Your coverage

Notice: The Government of Canada has announced that changes to the CDIC Act to modernize and enhance CDIC deposit protection will come into force on April 30, 2020 and April 30, 2021. PLEASE NOTE: Until then, current coverage rules apply.

Deposits held in Trust

We insure up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met.

CDIC covers different types of trusts. Here are three examples:

  • a grandmother (the trustee) deposits money in trust for her grandchildren (the beneficiaries) to use when they are adults.
  • a lawyer (the trustee) holds a down payment in trust for clients (the beneficiaries) buying a house.
  • a broker (the trustee) holds an investment in trust for clients (the beneficiaries).

To calculate deposit insurance, we will combine all eligible deposits within one trust held at the failed CDIC member institution. The total is insured to a limit of $100,000 per beneficiary if the trustee meets CDIC’s disclosure rules.

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