The Canada Deposit Insurance Corporation has advised depositors of Prospera Credit Union and Sunshine Coast Credit Union that, following their merger with Coast Capital Savings Federal Credit Union and entry into the federal deposit insurance framework, eligible deposits are now protected by CDIC. Eligible deposits made at Prospera or Sunshine Coast before May 6, 2026 are covered under a 180-day transitional regime, after which those balances, along with new deposits, will be subject to CDIC's standard protection of up to CAD 100,000 per deposit category. During the transition, pre-existing eligible deposits at the two former credit unions continue to receive the same coverage previously provided by the Credit Union Deposit Insurance Corporation of British Columbia. For term deposits such as Guaranteed Investment Certificates, that transitional protection continues until maturity or cash-out, while demand deposits such as chequing and savings accounts remain covered for the 180-day period. Transitional coverage does not apply to deposits made at Coast Capital Savings Federal Credit Union. The merged institutions will continue to use Prospera and Sunshine Coast Financial as trade names, but deposits under those names do not receive separate insurance limits and are combined with Coast Capital deposits for CDIC coverage.
Canada Deposit Insurance Corporation 2026-05-06
Canada Deposit Insurance Corporation provides 180 day transitional coverage for Prospera and Sunshine Coast deposits after Coast Capital merger
The Canada Deposit Insurance Corporation has confirmed that, following the merger of Prospera Credit Union and Sunshine Coast Credit Union with Coast Capital Savings Federal Credit Union, eligible deposits are now protected under the federal deposit insurance framework. Pre-existing eligible deposits at Prospera and Sunshine Coast remain covered under a 180-day transitional regime (or to maturity for term deposits), after which all balances and new deposits fall under CDIC’s CAD 100,000 per deposit category limit. Deposits under the Prospera and Sunshine Coast Financial trade names are aggregated with Coast Capital deposits for CDIC coverage.