Canada Deposit Insurance Corporation

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).

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.
• 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/.

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/.

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.