OTTAWA – May 6, 2026 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors of Prospera Credit Union and Sunshine Coast Credit Union that, following their merger with Coast Capital Savings 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 Prospera Credit Union and Sunshine Coast Credit Union has ended, CDIC now provides transitional coverage for a period of 180 days. During this time, your eligible deposits made at either of these institutions before May 6, 2026, will continue to receive the same coverage that was offered by the Credit Union Deposit Insurance Corporation of British Columbia. 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 coverage does not apply to deposits made at Coast Capital Savings Federal Credit Union.
At the end of the transition, all eligible deposits made at Prospera and Sunshine Coast, as well as any new deposits made on or after May 6, 2026, will receive CDIC’s protection of up to $100,000 for each deposit category. For more details about CDIC deposit protection, visit What’s covered.
The merged credit unions will keep using Prospera and Sunshine Coast Financial as trade names.
About Coast Capital Savings Federal Credit Union
Coast Capital Savings Federal Credit Union is based in British Columbia with over 2,500 employees and more than $40 billion in administered assets. They serve over 730,000 members in more than 70 branches across the Lower Mainland, Vancouver Island, the Lower Sunshine Coast and the Okanagan.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure 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 institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost a dollar insured by CDIC.
To find a CDIC member, you can search CDIC’s list of member institutions or look for the CDIC logo on the bank’s website, ATM or branch.
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Frequently asked questions
What is the difference between a provincial and federal credit union? Are all credit unions eligible for CDIC protection?
Credit unions that only operate within a single province are regulated by that province and are protected through provincial deposit insurance. However, credit unions may apply to continue as federal credit unions (FCUs), allowing them to carry on business across Canada and grow nationally.
In this case, the FCU becomes a member of CDIC and benefits from CDIC deposit protection.
Will Prospera Credit Union and Sunshine Coast Credit Union change names? Will they continue to operate after the merger?
The merged credit unions will keep using Prospera and Sunshine Coast Financial as trade names.
A trade name is a separate business name that is used by a member institution to market eligible deposit products. Deposits made under a trade name do not benefit from additional deposit insurance coverage as a trade name does not represent a unique CDIC member. Protection for eligible deposits made under the trade names are combined with those held at Coast Capital Savings Federal Credit Union for up to $100,000 per insured category.
I made a new deposit at Prospera and/or Sunshine Coast Financial after the merger with Coast Capital Savings Federal Credit Union (May 6, 2026). How is it protected?
Deposits made at Prospera and/or Sunshine Coast Financial on or after May 6, 2026, are protected by regular CDIC deposit insurance. Prospera and/or Sunshine Coast Finance are trade names used by Coast Capital Savings Federal Credit Union, a CDIC member. Eligible deposits under Prospera and/or Sunshine Coast Financial are combined with deposits held at Coast Capital Savings Federal Credit Union for up to $100,000 (principal and interest combined) per insured category.
Does transitional coverage apply to my deposits at Coast Capital Savings Federal Credit Union?
No, transitional coverage only applies to eligible deposits made at Prospera Credit Union and Sunshine Coast Credit Union prior to entering into the federal deposit framework on May 6, 2026. It does not apply to deposits made at Coast Capital Savings Federal Credit Union. Eligible deposits made at Coast Capital Savings Federal Credit Union receive regular CDIC protection of up to $100,000 (principal and interest combined) per insured category.
I have deposits at Coast Capital Savings Federal Credit Union. Does this merger affect my coverage?
As Coast Capital Savings Federal Credit Union was already a CDIC member institution prior to the merger, eligible deposits made there are not affected. They will continue to be protected by CDIC up to $100,000 (principal and interest combined) per insured category.
However, if you also held deposits at Prospera Credit Union and/or Sunshine Coast Credit Union, once transitional coverage ends, those deposits will receive a combined coverage with those you have at Coast Capital Savings Federal Credit Union.
I had deposits at Prospera Credit Union and/or Sunshine Coast Credit Union and Coast Capital Savings Federal Credit Union – how does coverage work after the merger?
CDIC protects eligible deposits up to $100,000 (principal and interest combined) per insured category. Once transitional coverage ends, eligible deposits made at Prospera Credit Union and Sunshine Coast Credit Union will be combined with those at Coast Capital Savings Federal Credit Union and protected by CDIC up to $100,000 per deposit category.
Can I make withdrawals from my pre-existing deposits?
Yes, but any withdrawal from a pre-existing deposit will be deducted from your maximum coverage, in respect of that pre-existing deposit.
However, new eligible deposits are covered up to CDIC’s usual maximum of $100,000 per insured category.
For further information
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