CDIC coverage for depositors of Prospera and Sunshine Coast Credit Unions

OTTAWA – May 6, 2026 – The Canada Deposit Insurance Corporation (CDIC) is advising 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.

As provincial deposit insurance for Prospera Credit Union and Sunshine Coast Credit Union has ended, CDIC now provides transitional coverage for a period of 180 days. During this time, your eligible deposits made at either of these institutions before May 6, 2026, will continue to receive the same coverage that was offered by the Credit Union Deposit Insurance Corporation of British Columbia. For term deposits, such as Guaranteed Investment Certificates (GICs), it will extend until the deposit reaches maturity or is cashed out. For demand deposits, such as chequing and savings accounts, the coverage remains in effect for the duration of the transition period. Transitional coverage does not apply to deposits made at Coast Capital Savings Federal Credit Union.

At the end of the transition, all eligible deposits made at Prospera and Sunshine Coast, as well as any new deposits made on or after May 6, 2026, will receive CDIC’s protection of up to $100,000 for each deposit category. For more details about CDIC deposit protection, visit What’s covered. 

The merged credit unions will keep using Prospera and Sunshine Coast Financial as trade names.

About Coast Capital Savings Federal Credit Union

Coast Capital Savings Federal Credit Union is based in British Columbia with over 2,500 employees and more than $40 billion in administered assets. They serve over 730,000 members in more than 70 branches across the Lower Mainland, Vancouver Island, the Lower Sunshine Coast and the Okanagan.