Why did I receive a Trustee notification from my CDIC member institution?
To ensure that deposits held “in trust” remain protected, CDIC requires Trustees and Professional Trustees to keep key information up-to-date with their CDIC member institutions.
CDIC member institutions are required to provide Trustees and Professional Trustees annual reminders indicating that they must update their contact and beneficiary information related to their trust deposits.
What do I need to do?
The reminder you will receive from your CDIC member institution will indicate how to provide them with your updated information.
The following timeline sets out when Trustees and Professional Trustees can expect to receive these reminders, and how to make sure their trust deposits remain protected.
Trustee Timeline
Professional Trustee Timeline
Every March
CDIC Member Institutions will send you, the Trustee, a reminder to update your contact and beneficiary information.
The reminder will indicate how to do this.
CDIC member financial institutions will send you, the Professional Trustee, a reminder to re-designate Professional Trustee Accounts (PTAs).
The reminder will indicate how to do this.
Every April
If you answer “yes” to any of these questions, update your member financial institution:
- Has your information changed?
- Has your beneficiary information changed?
- Has beneficiary interest in the deposit(s) changed?
Provide your member financial institution with an attestation to maintain Professional Trustee Account (PTA) status.
Failure to re-attest means your trust deposits are subject to trustee disclosure rules.
From May until February
CDIC will rely on the most recent information disclosed to your member financial institution to make an insurance determination.
To ensure your eligible trust deposits remain fully protected you should:
- update your contact information when it changes
- update your beneficiaries’ information (names, addresses, and interest) when it changes
Be prepared to provide CDIC with your beneficiary information, upon request.
Remember, you can add, remove, or amend PTA designations at any time.
The reminder process repeats annually.
The reminder process repeats annually.
Trustees are responsible for providing up-to-date information to their member financial institution.
Professional Trustees are responsible for maintaining their account designations and all required beneficiary information.
Download Printable PDF
Download Printable PDF
Are you a:
- Public Trustee?
Public Trustee: A public trustee of a province or a similar public official whose duties involve holding moneys in trust for others qualifies as a Professional Trustee.
- Federal, Provincial, or Municipal government department, agency, or actor?
Federal, Provincial, or Municipal government, department or agency: A federal, provincial or municipal government, or a department or agency of such a government qualifies as a Professional Trustee.
- Lawyer or Notary?
Lawyer or Notary: A lawyer or partnership of lawyers, a law corporation, or a notary or partnership of notaries in the province of Quebec, when they act in that capacity as a trustee of moneys for others qualifies as a Professional Trustees.
- Trust Company?
Trust Company: A regulated federal or provincial trust company acting in the capacity of a depositor qualifies as a Professional Trustee.
Are you a:
- Person who holds funds in trust in the course of business?
Person: A Person includes an individual, an entity (such as a partnership, association, or corporation) or personal representative.
In the Course of Business: “In the course of business” includes the activities of a Person in their professional capacity. Where the Person is not an individual, this means all normal business activities.
Are you:
- Are you required by law to hold the deposit in trust?
Required by Law: A person is “required by law” where by, or under, legislation, regulation, or any other legal enactment a Person is required to hold funds in trust for another or a trustee relationship is created where the Person must act as a trustee for another.
Are you:
- Are you subject to the rules of securities commission, stock exchange, or other regulatory or self-regulatory organization that audits compliance with those rules?
Rules: Rules may be found in the form of regulations, bylaws, professional requirements, or any other binding rule that governs the, operation, license, and/or conduct of a person. The rules as set out by the Regulatory or Self-Regulatory Organization do not have to make specific provision for the creation of a trustee relationship, or how and why the money held in trust is deposited or otherwise kept.
Other Regulatory or Self-Regulatory Organization: Regulatory and self-regulatory organizations are those organizations created by, or under, statute with the power to make binding rules or regulations with respect to securities law, or those organizations that have delegated authority to regulate the conduct of their members and/or other securities market participants. Regulatory and self-regulatory organizations must have a mandate to regulate the operation, license and/or conduct of the Person.
Audits Compliance: An “Audit” includes any examination, investigation, or other review of the conduct or affairs of the Person. The audit must be conducted by, on behalf of, the Regulatory or Self-regulatory organization. The audit must, at least in part, concern compliance with the rules of the Regulatory or Self-Regulatory organization to which the Person is subject. The Audit may be conducted at set times or may be conducted at the discretion of the Regulatory or Self-Regulatory organization.
CDIC Deposit Insurance
CDIC insures eligible deposits held at CDIC Member Institutions. CDIC insures eligible deposits to a maximum of $100,000 per insurance category, one of which is deposits held in trust.
For more information on eligible deposits and how CDIC protects your deposits, visit “How deposit insurance works”.
Trustee
The answers provided indicate you do not qualify as a Professional trustee. CDIC continues to insure eligible deposits held in trust at CDIC Member Institutions up to $100,000 per beneficiary.
Trustees who hold deposits in trust at CDIC Member Institutions must meet certain disclosure requirements to ensure they receive appropriate deposit insurance coverage.
For more information on Trustee disclosure rules and the obligations of trustee depositors visit For Trustees and refer to What you need to know – Trustees (PDF, 83 KB).
Professional Trustee
The answers provided indicate you may qualify under the CDIC Act as a Professional Trustee.
As of April 30th 2022, Professional Trustees who hold deposits in trust at CDIC Member Institutions may opt into the Professional Trustee Disclosure Rules.
For more information on the Professional Trustee Rules and Disclosure Requirements visit For Professional Trustees and refer to What you need to know – Professional Trustees (PDF, 83 KB)
