Frequently Asked Questions

Below are the answers to some of the most frequently-asked questions about CUDIC.

Every credit union member is covered. If a member dies, the protection continues through a trustee, executor, administrator or legal representative.
Each credit union pays premiums to CUDIC for deposit insurance coverage.
  • All deposit accounts – the combined total of each member’s chequing, savings and term deposit accounts – are covered up to $250,000, including principal and interest.
  • Trust deposits are insured separately up to $250,000, including principal and interest. In addition, each person in a trust account is insured separately up to $250,000, including principal and interest.
  • All joint accounts owned by the same combination of persons are added together and the combined total is insured to $250,000, including principal and interest.
  • Every registered RRSP, RRIF, TFSA, and RESP investment contract is insured separately to $250,000, including principal and interest. This means that you can have unlimited coverage of your TFSA and RRSP portfolio by maintaining multiple contracts of $250,000, or less.
  • Equity shares issued by a credit union
  • Self-administered TFSAs and RRSPs that are not deposits (e.g., real estate, mutual funds)
  • Contents of safety deposit boxes
  • Securities held for safekeeping
  • Mutual funds
  • Accounts in foreign currency
No. CUDIC will, as soon as possible, determine all insured deposits and pay member claims as they are entitled.
The Nova Scotia Credit Union Deposit Insurance Corporation is administered by a seven-member board of directors appointed by the Province of Nova Scotia, at least three of whom are nominated by Atlantic Central.
Every active credit union in Nova Scotia is required by legislation to be insured by CUDIC. The credit union must display the official membership sign of CUDIC and the words – Member of Nova Scotia Credit Union Deposit Insurance Corporation or Membre de Société d’Assurance-Dêpots des Caisses Populaires des la Nouvelle Écosse.