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Feel Confident That Your Money Is Protected

Royal Bank of Canada and its subsidiaries1 are proud members of the Canada Deposit Insurance Corporation (CDIC).

The CDIC is NOT a bank or private insurance company. It is a Federal Crown corporation created by Parliament in 1967 to protect the money you deposit in member financial institutions, in case of failure.

CDIC protects eligible deposits payable in Canada up to a maximum of $100,000 (principal + interest combined) per insured category. Funds held in trust are eligible for deposit insurance by CDIC up to $100,000 per beneficiary. Coverage is free and automatic.

Find out more about the products at RBC that are eligible for CDIC deposit insurance

Visit Deposit Register of Eligible Products Visit the CDIC website for further information concerning your coverage

For Further Information Concerning Funds Held in Trust:

Personal

The CDIC Joint and Trust Account Disclosure By-law requires trustee depositors to provide updated beneficiary information to their financial institution in order to ensure the right CDIC insurance coverage for eligible deposits is extended to each beneficiary where there are multiple beneficiaries of a trust account. The law requires financial institutions to remind trustee depositors of their disclosure requirement every year. If the account has been closed over the course of the year please disregard this notice.

If this information is not provided to RBC this year, RBC will use the beneficiary information that we have on record from the last time the information was updated. CDIC insurance coverage for each beneficiary will be based on the information on our records. If the information is out of date, it may be the case that each beneficiary may not receive separate CDIC insurance coverage on eligible deposits, up to a $100,000 per beneficiary. In the unlikely event of a bank failure, there will be a further 90 days to ensure that up-to-date beneficiary information is disclosed on our records.

Note: If a trust account is not identified as a trust account on our records, funds in that account may be aggregated with all other accounts of the depositor for purposes of determining the maximum eligible CDIC coverage.

Is there a deadline to submit a beneficiary form?

Beneficiary forms must be postmarked by May 30th, 2021 or earlier.

Pursuant to the CDIC Joint and Trust Account Disclosure By-law, member institutions must annually notify multi-beneficiary trust depositors about their disclosure requirements during the month of April. In the wake of COVID-19, the CDIC implemented actions to assist member institutions in supporting depositors. One of the measures was to waive the annual notification to multi-beneficiary trust depositors. As a result, for the year 2020, trust depositors were not required to confirm their trust beneficiaries.

FAQs for Personal Clients(opens new window)

Business

The CDIC Joint and Trust Account Disclosure By-law requires trustee depositors to provide updated beneficiary information to their financial institution in order to ensure the right CDIC insurance coverage for eligible deposits is extended to each beneficiary where there are multiple beneficiaries of a trust account. The law requires financial institutions to remind trustee depositors of their disclosure requirement every year. If the account has been closed over the course of the year, please disregard this notice.

If this information is not provided to RBC this year, RBC will use the beneficiary information that we have on record from the last time the information was updated. CDIC insurance coverage for each beneficiary will be based on the information on our records. If the information is out of date, it may be the case that each beneficiary may not receive separate CDIC insurance coverage on eligible deposits, up to a $100,000 per beneficiary. In the unlikely event of a bank failure, there will be a further 90 days to ensure that up-to-date beneficiary information is disclosed on our records.

Note: If a trust account is not identified as a trust account on our records, funds in that account may be aggregated with all other accounts of the depositor for purposes of determining the maximum eligible CDIC coverage.

Is there a deadline to submit a beneficiary form?

Beneficiary forms must be postmarked by May 30th, 2021 or earlier.

Pursuant to the CDIC Joint and Trust Account Disclosure By-law, member institutions must annually notify multi-beneficiary trust depositors about their disclosure requirements during the month of April. In the wake of COVID-19, the CDIC implemented actions to assist member institutions in supporting depositors. One of the measures was to waive the annual notification to multi-beneficiary trust depositors. As a result, for the year 2020, trust depositors were not required to confirm their trust beneficiaries.

FAQs for Business Clients(opens new window)

Ensure beneficiaries of the Funds Held in Trust are Eligible for Maximum CDIC Coverage.

CDIC
Further Information concerning CDIC:

Visit www.cdic.ca(opens new window)