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Chequing accounts
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Savings accounts
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GICs
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Bank drafts and money orders
Deposit insurance
National Bank of Canada is a member of the Canada Deposit Insurance Corporation (CDIC)
Protecting your deposits
The Canada Deposit Insurance Corporation (CDIC) protects the money you deposit in its member financial institutions in the very unlikely event of their failure. For more information, see the CDIC informative brochures in full version [PDF] and abbreviated version [PDF].
Maximum protection of
$100,000
per depositor per category at each CDIC member financial institution
9 categories of deposits
are covered by CDIC
To be eligible for insurance, deposits must be
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payable in Canada
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in Canadian dollars or in foreign currency
Eligible deposits
The following deposits are covered by CDIC:
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Chequing accounts
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Savings accounts
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Term deposits, including Guaranteed Investment Certificates (GICs)
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Bank drafts and money orders
Deposits can be in Canadian dollars or foreign currency.
To determine the amount of the applicable coverage, which may not exceed $100,000 per depositor and per category of deposits at the same financial institution, CDIC aggregates all insurable deposits in the same category, regardless of the currency.
The following deposits are not covered by CDIC:
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Stocks and Bonds
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Mutual funds
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Exchange-Traded Funds (ETFs)
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Cryptocurrencies
Categories of eligible deposits
Deposits held in one name
Eligible deposits held in one name are covered by CDIC up to $100,000.
Deposits held in more than one name
Eligible deposits held in the names of two or more people are covered by CDIC up to $100,000.
Deposits held in trust
Eligible deposits held in trust are covered by CDIC up to $100,000 per beneficiary.
They are also covered separately from eligible deposits held by the trustee or by the beneficiary in their own name.
Deposits held in a Registered Retirement Savings Plan (RRSP) or Locked-In Retirement Account (LIRA)
Eligible deposits held in an RRSP or LIRA are covered by CDIC up to $100,000.
They are also covered separately from eligible deposits held in other categories of deposits.
Deposits held in a Registered Retirement Income Fund (RRIF), Locked-in Retirement Income Fund (LRIF), Prescribed Retirement Income Fund (PRIF), Life Income Fund (LIF) or Restricted Life Income Fund (RLIF)
Eligible deposits held in an RRIF, LRIF, PRIF, LIF or RLIF are covered by CDIC up to $100,000.
They are also covered separately from eligible deposits held in other categories of deposits.
Deposits held in a Tax-Free Savings Account (TFSA)
Eligible deposits held in a TFSA are covered by CDIC up to $100,000.
They are also covered separately from eligible deposits held in other categories of deposits.
Deposits held in a Tax-Free First Home Savings Account (FHSA)
Eligible deposits held in a FHSA are covered by CDIC up to $100,000.
They are also covered separately from eligible deposits held in other categories of deposits.
Deposits held in a Registered Disability Savings Plan (RDSP)
Eligible deposits held in an RDSP are covered by CDIC up to $100,000 per beneficiary.
They are also covered separately from eligible deposits held in other categories of deposits.
Deposits held in a Registered Education Savings Plan (RESP)
Eligible deposits held in an RESP are covered by CDIC up to $100,000 per beneficiary.
They are also covered separately from eligible deposits held in other categories of deposits.
Use CDIC's calculator to find out how much of your deposit is insured by CDIC.
Personal Banking
Requirement to disclose and update beneficiary information
For deposits held in trust to be insured up to $100,000 per beneficiary, CDIC requires certain information, such as the name and address of each beneficiary and the portion of the total eligible deposit amount belonging to them, to be provided:
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When the account is opened
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Each year thereafter (we have established an April 30 deadline)
Here is a copy of the Information Regarding the Beneficiaries of a Deposit Held in Trust form for Personal Banking.
If this information is disclosed and updated
The amounts held in trust will be insured up to $100,000 per beneficiary.
For example, say a trustee sets up a trust of $450,000 for 3 beneficiaries, with equal portions assigned to each beneficiary (33.33% each). If they disclose beneficiary information when opening the account and update it by April 30 each year:
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Each beneficiary’s portion of the total insurable deposits held in trust is covered up to $100,000.
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The total coverage is therefore $300,000.
Total amount held in trust
$450,000
Total amount insurable by CDIC
$450,000
Total amount covered by CDIC
$300,000
(maximum of $100,000
per beneficiary)
If this information is not disclosed or updated
CDIC will not be able to protect insurable deposits held by the trustee in the name of the beneficiaries separately from insurable deposits held by the trustee in their own name. The amounts held in trust will therefore be combined with the other deposits held by the trustee in their own name, for a total coverage amount of $100,000.
For example, if a trustee holds $450,000 in trust for 3
beneficiaries and fails to disclose their information at account
opening or update it by April 30 each year, CDIC will deem the
$450,000 amount to be a deposit held by the trustee in their own name
and only a total amount of $100,000 will be covered. This amount will
be added to the total amount of deposits the trustee holds in their
own name.
Commercial Banking – Professional Trustees
Streamlined disclosure requirements
Trustees who hold deposits in a professional capacity qualify as professional trustees. They can therefore choose to designate all or some of their accounts as professional trustee accounts (PTAs) and benefit from the exemption from providing the information that is normally required about the beneficiaries of these accounts.
To find out if you qualify as a professional trustee under the CDIC Act
Refer to the decision tree at cdic.ca > Financial professionals > For trustees > Professional trustees > Interactive decision tree.
If you are a professional trustee and want to benefit from the exemption
Before April 30 each year, you must complete and sign the Professional Trustee Account Attestation and return it to us by mail at the address indicated at the top of the form to ensure we have your up-to-date contact information and confirmation of the accounts to be treated as PTAs.
If you do not send us a completed attestation before April 30
You will not be considered a professional trustee with respect to your trust deposits and will therefore not benefit from the exemption. You will however be able to complete the attestation next year when the form is mailed out, if you meet all the requirements.
To review the disclosure requirements for trustees other than professional trustees, go to the Commercial Banking – Trustees Other Than Professional Trustees section.
CDIC webinars for professional trustees
Would you like to better understand your obligations and be able to ask your questions directly to representatives from the CDIC?
Sign up for one of their webinars by sending this information to trustees@cdic.ca by April 30:
- The first and last name of each participant
- Their title
- Their email address at work
- The name of the entity or company
- The type of field (e.g. legal)
All webinar details, including dates and times, will be sent to the people who sign up.
Commercial Banking – Trustees Other Than Professional Trustees
Requirement to disclose and update beneficiary information
For deposits held in trust to be insured up to $100,000 per beneficiary, CDIC requires certain information, such as the name and address of each beneficiary and the portion of the total eligible deposit amount belonging to them, to be provided:
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When the account is opened
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Each year thereafter (we have established an April 30 deadline)
Here is a copy of the Information Regarding the Beneficiaries of a Deposit Held in Trust form for trustees other than professional trustees.
If this information is disclosed and updated
The amounts held in trust will be insured up to $100,000 per beneficiary.
For example, say a trustee sets up a trust of $450,000 for 3 beneficiaries, with equal portions assigned to each beneficiary (33.33% each). If they disclose beneficiary information when opening the account and update it by April 30 each year:
-
Each beneficiary’s portion of the total insurable deposits held in trust is covered up to $100,000.
-
The total coverage is therefore $300,000.
Total amount held in trust
$450,000
Total amount insurable by CDIC
$450,000
Total amount covered by CDIC
$300,000
(maximum of $100,000
per beneficiary)
If this information is not disclosed or updated
CDIC will not be able to protect insurable deposits held by the trustee in the name of the beneficiaries separately from insurable deposits held by the trustee in their own name. The amounts held in trust will therefore be combined with the other deposits held by the trustee in their own name, for a total coverage amount of $100,000.
For example, if a trustee holds $450,000 in trust for 3 beneficiaries and fails to disclose their information at account opening or update it by April 30 each year, CDIC will deem the $450,000 amount to be a deposit held by the trustee in their own name and only a total amount of $100,000 will be covered. This amount will be added to the total amount of deposits the trustee holds in their own name.
Frequently Asked Questions
Personal Banking
FAQ
Personal BankingCommercial Banking – Professional Trustees
Commercial Banking – Trustees Other Than Professional Trustees
Member of the Canada Deposit Insurance Corporation (CDIC)
