OTTAWA – April 1, 2026 – The Canada Deposits Insurance Corporation (CDIC) advises depositors of ABCU Credit Union that, as a result of its merger with Innovation Federal Credit Union and entry into the federal deposit insurance framework, eligible deposits are now protected by CDIC.
What this means for depositors
As provincial deposit insurance for ABCU Credit Union has ended, CDIC now provides transitional coverage for a period of 180 days. During this time, your eligible deposits made before April 1, 2026, will continue to receive the same coverage that was offered by Alberta’s Credit Union Deposit Guarantee Corporation. For term deposits, such as Guaranteed Investment Certificates (GICs), it will extend until the deposit reaches maturity or is cashed out. For demand deposits, such as chequing and savings accounts, the coverage remains in effect for the duration of the transition period. Transitional CDIC coverage does not apply to Innovation Federal Credit Union members.
At the end of the transition, all eligible deposits made at ABCU (now at Innovation Federal Credit Union), as well as any new deposits made on or after April 1, 2026, will receive CDIC’s protection of up to $100,000 for each deposit category.
About Innovation Federal Credit Union
Innovation Federal Credit Union is based in Saskatchewan with approximately 500 employees and more than $5.24 billion in administered assets. They serve 72,000+ members digitally and across 28 advice centre locations including both Regina and Saskatoon.
About CDIC
CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. As a resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.
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