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Financial Community and trustees

Timeline

  • April 2021

    CDIC member institutions (MIs) provide annual notice to trustees requesting updated beneficiary information for accounts held in trust for multiple beneficiaries.

    • Annual trustee notices to include information for professional trustees (PTs) on where they can find further information on upcoming deposit insurance changes affecting their trust deposits.
  • By May 30th, 2021

    Trustees must provide their MIs with updated beneficiary information for each account they hold in trust.

    • Required beneficiary information includes the following: full name and address of all beneficiaries of the account, and each beneficiary’s share of the trust deposits (either as a dollar ($) amount or percentage (%)).
  • April 30th, 2022

    New framework and requirements for deposits held by professional trustees take effect along with other changes affecting other deposits held in trust.

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