

DICO does not insure any of the following products, registered or non-registered:

  • 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

For more information speak to your Meridian advisor or visit the DICO website.