(EN)
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 up to a maximum of $100,000 (principal + interest combined) per depositor, per insured categories.
To be eligible for deposit insurance, deposits must be:
- payable in Canada
- in Canadian currency
- have a term of no greater than 5 years
Plus, CDIC insures eligible deposits separately (up to $100,000 including principal and interest).
View eligible depositsFind Out More About the Instruments and/or Products at RBC® That Are Eligible.
Deposit Register of Eligible Products (opens PDF in new window)Learn the Full Details of Coverage and Limitations Set by the CDIC.
Protecting your Deposits (opens PDF in new window)For Further Information Concerning Funds Held in Trust:
Personal
You received this notice because the account met one of the criteria that we used to identify possible trust accounts in our systems. Please contact your local RBC Royal Bank branch(opens new window) and let them know why you think your account is not a trust account. We will evaluate the information and discuss the situation with you.
You received this notice because your account met one of the criteria that we used to identify estate accounts in our systems. Please contact your local RBC Royal Bank branch(opens new window) and let them know why you think your account is not an estate account. We will evaluate the information and discuss the situation with you.
Please contact your local RBC Royal Bank branch(opens new window) and let them know. We will evaluate the information and discuss the situation with you.
Business
You received this notice because the account met one of the criteria that we used to identify possible trust accounts in our systems. Please contact your local RBC Royal Bank branch(opens new window) and let them know why you think your account is not a trust account. We will evaluate the information and discuss the situation with you.
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 must notify RBC of the portion of funds allocated to each beneficiary.
In the unlikely event of a bank failure, if this information is not provided to RBC this year, then multiple beneficiaries may not be insured for possible losses in excess of the maximum eligible coverage of $100,000 per deposit account.
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 maximum eligible coverage.
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 maximum eligible coverage.
Ensure beneficiaries of the Funds Held in Trust are Eligible for Maximum CDIC Coverage.
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Download and complete one of the forms below:
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Follow the mailing instructions on the form (the form must be postmarked by May 30) or drop it off at any RBC Royal Bank branch.
Tips for Completing the CDIC beneficiary Form(opens new window)
Legal Disclaimer1
The following subsidiaries of Royal Bank of Canada are members of the CDIC: Royal Trust Corporation of Canada, The Royal Trust Company, Royal Bank Mortgage Corporation and RBC Investor Services Trust.
Frequently Asked Questions for Personal Clients
You may not have received this notice 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. If your account has multiple beneficiaries, please complete the form and submit it by the deadline.
No, if that account has a single beneficiary and it is indicated in the account name. You may disregard the notice.
No, if that account has a single beneficiary and it is indicated in the account name. You may disregard the notice.
Yes, if that account has multiple beneficiaries.
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 must notify RBC of the portion of funds allocated to each beneficiary.
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 must notify RBC of the portion of funds allocated to each beneficiary.
The accounts of the deceased individual are 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, you may disregard the notice. If you have not already done so, as a reminder, you should visit your local RBC Royal Bank branch(opens new window) with the appropriate documentation to remove the deceased individual from the account.
If this is a joint account with a surviving owner, you may disregard the notice. If you have not already done so, as a reminder, you should visit your local RBC Royal Bank branch(opens new window) with the appropriate documentation to remove the deceased individual from the account.
You received this notice because the account met one of the criteria that we used to identify possible trust or estate accounts in our systems. As these notifications are prepared months in advance, the account changes may have occurred after. You may disregard the notice.
You received this notice because the account met one of the criteria that we used to identify possible trust accounts in our systems. As these notifications are prepared months in advance, the account changes may have occurred after. You may disregard the notice.
In the unlikely event of a bank failure, if this information is not provided to RBC this year, then multiple beneficiaries may not be insured for possible losses in excess of the maximum eligible coverage of $100,000 per deposit account.
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 maximum eligible coverage.
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 maximum eligible coverage.
The CDIC By-Law 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 also requires financial institutions to remind trustee depositors of this requirement every year.
The address is a regulatory requirement and is required so that we can accurately identify each beneficiary.
Yes. The information we are required to collect must be current as of April 30 of each year and must be updated annually in order to be properly accepted and processed.
This submission confirms our records and provides another opportunity to make changes to the beneficiary list.
This submission confirms our records and provides another opportunity to make changes to the beneficiary list.
Please inform us of any changes to the beneficiary list to help keep our records up to date. We are 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.
However, in the unlikely event of bank failure, eligible deposits are insured up to $100,000 per deposit account. And, for trust accounts with multiple beneficiaries, as long as you submit the beneficiary information each year as required, each beneficiary under a given trust account will be eligible for up to $100,000 in deposit insurance coverage separately.
However, in the unlikely event of bank failure, eligible deposits are insured up to $100,000 per deposit account. And, for trust accounts with multiple beneficiaries, as long as you submit the beneficiary information each year as required, each beneficiary under a given trust account will be eligible for up to $100,000 in deposit insurance coverage separately.
If you need another copy of the form, you can download the form here(opens new window).
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 new window) to pick up a new form.
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 new window) to pick up a new form.
Frequently Asked Questions for Business Clients
The CDIC By-Law 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.
However, certain trustee depositors (legal firms, nursing homes, investment holding companies, notaries, etc.) are permitted under the CDIC By-Law to use an alpha-numeric code or other identifier for each beneficiary rather than provide the name and address of each beneficiary on the form—as long as that code or identifier is used in your (the trustee) current records1.
If you are not sure whether you are eligible to use an alpha-numeric code or other identifier, Section 7 of the Joint and Trust Account Disclosure By-Law(opens new window) on the CDIC website describes the types of trustee depositors who may provide this information in place of a beneficiary's name and address.
However, certain trustee depositors (legal firms, nursing homes, investment holding companies, notaries, etc.) are permitted under the CDIC By-Law to use an alpha-numeric code or other identifier for each beneficiary rather than provide the name and address of each beneficiary on the form—as long as that code or identifier is used in your (the trustee) current records1.
If you are not sure whether you are eligible to use an alpha-numeric code or other identifier, Section 7 of the Joint and Trust Account Disclosure By-Law(opens new window) on the CDIC website describes the types of trustee depositors who may provide this information in place of a beneficiary's name and address.
Yes, beneficiary information should be submitted to RBC every year during our annual disclosure process, even if there have not been any changes.
This submission confirms our records and provides another opportunity to make changes to the beneficiary list.
This submission confirms our records and provides another opportunity to make changes to the beneficiary list.
Please inform us of any changes to the beneficiary list to help keep our records up to date. We are 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.
Yes, this notice applies to you because the funds held belong to residents in your long-term care facility and these residents are the beneficial owners of the funds on deposit.
You are exempt from disclosing the names and addresses of trust account beneficiaries under the provisions of CDIC's By-Law "if the information described in subsection (2) is disclosed in its place". Subsection 7 (2) of the By-Law(opens new window) allows you to substitute an alpha numeric code or other identifier for the name and address of each beneficiary of the trust account—as long as that code or identifier is used in your current records1.
The law societies recognize the need for lawyers to make this disclosure and some provide a form for doing so on their websites. In some cases, the suggestion is to replace the name and address of each beneficiary with your law firm's file number or the initials of your client. For more information, please consult with your local Law Society.
The law societies recognize the need for lawyers to make this disclosure and some provide a form for doing so on their websites. In some cases, the suggestion is to replace the name and address of each beneficiary with your law firm's file number or the initials of your client. For more information, please consult with your local Law Society.
If you have multiple beneficiaries in a trust account, you must provide the beneficiary information as outlined in the notice you received.
While your mixed trust account may hold funds only temporarily for an ever-changing group of clients at your firm, one of the purposes of the beneficiary disclosure as of April 30 of each year is to allow the CDIC to know its exposure to deposits eligible to be insured in the system; and to determine the premium payable by each financial institution.
In addition, unlike a regular account, which is eligible for up to $100,000 in deposit insurance coverage, a trust account with multiple beneficiaries is eligible for deposit insurance coverage of up to $100,000 per beneficiary. If you do not make the beneficiary disclosure, the funds in your trust account may be underinsured.
While your mixed trust account may hold funds only temporarily for an ever-changing group of clients at your firm, one of the purposes of the beneficiary disclosure as of April 30 of each year is to allow the CDIC to know its exposure to deposits eligible to be insured in the system; and to determine the premium payable by each financial institution.
In addition, unlike a regular account, which is eligible for up to $100,000 in deposit insurance coverage, a trust account with multiple beneficiaries is eligible for deposit insurance coverage of up to $100,000 per beneficiary. If you do not make the beneficiary disclosure, the funds in your trust account may be underinsured.
If your insurance company has multiple beneficiaries in a trust account, you must provide the beneficiary information as outlined in the notice you received.
One of the purposes of the beneficiary disclosure as of April 30th of each year is to allow the CDIC to know its exposure to deposits eligible to be insured in the system; and to determine the premium payable by each financial institution.
In addition, unlike a regular account, which is eligible for up to $100,000 in deposit insurance coverage, a trust account with multiple beneficiaries is eligible for deposit insurance coverage of up to $100,000 per beneficiary. If you do not make the beneficiary disclosure, the funds in your trust account may be underinsured.
You may want to review your CDIC disclosure obligations with your own legal counsel. In addition, you can find more information on the Joint and Trust Account Disclosure By-Law on the CDIC Website(opens new window).
One of the purposes of the beneficiary disclosure as of April 30th of each year is to allow the CDIC to know its exposure to deposits eligible to be insured in the system; and to determine the premium payable by each financial institution.
In addition, unlike a regular account, which is eligible for up to $100,000 in deposit insurance coverage, a trust account with multiple beneficiaries is eligible for deposit insurance coverage of up to $100,000 per beneficiary. If you do not make the beneficiary disclosure, the funds in your trust account may be underinsured.
You may want to review your CDIC disclosure obligations with your own legal counsel. In addition, you can find more information on the Joint and Trust Account Disclosure By-Law on the CDIC Website(opens new window).
RBC and its subsidiaries are in good financial shape and operate within a well-regulated Canadian financial sector.
However, in the unlikely event of bank failure, eligible deposits are insured up to $100,000 per deposit account. And, for trust accounts with multiple beneficiaries, as long as you submit the beneficiary information each year as required, each beneficiary under a given trust account will be eligible for up to $100,000 in deposit insurance coverage separately.
However, in the unlikely event of bank failure, eligible deposits are insured up to $100,000 per deposit account. And, for trust accounts with multiple beneficiaries, as long as you submit the beneficiary information each year as required, each beneficiary under a given trust account will be eligible for up to $100,000 in deposit insurance coverage separately.
You can download the form here(opens PDF in new window). Please complete Section A of the form. You can attach a copy of your spreadsheet containing the information we need to the form.
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 new window) to pick up a new form.
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 new window) to pick up a new form.
Tips for Completing the Trust Account beneficiary Form
- The current beneficiary information must be postmarked by May 30 of each year to ensure that the balance that each beneficiary holds in the account is eligible for CDIC coverage this year. Information received after this date will not be processed.
- Please use a new form for each account for which you are required to submit beneficiary information. (If you are using the form that was mailed to you, the account information is already pre-filled in the form.)
- Please do not include any information about any account you hold at any other financial institution. We cannot submit this information on their behalf.
- Please keep a copy of the completed form for your records.
- If you are sending forms for more than one account, each form that we send to you must be completed and returned in a separate envelope to ensure that the information is processed correctly.
- Please use the business reply postage label you received in the mail. If you have misplaced it, please mail the forms as follows:
Personal Clients:
RBC CDIC Personal Accounts
Attention : Records & Distribution (Transit # 5410)
PO Box 4509 STN A
Toronto
Business Clients:
RBC CDIC Business Accounts
Attention: Dept Mgr Compliance/Middle Office(Transit # 07512) (Private & Confidential)
36 York Mills Road, Suite 400, 4th Floor
Toronto, Ontario M2P 0A4