The Canadian Deposit Insurance Corporation (CDIC) protects the money you deposit in National Bank, in case the bank declares bankruptcy. For more information, see the CDIC Protecting Your Deposits brochure [PDF].
Maximum protection of
per depositor per category
of deposits are covered
Deposits can be in Canadian dollars or foreign currency, up to a maximum of $100,000 per category.
The following deposits are not covered by CDIC: stocks, bonds, mutual funds, exchange-traded funds, cryptocurrencies and traveller’s cheques.
Eligible deposits held in one name are covered by CDIC up to $100,000.
Eligible deposits held in trust are covered by CDIC up to $100,000 per beneficiary.
Eligible deposits held in an RRIF are covered by CDIC up to $100,000.
Eligible deposits intended for property taxes are covered by CDIC up to $100,000.
Eligible deposits held in the names of two or more people are covered by CDIC up to $100,000.
Eligible deposits held in an RRSP are covered by CDIC up to $100,000.
Eligible deposits held in a TFSA are covered by CDIC up to $100,000.
How is deposit insurance calculated for deposits in trust?
CDIC protects eligible products held in trust separately from all other deposits that the trustee or a beneficiary may hold at the same financial institution.
All insurable deposits held in trust by the same trustee for the benefit of the same beneficiary and at the same financial institution are combined when calculating CDIC coverage. The portion of the trust belonging to each beneficiary is insured up to $100,000 (capital and interest), provided certain disclosure rules are met.
For more information on deposits in trust, visit the CDIC website.
Do beneficiaries’ names and personal information need to be disclosed?
Each year, CDIC requires the disclosure of certain information, including the name and address of each beneficiary, and the portion of the trust belonging to each beneficiary as of April 30.
Failure to disclose this information
If trust disclosure rules are not met, the number of beneficiaries will not be considered when calculating deposit insurance. CDIC will aggregate all eligible deposits within a trust and insure them for up to $100,000, regardless of the number of beneficiaries.
For example, if a trustee holds $400,000 in trust for 3 beneficiaries and does not disclose beneficiary information, the $400,000 would be considered a deposit from the trustee and covered only for $100,000.
The beneficiary information is disclosed
The eligible deposit held for multiple beneficiaries will be insured for up to $100,000 per beneficiary. The trustee must disclose beneficiary information by May 30 of each year.
For example, if a trustee sets up a trust of $400,000 for 3 beneficiaries and meets the trust disclosure rules, CDIC would insure eligible deposits in the trust for up to $300,000 (3 x $100,000 per beneficiary).
If you are a trustee who holds funds in trust for only one beneficiary and the information on file has not changed, you do not need to disclose any information.
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