Canada Deposit Insurance Corporation

Deposit Insurance

Feel confident that your money is protected

Feel Confident That Your Money Is Protected

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

CDIC is not a bank, nor a private insurance company. CDIC is a federal Crown Corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. It is funded by premiums paid by its member institutions, and it does not receive public funds to operate.

Find out more about the products at RBC that are eligible for CDIC deposit insurance: Deposit Register of Eligible Products.

Find 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)

To learn more about CDIC coverage, as it pertains to the amalgamation of HSBC Bank Canada and RBC, please visit

HSBC Canada - RBC(opens PDF in new window)

For Further Information Concerning Funds Held in Trust:

Personal

The Government of Canada has made important changes to the rules governing how deposit insurance protection is provided for trust deposits by the CDIC that took effect on April 30, 2022. RBC is a proud member of the CDIC and as such is required to annually remind trustee depositors to provide RBC with updated beneficiary information ensuring CDIC deposit insurance protection.

This is a legal requirement set out in the Canada Deposit Insurance Corporation (CDIC) Act. CDIC requires that we maintain up to date information about your trust account and your beneficiaries on our records to ensure that these deposits remain well protected by deposit insurance.

For more information about these changes, please visit: https://www.cdic.ca/financial-community/.

CDIC legislation requires trustee depositors to meet certain obligations which includes providing updated beneficiary information to their financial institution to help ensure that each beneficiary receives separate CDIC deposit insurance protection on eligible deposits, up to $100,000 per beneficiary. The legislation 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.

You are receiving this notification as our records indicate that you are acting as a trustee for a deposit held in trust for others (i.e., the beneficiaries). As such, you are obligated to keep beneficiary information up to date to help ensure the deposit continues to be protected by Canada Deposit Insurance Corporation, the federal deposit insurer.

If you do not provide RBC with the required information, and keep it up-to-date, the eligible deposits that you hold in trust for others may not receive CDIC deposit insurance protection up to $100,000 per beneficiary. CDIC relies on the latest information on our records to protect your deposits.

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.

FAQs for Personal Clients(opens new window)

Business

The Government of Canada has made important changes to the rules governing how deposit insurance protection is provided for trust deposits by the CDIC that took effect on April 30, 2022. RBC is a proud member of CDIC and as such is required to annually remind trustee depositors to provide us with updated beneficiary information ensuring CDIC deposit insurance protection.

For more information about these changes, please visit: https://www.cdic.ca/financial-community/.

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

Please download, complete and print one of the forms below:
- Beneficiary Form for Personal Trust Accounts(opens PDF in new window)
- Beneficiary Form for Business Clients Trust Accounts(opens PDF in new window)
- Professional Trustee Account Attestation(opens PDF in new window)
Follow the mailing instructions on the form.
Tips for Completing the Trust Account Beneficiary Form(opens new window)

Further Information concerning CDIC:

Call 1-800-461-CDIC (2342)

Visit www.cdic.ca(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

We ask you to please return the completed form to us by April 30^th of every year, or earlier. CDIC relies on the latest information from our records to protect your eligible deposits.

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 a new window) 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 available options with you.

Please contact your local RBC Royal Bank branch (opens in a new window) 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 available options with you.

Yes, this information will help ensure that in the unlikely event of a bank failure, the most current information is available. Please return the completed Beneficiary Form for Personal Trust Accounts to RBC by April 30^th of every year 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 to help ensure that each beneficiary receives separate CDIC deposit insurance protection on eligible deposits, up to a $100,000 per beneficiary.

In accordance with CDIC legislation, member institutions must annually, during the month of March, notify trustee depositors about their disclosure requirements. This includes estate trustees or equivalent. All RBC estate accounts are categorized as trusts. CDIC legislation requires the trustee depositor to provide beneficiary information to their financial institution to help ensure that each beneficiary receives separate CDIC deposit insurance protection on eligible deposits, up to a $100,000 per beneficiary.

The account of the deceased individual may be an estate account which is considered a trust account since there may be funds in the account 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 (opens in a new window) 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 (opens in a new window) and let them know why you think your account should not be classified as an estate account. An Advisor will help you evaluate this information and discuss the available options 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, so please disregard the notice.

CDIC legislation requires you, the trustee depositor, to provide this information to your financial institution to help ensure that each beneficiary receives separate CDIC deposit insurance protection on eligible deposits, up to a $100,000 per beneficiary. The law requires financial institutions to remind trustee depositors of their disclosure requirement every year.

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

Yes, CDIC legislation requires the trustee depositor to provide this information to their financial institution to help ensure that each beneficiary receives separate CDIC deposit insurance protection 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 list to help ensure that records are kept up to date. RBC is required to send you the notification letter during the month of March 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/ (opens in a new window)

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

To find out more about the products at RBC that are CDIC eligible, please visit Deposit Register of Eligible Products (opens pdf in a new window).

Frequently Asked Questions for Business Clients

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.
For more information about Professional Trustee visit CDIC at https://www.cdic.ca/financial-community/for-trustees/for-professional-trustees/

Professional Trustees have certain obligations which include:

Contacting us to request that some or all of your trust accounts be designated as Professional Trustee Accounts;
Confirming with us the trust account(s) you would like designated as a Professional Trustee Account(s);
Providing us with the following information about the Professional Trustee or Senior Officer (where the Professional Trustee is not an individual) to meet the CDIC requirements:
- name
- address
- email address
- phone number
Providing us with a signed Professional Trustee Attestation (manually or electronically).

For more information on the responsibilities of a Professional Trustee visit CDIC at https://www.cdic.ca/financial-community/for-trustees/for-professional-trustees/

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 deposit insurance protection , 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 you do not provide us the required information and keep it up-to-date, the eligible deposits that you hold in trust for others may not receive CDIC deposit insurance protection up to $100,000 per beneficiary. CDIC relies on the latest information on our records to protect your deposits.

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.

We ask you to please return the completed form to us by April 30^th of every year, or earlier. CDIC relies on the latest information from our records to protect your deposits.

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 available options with you.

CDIC legislation requires you, the trustee depositor, to provide this information to your financial institution in order to help ensure that each beneficiary receives separate CDIC deposit insurance protection on eligible deposits, up to $100,000 per beneficiary. 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:

Confirm that the deposit is held in trust;
Provide the full name of each trustee of the deposit, and the address of at least one trustee;
Provide the full name and address of each beneficiary of the deposit account that you hold in trust for them; and
If there is more than one beneficiary to the deposit account, provide the interest of each beneficiary in the funds held in the trust account, expressed as either an amount ($) or a percentage (%).

If you hold funds in a professional capacity, 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 the questions above or visit https://www.cdic.ca/financial-community/for-trustees/for-professional-trustees/ (opens in new window)

CDIC legislation requires the trustee depositor to provide the address of each beneficiary to help 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 this information to their financial institution to help ensure that each beneficiary receives separate CDIC deposit insurance protection on eligible deposits, up to $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 of 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 qualify to be a Professional Trustee. Examples include public trustees, lawyers etc. Professional Trustees with Professional Trustee Accounts are exempt from disclosing beneficiary information to their financial institution 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 to the responsibilities of a Professional Trustee or visit CDIC at https://www.cdic.ca/financial-community/for-trustees/for-professional-trustees/.

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 deposit insurance protection please visit https://www.cdic.ca/your-coverage/.

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

Please complete, print and mail 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.

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

Tips for Completing the Trust Account Beneficiary Form

The trust account beneficiary form can only be completed by the authorized account authority such as the trustee or estate representative.

Please submit the form by April 30th, 2024, to help ensure the balance each beneficiary holds in the account is eligible for CDIC coverage this year.

You can complete the beneficiary form before printing or choose to print and complete the form manually in order to send us the required information on the beneficiary.

Use a new form for each account that you wish to submit beneficiary information.

Do not include any information about any account you hold at any other financial institution as RBC cannot submit this information on their behalf.

Keep a copy of the completed form for your records.

Please mail the forms as follows:

Personal Clients:

RBC Royal Bank of Canada
Attention: CDIC Personal Accounts (Transit 01096)
PO Box 4509 STN A – YMC 3^rd Floor
Toronto, ON M5W 4K5

Business Clients:

RBC Royal Bank of Canada
Attention: CDIC Business Accounts (Transit 05193)
PO Box 4509 STN A – YMC 3^rd Floor
Toronto, ON M5W 4K5

Canada Deposit Insurance Corporation - RBC (2024)