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Email this11:53 pm
March 22, 2018
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Can anyone shine some light on whether my GIC's in Ontario credit unions are still covered by DICO if I made the deposits as an Ontario resident but have now moved overseas full time. I'm worried as I have a significant chunk of my net worth locked in these GIC's and I can't withdraw them early. I understand with CDIC insured deposits this is a non issue and I'm hoping the same with DICO but cannot find an answer on their website. Thanks for any replies in advance.
10:15 am
September 11, 2013
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From looking at the website it appears residency and citizenship are irrelevant, as long as you are still a member of the credit union your deposits are covered. Libro Credit Union once told me you have to be a Canadian (resident and/or citizen, I'm not sure) to become a member but after that you can live where you want, e.g. they have members now living in Europe.
11:02 am
April 6, 2013
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We looked into this question previously and found this confirmation of what Bill said in DICO's FAQ:
If I am a member and have deposits at an Ontario credit union/caisse populaire and I subsequently move out of province, are my deposits still covered by DICO?
Yes. Your deposits will remain protected while you remain a member of an Ontario credit union/caisse populaire.
1:15 pm
July 7, 2022
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The question is if they are licenced to carry on a deposit-taking business in BC - they require a licence from the BCFSA to do so...
"(6) In addition to the requirements under subsection (5), the Authority must not give a consent referred to in subsection (4) (c) unless satisfied that the extraprovincial credit union, in its primary jurisdiction as defined in section 157 of the Financial Institutions Act, is licensed, registered or authorized to carry on deposit business or trust business.
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