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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Frequently asked questions
What is the difference between a provincial and federal credit union? Are all credit unions eligible for CDIC protection?
Credit unions are usually governed by the provinces where they operate in which case provincial deposit insurance applies. However, credit unions may apply to continue as federal credit unions (FCUs). This enables such cooperatives to carry on business across Canada and grow nationally.
Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU benefit from CDIC deposit protection. CDIC protects eligible deposits at each CDIC member institution up to $100,000 (principal and interest combined), per insured category, per member institution.
Provincially insured deposits that existed prior to becoming an FCU are recognized as pre-existing deposits. To support FCUs during the change from provincial coverage of pre-existing deposits to CDIC protection, transitional coverage applies. Once the transition period for pre-existing deposits has passed, regular CDIC coverage rules will apply.
For more information on FCUs and transitional coverage, please visit Federal credit unions (FCUs).
I made a new deposit at ABCU Credit Union after the merger with Innovation (April 1, 2026). How is it protected?
Deposits made at ABCU Credit Union on or after April 1, 2026, are protected by regular CDIC deposit insurance. CDIC protects eligible deposits up to $100,000 (principal and interest combined), per insured category.
Does transitional coverage apply to my deposits at Innovation Federal Credit Union?
No, transitional coverage only applies to eligible deposits made at ABCU Credit Union prior to entering into the federal deposit framework on April 1, 2026. It does not apply to deposits made at Innovation Federal Credit Union. Eligible deposits made at Innovation Federal Credit Union receive regular CDIC protection of up to $100,000 (principal and interest combined), per insured category.
I have deposits at Innovation Federal Credit Union. Does this merger affect my coverage?
As Innovation Federal Credit Union was already a CDIC member institution prior to the merger, eligible deposits 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 ABCU Credit Union, once transitional coverage ends, those deposits will receive a combined coverage with those you have at Innovation Federal Credit Union.
I had deposits at ABCU Credit Union and Innovation 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 ABCU Credit Union and Innovation Federal Credit Union will be combined 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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