Financial Community and Trustees


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.

Are you a Trustee or Professional Trustee?

Not sure? Use the Interactive Decision Tree to find out.

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.

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