This section is for any financial institution that carries on deposit institution activities, which consist in soliciting and receiving deposits of money from the public. It provides information on the obligations of authorized deposit institutions under the Deposit Institutions and Deposit Protection Act and its regulation This link will open in a new window.

Every authorized deposit institution must display the official logo supplied by the AMF in a conspicuous place at the entrance to and inside any establishment where it carries on its activities.

An authorized deposit institution wishing to inform the public that deposits made with it are protected by the AMF may use only the phrase “Deposit institution authorized by the Autorité des marchés financiers” in its advertising.

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 within the meaning of the Deposit Institutions and Deposit Protection Act.”

The brochure entitled  Your deposits are protected. That’s a guarantee! (pdf - 2 MB)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. explains the AMF’s deposit protection.

Order the brochure

For more information on advertising, please refer to the Regulation respecting the application of the Deposit Insurance Act This link will open in a new window.

Official logo

Brochure

Upload the brochure (pdf - 2 MB)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.

Data and system requirements

In the situations described in section 34.1 of the Deposit Institutions and Deposit Protection Act, the AMF must repay protected deposits.

To speed up 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 rules for authorized deposit institutions respecting required data and systems are set out in the Regulation respecting the application of the Deposit Insurance ActThis link will open in a new window.

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 required to be sent are explained in the data and systems requirements tables (available in French only) :

The previous version and the list of changes that have been made to the requirements since that version can be accessed by clicking on the following links:

Agreement with the Canada Deposit Insurance Corporation (CDIC)

The deposits of some institutions are protected by both the AMF and the Canada Deposit Insurance Corporation (CDIC). On January 22, 1969, an agreement was reached between the CDIC and the AMF in order to avoid duplication in deposit protection, monitoring and inspections.

The agreement sets out the division of responsibilities between the CIDC and the AMF with respect to the supervision of institutions and the repayment of protected deposits.

Annual declaration of deposits (with premium)

Annual declaration of deposits

Authorized deposit institutions, regardless of where they are constituted, 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 under the Act respecting the application of the Deposit Insurance ActThis link will open in a new window.

The duly completed form must be filed via AMF E-Services.

Premium

The deposit protection program 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 aggregate deposits eligible for deposit protection, per institution, as at April 30.

The premium payable by a financial services cooperative is reduced by half if it is a member of a security fund whose mission is to avoid or reduce disbursements by the AMF under the Deposit Institutions and Deposit Protection Act.

Deposits in federally regulated authorized deposit institutions are protected by the CIDC. As a result, and in accordance with the CIDC Agreement, those institutions are exempt from paying the AMF a premium on deposits received in Québec.

The premium payable on protected deposits is calculated automatically in the declaration of deposits form.

Premium payment

The remittance slip for paying the premium (if applicable) will be sent to your Secure Message Inbox a few days following receipt of your declaration. Please leave 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.

Insight

Key dates

Form

The form for the declaration of deposits as at April 30 must be provided no later than July 15

Premium payment

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
End of the insight

Declaration of deposits documents

Funding of the deposit protection program

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.

Information

Do you have any questions?

Please e-mail them to protection.depots@lautorite.qc.ca

End of the Information

Documentation and tools

To learn more about the deposit protection:

L'Assurance-dépôts This link will open in a new window (available in French only)

Your deposits are protected. That’s a guarantee! (pdf - 2 MB)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.