CDIC protects eligible deposits held in a trust separately from other deposits that a trustee or a beneficiary might hold in their own name at the same CDIC member institution, provided certain information is available on the bank’s records. CDIC uses the information on the records of the member institution to initiate its reimbursement calculations. Deposits in valid trusts can be protected up to $100,000 per beneficiary.

Payout Process for General Trustees

(other than Nominee Brokers and Professional Trustees)

For general trusts, CDIC will base its deposit insurance calculations on the information available on the records of the failed member. The amount calculated will be reimbursed directly to the trustee who is noted as the depositor of record on behalf of their beneficiary or beneficiaries. The trustee is responsible for distributing the reimbursement of insured deposits to their beneficiaries.

FAQs for General Trustees

For general trustees

How are deposits held in trust protected by CDIC?
How does CDIC calculate the insurance payment for general trustees?
As a general trustee, am I required to provide beneficiary information to CDIC when a member institution has failed?
I am a general trustee who has placed deposits at a failed member. Will CDIC contact me regarding my deposits?
I am a beneficiary with a general trustee. Will I get reimbursed by CDIC or by the trustee?
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