Under the CDIC Joint and Trust Account Disclosure By-law a member institution has the obligation to annually notify certain trustee depositors to disclose the amount or percentage of each beneficiary’s interest in the deposit when the trust has more than one beneficiary. The notification is to be sent during the month of April in each year and the trustee depositor must make its disclosure to the member institution by May 30th in each year.
Due to changes to the Disclosure By-law, a new template will be provided in Spring 2020.
- there is valid trust (established with or without formal documentation) as determined under the laws of the province or territory in which the trust is established;
- the following information appears on the records of the CDIC member institution prior to the failure:
- trustee names and addresses;
- the fact that the eligible deposits are held by the depositor in trust for a beneficiary.
If there is more than one beneficiary, trustees are also to provide their CDIC member institution with:
- the name and address of each beneficiary;
- the portion of the trust belonging to each beneficiary;
- any changes to the information as of April 30th in each year
For Brokers and other financial professionals