In Québec, your deposits are protected by the AMF. There are three main conditions:
- The financial institution that accepts the deposit must be registered with the AMF.
- The maximum deposit insurance coverage is $100,000 per person, per institution. There are separate deposit guarantees, however.
- Deposits must meet certain conditions.
Registration of financial institutions
Financial institutions, except banks, must register with the AMF in order to accept deposits in Québec. Banks are under federal jurisdiction and are therefore covered by the Canada Deposit Insurance Corporation This link will open in a new window.
To check if your financial institution is registered, refer to one of the following lists:
- Financial services cooperatives, trust companies and savings corporations authorized to receive deposits;
- Insurers authorized to receive deposits.
Maximum amount of $100,000
The protection applies to all guaranteed deposits belonging to the same person (natural or legal) in a given financial institution, including accrued interest.
Here are two examples:
- Jane makes a deposit of $125,000 at her financial institution. Only $100,000 is guaranteed (provided that the type of deposit is guaranteed, and that the financial institution is registered).
- Jonathan makes three deposits of $50,000 at three different financial institutions. Each deposit is guaranteed, for a total of $150,000 (provided that the type of deposit is guaranteed, and that the financial institution is registered).