FAQ - Deposit insurance

In the event a deposit institution becomes bankrupt, the AMF guarantees up to $100,000 per person, per registered institution. For more information, consult the AMF brochure Your deposits are protected. That's a guarantee!

In Québec, some 500 financial institutions are registered with the AMF under the Deposit Insurance Act:

• Financial services cooperatives (Desjardins caisses, Fédération des caisses Desjardins du Québec, Caisse centrale Desjardins and Caisse des Mutuellistes Épargne et Crédit);
• Trust companies;
• Savings companies;
• Insurance companies.

You can check whether your financial institution is registered with the AMF under the Deposit Insurance Act by calling the AMF Information Centre at :

Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
 

Deposits in chequing or savings accounts and term deposits such as certificates of deposit and guaranteed investment certificates, provided the deposits have been made in Québec and are payable in Québec, in Canadian dollar, and provided they carry a term of five years or less. For further information, consult the AMF brochure Your deposits are protected. That's a guarantee!

No. But you would be entitled to double coverage if your firm were incorporated.

For further details, consult the brochure Your deposits are protected. That's a guarantee!

The basic guarantee offered by the AMF may cover up to a maximum of $100,000 in deposits, including principal and accrued interest, per person, per registered institution, in the event of the institution's bankruptcy. You don't need to sign up for deposit insurance. Your financial institution must register with the AMF.

You can check whether your financial institution is registered by calling the AMF Information Centre at:

Québec: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337

The AMF insures deposits made with Québec chartered financial institutions (in particular credit unions). The Canada Deposit Insurance Corporation (CDIC) guarantees deposits made with federal financial institutions (in particular, banks).
 

Certain products, regardless of whether or not they are held in a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF), are excluded from the deposit insurance program.

For example:

• Securities* (such as shares and mortgage-backed securities);
• Treasury bills; 
• Bonds and debentures;
• Mutual funds;
• Life insurance policies and segregated funds.*

* Certain products may be eligible for other protection programs.

Visit http://www.financeprotection.ca/ for more information.
 

The deposit must:

1) be made in Québec at a registered institution;
2) be payable in Québec;
3) be made and payable in Canadian dollar;
4) have a term to maturity of five years or less or be repayable, at any time, on demand by the depositor, after five years from the date of the deposit.

For additional details, consult the brochure Your deposits are protected. That's a guarantee!
 

Yes. It must also display the following official logo in a conspicuous place at the entrance to and inside any establishment where it carries on its activities.

Yes. In the case of an amalgamation by registered institutions, the AMF will separately guarantee eligible deposits made with each of the institutions before the amalgamation, until their withdrawal or maturity.

In the case of deposits made after the amalgamation, coverage remains limited to $100,000 per institution. Deposits made with an amalgamated financial institution will be guaranteed only insofar as the deposits made prior to or following the amalgamation do not exceed $100,000.

For example, you hold an $80,000 deposit in institution A and a $40,000 deposit in institution B. Both institutions amalgamate. The amount guaranteed by deposit insurance will therefore be $120,000 since coverage is applied separately until these deposits are withdrawn or reach maturity. However, if you make an additional deposit with the amalgamated institution, it will not be protected since the $100,000 limit has already been reached.
 

By consulting the LISTS ON THE AMF website or by calling the AMF Information Centre:

Québec: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
E-mail: information@lautorite.qc.ca
 

Yes. Minors benefit from the same coverage as adults.

Yes. You do not need to be a resident of Québec to benefit from deposit insurance. However, the funds must be deposited at a registered institution. Deposit insurance does not cover deposits that are:

• held outside Québec;
• only payable outside Québec (i.e., at the time of repayment, the deposit must be payable in Québec);
• made in a currency other than Canadian dollar.
   

The combined total deposits held in a joint account in the name of the same persons benefit from coverage of $100,000. This coverage is separate from each person's individual coverage.

Example: A couple with a joint account containing $250,000 and each person has a personal account containing $40,000:

• Each personal account is covered for $40,000, to a maximum of $100,000 each.
• The couple's joint account is insured up to a maximum of $100,000 (not $100,000 per person).
   

Yes, if the amounts held in your RESP are deposits covered by deposit insurance. In fact, regardless of whether or not the amounts are held in an RESP, the coverage is the same. Note that you do not benefit from a separate $100,000 coverage based on the fact that the funds are held in an RESP. See questions 5 and 13 for the separate coverage of $100,000 available through deposit insurance. For information about the deposits covered by deposit insurance, see question 3.

The AMF collects insurance premiums from registered institutions. These funds are transferred into a deposit insurance fund. The amounts required to reimburse guaranteed deposits are paid out of this fund.

Yes, if the amounts held in a TFSA are deposits covered by deposit insurance. Regardless of whether or not the funds are held in a TFSA, the coverage is the same. Note that you benefit from separate $100,000 coverage, as in the case of deposits made in a Registered Retirement Savings Plan (RRSP). See questions 5 and 13 for information about separate $100,000 deposit insurance coverage. For information about the deposits covered by deposit insurance, see question 3.