Canada Deposit Insurance Corporation

The Government of Canada has amended the Canada Deposit Insurance Corporation Act and related by-laws to modernize and enhance Canada’s deposit insurance framework, with changes coming into effect on April 30, 2022. We ask you to please return the completed form to us by April 15, 2022, or earlier.

You received this notice because the account you hold met one of the criteria that was used to identify possible trust accounts. Please contact your local RBC Royal Bank branch and let them know that you received this notification and did not intend to open or have a trust account. An Advisor will help you evaluate this information and discuss the situation with you.

Please contact your local RBC Royal Bank branch and let them know that you received this notification and did not intend to open or have a trust account. An Advisor will help you evaluate this information and discuss the situation with you.

Yes, this information will ensure that in the unlikely event of a bank failure, the most current information is available. Please return the completed Beneficiary form to RBC by April 15, 2022, or earlier.

You may not have received a trust notification in previous years because your account did not meet the criteria that we use to identify the accounts for which a notice should be sent. CDIC legislation requires trustee depositors to provide beneficiary information to their financial institution in order to ensure that CDIC insurance for eligible deposits is extended to the multiple beneficiaries of a trust account.

In accordance with CDIC legislation, member institutions must annually, during the month of March, notify trust depositors about their disclosure requirements. This includes estate trustees or equivalent. All RBC estate accounts are categorized as trusts. If you hold funds in an estate account for two or more beneficiaries, you need to provide RBC with the required beneficiary information, for the beneficiaries to be eligible to receive separate CDIC coverage of up to a maximum of $100,000 each, including the amount or percentage interest that should be allocated to each beneficiary.

The accounts of the deceased individual may be estate accounts which are considered trust accounts since there may be funds in the accounts which may be distributed to beneficiaries. If this is a joint account with a surviving owner, please disregard the notice.

If you have not already done so, as a reminder, you should visit your local RBC Royal Bank branch with the appropriate documentation to remove the deceased individual from the account.

You received this notice because the account you hold met one of the criteria that was used to identify possible estate accounts. Please contact your local RBC Royal Bank branch and let them know why you think your account should not be classified as a estate account. An Advisor will help you evaluate this information and discuss the situation with you.

You received this notice because the account met one of the criteria that was used to identify possible trust or estate accounts. As these notifications are prepared months in advance, account changes may have taken place after this letter was written Please disregard the notice.

CDIC legislation requires you, the trustee depositor, to provide this information to your financial institution in order to ensure that CDIC insurance for eligible deposits is extended to the multiple beneficiaries of the trust account. The law requires financial institutions to remind trustee depositors of their disclosure requirement every year.

The CDIC Joint and Trust Account Disclosure By-law requires the trustee depositor to provide the address of each beneficiary to ensure that in the unlikely event of bank failure, that each beneficiary can be accurately identified.

Yes, the CDIC Joint and Trust Account Disclosure By-law requires the trustee depositor to provide beneficiary information to their financial institution in order for each beneficiary to receive separate CDIC insurance coverage on eligible deposits, up to a $100,000 per beneficiary. The law also requires financial institutions to remind trustee depositors of their disclosure requirement every year.

Please inform RBCof any changes to the beneficiary list to help ensure that records are kept up to date. RBC is required to send you the notification letter only in April of each year, but if there are any changes to the beneficiaries in the meantime, please let us know.

RBC and its subsidiaries are in good financial shape and operate within a well-regulated Canadian financial sector. 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. Eligible deposits held in trust are eligible for CDIC coverage up to $100,000 per beneficiary. Without beneficiary information, the deposits in the account will only be eligible for a maximum of $100,000 coverage. For additional information on CDIC insurance coverage please visit https://www.cdic.ca/your-coverage/

If you need another copy of the form, you can download the form here Please print, complete and forward the form to the reply address listed within the form. You can also visit an RBC Royal Bank branch to pick up a new form.

• Separate coverage for up to $100,000 in eligible deposits held under Registered Education Savings Plans (RESPs)
• Separate coverage for up to $100,000 in eligible deposits held under Registered Disability Savings Plans (RDSPs)
• Removal of separate coverage for deposits in mortgage tax accounts (these deposits will be combined with eligible deposits in other categories such as Deposits held in one name).
• New requirements for deposits held in trusts, including nominee brokered deposits that enhance CDIC’s ability to extend protection to these deposits and reimburse them quickly after a CDIC member failure.

To find out more about the products at RBC that are eligible, please visit Deposit Register of Eligible Products

If you are a Trustee who holds eligible deposits in trust at a CDIC Member Institution in your professional capacity, you may qualify to be a Professional Trustee. Examples include public trustees, lawyers etc. Only trustees who meet the following definition under the CDIC Act are Professional Trustees:

A Professional trustee means any of the following who is not a nominee broker:

• the public trustee of a province or a similar public official whose duties involve holding moneys in trust for others;
• a federal, provincial or municipal government, or a department or agency of such a government;
• 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;
• a person who is acting as a trustee of moneys for others in the course of business and is required by or under a statute to hold the deposit in trust;
• a person who is acting as a trustee of moneys for others in the course of business and is subject to the rules of a securities commission, stock exchange or other regulatory or self-regulating organization that audits compliance with those rules; or
• a regulated federal or provincial trust company acting in the capacity of a depositor. 

The following are the requirements for Professional Trustees or their Senior Officers:

• Providing us with the following information about the Senior Officer to meet the CDIC requirements:
  • name
  • address
  • email address
  • phone number
• Signing the Professional Trustee Attestation manually or electronically.
• Where a client’s account is identified as a Professional Trustee account, the client does not need to provide beneficiary information to RBC.

For beneficiaries of Professional Trustee accounts to receive separate CDIC insurance coverage, the depositor (that is the Professional Trustee) must maintain its own records about the beneficiary information in accordance with the CDIC Act and by-laws.

Note: RBC is not required to keep beneficiary information for Professional Trustee Accounts.

If this information is not provided to RBC, 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, each beneficiary may not receive separate CDIC insurance coverage on eligible deposits, up to a $100,000 per beneficiary.

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.

The Government of Canada has made important changes to the rules governing how deposit insurance protection is provided for trust deposits by CDIC, with changes taking effect on April 30, 2022. We ask you to please return the completed form to us by April 15, 2022 or earlier.

You received this notice because the account you hold met one of the criteria that was used to identify possible trust accounts. Please contact your local RBC Royal Bank branch (opens in new window) and let them know why you think your account should not be classified as a trust account. An Advisor will help you evaluate this information and discuss the situation with you.

Pursuant to CDIC legislation, member institutions must annually, during the month of March, notify trust depositors about their disclosure requirements. An estate account can be part of the property of a trust set up by the terms of the Will. Such a trust is called a testamentary trust. If you hold funds in an estate account for two or more beneficiaries of a testamentary trust, for the beneficiaries to be eligible to receive separate CDIC coverage of up to a maximum of $100,000 each, you need to provide RBC with the required beneficiary information, including the amount or percentage interest that should be allocated to each beneficiary.

CDIC legislation requires you, the trustee depositor, to provide this information to your financial institution in order to ensure that the maximum available CDIC insurance for eligible deposits is extended to a trust account with multiple beneficiaries. The law also requires financial institutions to remind trustee depositors of this requirement every year.

If you place, or hold, deposits in trust at a CDIC Member Institution, you need to ensure the following information is on their records for each deposit you hold:

• That the deposit is held in trust;
• That you are the trustee or co-trustee;
• Your legal name and address along with that of each co-trustee;
• The name and address of each beneficiary (even if there is only a single beneficiary); and
• The amount, or percentage, of each beneficiary’s interest in the trust deposit (CDIC insures eligible trust deposits up to $100,000 for each beneficiary identified).If you are a Professional Trustee, you may also qualify for a Professional Trustee Account, in which case you are exempt from providing beneficiary information to your financial institution with respect to that Account. For more information on Professional Trustee obligations, please refer to questions above or visit https://www.cdic.ca/financial-community/for-trustees/for-professional-trustees/.

CDIC legislation requires the trustee depositor to provide the address of each beneficiary to ensure that in the unlikely event of a bank failure, each beneficiary can be accurately identified.

Yes, CDIC legislation requires the trustee depositor to provide beneficiary information to their financial institution in order for each beneficiary to receive separate CDIC insurance coverage on eligible deposits, up to a $100,000 per beneficiary. The law also requires financial institutions to remind trustee depositors of their disclosure requirement every year.

Please inform RBC of any changes to the beneficiary information to help ensure that records are kept up to date. RBC is required to send you the notification letter during the month of March in each year, but if there are any changes to the beneficiary information in the meantime, please let us know.

This notice applies to you if the resident fund account is a trust account of which you are the trustee and the residents of your long-term care facility are the beneficiaries.

If you are a Trustee who holds eligible deposits in trust at a CDIC Member Institution in your professional capacity, you may you may qualify to be a Professional Trustee. Examples include public trustees, lawyers etc. Professional Trustees with Professional Trustee Accounts are exempt from disclosing beneficiary information with respect to those accounts; however, they have certain obligations they must meet for the accounts they wish to identify as Professional Trustee Accounts. Please refer above to review your obligations or visit CDIC at https://www.cdic.ca/financial-community/for-trustees/for-professional-trustees/.

Law Societies generally recognize the need for lawyers to make this disclosure and some provide a form for doing so on their websites. For more information, please consult with your local Law Society.

If you are a Trustee who holds eligible deposits in trust at a CDIC Member Institution in your professional capacity, you may qualify to be a Professional Trustee. Examples include public trustees, lawyers etc. Professional Trustees with Professional Trustee Accounts are exempt from disclosing beneficiary information with respect to those accounts; however, they have certain obligations they must meet for the accounts they wish to identify as Professional Trustee Accounts. Please refer above to review your obligations or visit CDIC at https://www.cdic.ca/financial-community/for-trustees/for-professional-trustees/.

If you are a Trustee who holds eligible deposits in trust at a CDIC Member Institution in your professional capacity, you may qualify to be a Professional Trustee. Examples include public trustees, lawyers etc. Professional Trustees with Professional Trustee Accounts are exempt from disclosing beneficiary information with respect to those accounts; however, they have certain obligations they must meet for the accounts they wish to identify as Professional Trustee Accounts. Please refer above to review your obligations or visit CDIC at https://www.cdic.ca/financial-community/for-trustees/for-professional-trustees/.

If you are a Professional Trustee with a Professional Trustee Account, you are exempt from disclosing beneficiary information with respect to that account; however, you have certain obligations to ensure appropriate insurance coverage for each beneficiary. In particular, you must carry out the following steps by April 30, 2022:

• Contact us to request that some or all of your trust accounts be designated as Professional Trustee Accounts;
• Provide us with an attestation that you are a Professional Trustee;
• Confirm with us the account(s) you would like identified as a Professional Trustee Account(s); and
• Provide us with your up-to-date contact information.

RBC and its CDIC member institution subsidiaries are in good financial shape and operate within a well-regulated Canadian financial sector. Eligible deposits held in trust are eligible for CDIC coverage up to $100,000 per beneficiary. Without beneficiary information, the deposits in the account will only be eligible for a maximum of $100,000 coverage. For additional information on CDIC insurance coverage please visit https://www.cdic.ca/your-coverage/.

If you need another copy of the form, you can download the form here .

Please print, complete and forward the form to the reply address listed within the form.

You can also visit an RBC Royal Bank branch (opens in new window) to pick up a new form.

• Separate coverage for up to $100,000 in eligible deposits held under Registered Education Savings Plans (RESPs).
• Separate coverage for up to $100,000 in eligible deposits held under Registered Disability Savings Plans (RDSPs).
• Removal of separate coverage for deposits in mortgage tax accounts (these deposits will be combined with eligible deposits in other categories such as Deposits held in one name.
• New requirements for deposits held in trusts, including nominee brokered deposits that enhance CDIC’s ability to extend protection to these deposits and reimburse them quickly after a CDIC member failure.

To find out more about the products at RBC that are eligible, please visit Deposit Register of Eligible Products.