This section is for any financial institution that operates as a deposit institution, i.e. that solicits and receives deposits of money from the public. It provides information on authorized deposit institutions’ obligations under the Deposit Institutions and Deposit Protection Act This link will open in a new window and its regulation.
Information for depositors and advertising
The AMF recognizes the key role played by deposit institutions in providing depositors with information and advertising on deposit products and AMF deposit protection. In order to make informed decisions, depositors must be given accurate information and be notified that they are protected or not in the event their institution goes bankrupt. Making depositors aware of deposit protection helps to maintain confidence in, and the stability of, the financial sector.
To let the public know that it is a deposit institution authorized by the AMF, an institution must display the official AMF authorization logo in a conspicuous place at the entrance to and inside its establishments where it carries on its activities.
Where an authorized deposit institution offers its deposit products through agents operating in the branches of another financial institution, the authorized institution should not display the official AMF logo so as to ensure that the public does not mistake the other financial institution for a deposit institution authorized by the AMF. For example, the other financial institution could be a bank whose deposits are insured by the Canada Deposit Insurance Corporation (CDIC).
Federally chartered authorized deposit institutions must comply with CDIC regulatory obligations, which are equivalent to those of the AMF, and are therefore not required to display the official AMF logo.
Digital version of the official AMF logo
Effective April 30, 2021, institutions that solicit and receive deposits through technological means, including an automated teller machine, will be required to display the official logo in digital form as early as possible in the sequence of actions leading up to the taking of a deposit by such means. Moreover, the place chosen to display the official logo should not mislead depositors regarding the deposit institution that is authorized by the AMF and the product that is protected by the AMF.
Institutions may request the digital version of the official logo by e-mail at Protection.Depots@lautorite.qc.ca.
Upload the brochure (pdf - 790 KB)This link will open in a new windowUpdated on 12 August 2019In Québec, the money you deposit in an authorized deposit institution will be repaid to you by the Autorité des marchés financiers (AMF) if the institution goes bankrupt. This deposit protection is automatic and doesn’t cost you anything.
Before a depositor opens an account and purchases a deposit product, the institution must provide him or her with a description of the deposit protection offered by the AMF covering, in particular, the key features of the protection. The institution will determine how to best meet this obligation, but one way it can do this is by providing depositors with the AMF’s deposit protection brochure and referring them to the AMF’s website.
Any disclosure document or advertising must be clear, specific and not misleading. It is the AMF’s view that institutions should inform depositors, including about eligible and non-eligible deposits, the deposit categories entitling depositors to separate protection, and the amounts protected in such cases. In special situations affecting depositors’ protection, such as an amalgamation of institutions, the AMF also expects the institutions to explain to the affected depositors what the impact is on their protection. For example, depositors should be informed that their pre-amalgamation deposits will continue to be protected with the new institution as if no amalgamation had taken place. As a result, until their pre-amalgamation deposits are withdrawn or reach maturity, their deposit protection with the new institution could be higher than the $100,000 limit per category of deposits. Depositors should also be informed that, after the amalgamation, the deposits made with the new institution will be protected to the extent that their combined pre-amalgamation and post-amalgamation deposits do not exceed $100,000.
Every instrument issued by an authorized deposit institution and evidencing the receipt of funds eligible for deposit protection must contain the following statement: “This is a deposit of money within the meaning of the Deposit Institutions and Deposit Protection Act.”
Where a product offered is similar in nature to a deposit or could give rise to confusion, institutions must also clearly inform consumers of this fact by, among other things, indicating that the product is not a deposit of money eligible for the deposit protection provided by the AMF. The institution may use a statement similar to the following: “The funds of which receipt is evidenced by this document do not constitute a deposit of money within the meaning of the Deposit Institutions and Deposit Protection Act.”.
To find out more about the obligations related to informing depositors and advertising, please refer to the Regulation respecting the application of the Deposit Institutions and Deposit Protection Act.
Data and system requirements
In the situations described in section 34.1 of the Deposit Institutions and Deposit Protection Act, the AMF must repay the protected deposits.
To expedite the process for determining the amount to be repaid to each depositor, the AMF has established data and systems requirements tables standardizing the data to be received from the institutions. The data and systems rules to be followed by authorized deposit institutions are set out in the Regulation respecting the application of the Deposit Institutions and Deposit Protection Act.
The information needed to test data and system compliance must be sent to the AMF by the authorized deposit institutions annually. The compliance tests are not performed on set dates and the AMF notifies the institutions about the tests at least four weeks before they start. The procedure, data format and information to be sent are indicated in the data and systems requirements tables. The Data and systems requirements tables – Version 2.0 (pdf - 878 KB)This link will open in a new windowUpdated on 10 February 2016 are currently in effect (available in French only). In light of the amendments to the Regulation that will come into effect on April 30, 2021, the AMF is publishing its Data and systems requirements tables – Version 3.0 (pdf - 3 MB)This link will open in a new windowUpdated on 24 April 2020 now in order to give authorized deposit institutions sufficient time to comply with them.
However, while the effective date of the Data and systems requirements tables – Version 3.0 is yet to be determined, it will not be before April 30, 2021. The effective data of the Data and systems requirements tables – Version 3.0 will be announced by the AMF in due course. Until then, the Data and systems requirements tables – Version 2.0 will remain in effect.
- Data and systems requirements tables 2.0 (pdf - 878 KB)This link will open in a new windowUpdated on 10 February 2016
- Data and systems requirements tables 3.0 (pdf - 3 MB)This link will open in a new windowUpdated on 24 April 2020
- Blackline comparing versions 2.0 and 3.0 of the Data and systems requirements tables (pdf - 3 MB)This link will open in a new windowUpdated on 24 April 2020.
Federally chartered authorized deposit institutions must comply with CDIC regulatory obligations, which are equivalent to those of the AMF, and are therefore considered to comply with the applicable provisions governing data requirements for deposit repayment purposes. As a result, they are not subject to compliance testing by the AMF.
Agreement with the Canada Deposit Insurance Corporation
Federally chartered authorized deposit institutions are also members of the Canada Deposit Insurance Corporation (CDIC), which provides a deposit protection plan similar to that of the AMF.
In order to avoid duplication in deposit protection, the agreement reached in 1969 between the Régie de l’assurance-dépôts du Québec (Québec Deposit Insurance Board) and the CDIC requires the CDICOn February 1, 2004, the Régie de l’assurance-dépôts du Québec was integrated into the Autorité des marchés financiers. to repay protected deposits with federally chartered authorized deposit institutions if they fail. As a result, these institutions submit their declarations of guaranteed deposits to both the AMF and the CDIC but only pay premiums to the CDIC (in accordance with CDIC regulations made for this purpose).
Annual declaration of deposits (with premium)
Annual declaration of deposits
The accounting period for premiums, which are calculated based on declared deposits, is May 1 to April 30. Authorized deposit institutions, regardless of their place of constitution, must file a declaration of deposits each year in order to comply with section 40.2.1 of the Deposit Institutions and Deposit Protection Act and the Regulation respecting the application of the Deposit Institutions and Deposit Protection Act.
The duly completed form for this purpose must be filed AMF E-Services.
The deposit protection plan is funded through premiums that the AMF collects from authorized deposit institutions. The amount of the premium is determined by multiplying the premium rate of 1/25 of 1% by the total deposits eligible for deposit protection, per institution, as at April 30.
Under the CDIC Agreement , federally regulated authorized deposit instutions are exempt from paying a premium to the AMF on deposits received in Québec because deposits with them are protected by the CIDC.
The premium payable on protected deposits is calculated automatically in the Declaration of deposits with premium and without premium form.
Premium of payment
The remittance slip needed to pay the premium (if applicable) will be generated and deposited in your AMF E-Services secure message inbox a few days after your declaration is received. Please allow sufficient time for the system to generate the remittance slip and for your cheque to reach the AMF by the July 15 deadline. Your cheque must be made payable to the Autorité des marchés financiers.
The form for the declaration of deposits as at April 30 must be provided no later than July 15.
Payment of premium
The premium on protected deposits is payable in two equal instalments:
- The 1st instalment must be paid no later than July 15
- The 2nd instalment must be paid no later than December 15
Declaration of deposits documents
- Declaration of deposits with premium and without premium (xlsx - 92 KB)This link will open in a new windowUpdated on 16 April 2019Declaration of guaranteed deposits with premium and without premium
- Attestation of Compliance (pdf - 129 KB)This link will open in a new windowUpdated on 16 April 2019Attestation of Compliance for the Annual Declaration of Guaranteed Deposits
- Disclosure Guide - Annual declaration of deposits (pdf - 1 MB)This link will open in a new windowUpdated on 16 April 2019Disclosure Guide for the declaration of Guaranteed Deposit E-Services
Funding of the deposit protection plan
The AMF is required to maintain a deposit insurance fund to ensure the performance of its deposit protection obligation. Premiums collected are allocated to this fund, as are any amounts the Minister of Finance may pay into it. The amounts making up the deposit insurance fund are invested with the Caisse de dépôt et placement du Québec.
Should the fund lack sufficient financial resources, the Minister of Finance may make advances to the AMF out of the consolidated revenue fund or guarantee the payment of AMF's obligations.
More information on the deposit insurance fund can be found in the most recent AMF annual report.
Please refer your questions to Protection.Depots@lautorite.qc.caEnd of the Information
Documentation and tools
Your deposits are protected. That’s a guarantee! (pdf - 790 KB)This link will open in a new windowUpdated on 12 August 2019In Québec, the money you deposit in an authorized deposit institution will be repaid to you by the Autorité des marchés financiers (AMF) if the institution goes bankrupt. This deposit protection is automatic and doesn’t cost you anything.