Deposits held in Saskatchewan credit unions are fully guaranteed. There is no limit to the size of deposit covered by the guarantee – whether $1 or $1,000,000 or more, all deposits are fully guaranteed.
This is not the case with other financial institutions. Credit unions in Canada are regulated provincially, and each province has its own deposit protection program. The amount and type of deposit protection varies from province to province.
Chartered banks and some trust companies are regulated by the federal government. Deposit insurance coverage for federally regulated financial institutions is determined and provided by Canada Deposit Insurance Corporation (CDIC).