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Financial Community and Trustees

Notice:

As of April 30, 2022, CDIC protection is expanded to include Registered Education Savings Plans and Registered Disability Savings Plans. There are also new rules for deposits held in trust. These changes are part of the Government of Canada’s commitment to modernize and enhance CDIC deposit protection to reflect how Canadians bank and save.

Legislation related to brokered deposits 

To be compliant with trust deposit regulations, be sure to read or have your legal team read the following Act and By-Laws that cover trust deposits.

Note that all links in this section are external and will take you to applicable law on the Department of Justice website.

Sections 6 to 8 of the CDIC Act Schedule set out the law regarding deposit insurance and trusts, and the additional conditions applicable to nominee brokers and their deposits.

The Canada Deposit Insurance Corporation Co-Owned and Trust Deposit Disclosure By-Law prescribes, amongst other things, the additional trust disclosure rules that nominee brokers must follow.

The Canada Deposit Insurance Corporation Deposit Insurance Information By-Law governs disclosures about membership status and the deposit insurance protection provided by the Canada Deposit Insurance Corporation (CDIC). The By-law includes a prohibition on the making of false, misleading or deceptive representations about what is or is not a deposit, what is or is not an insured deposit, or who is a CDIC member.

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