The Canada Deposit Insurance Corporation (CDIC) has advised ABCU Credit Union depositors that eligible deposits are now protected by CDIC following ABCU’s merger with Innovation Federal Credit Union and entry into the federal deposit insurance framework. With provincial deposit insurance for ABCU ended, CDIC is providing transitional coverage for 180 days. Eligible deposits made before April 1, 2026 continue to receive the same coverage that was offered by Alberta’s Credit Union Deposit Guarantee Corporation, with term deposits such as Guaranteed Investment Certificates covered until maturity or cash-out and demand deposits such as chequing and savings accounts covered for the duration of the transition period. Transitional CDIC coverage does not apply to Innovation Federal Credit Union members. After the transition period, all eligible deposits held at ABCU (now at Innovation Federal Credit Union), as well as any new deposits made on or after April 1, 2026, will be protected under CDIC coverage up to CAD 100,000 for each deposit category.
Canada Deposit Insurance Corporation 2026-04-01
Canada Deposit Insurance Corporation confirms 180-day transitional deposit insurance for ABCU Credit Union depositors after merger into Innovation Federal Credit Union
The Canada Deposit Insurance Corporation has confirmed that eligible deposits at ABCU Credit Union are now protected by federal deposit insurance following its merger with Innovation Federal Credit Union. CDIC is providing transitional coverage that mirrors prior provincial protection for pre-1 April 2026 deposits, before standard CDIC coverage of up to CAD 100,000 per deposit category applies to all eligible deposits at the merged institution.