trust disclosure rules may have an impact on insurance coverage:
- for the trust;
- for the trustee's personal accounts, separate from the trust;
- for the beneficiary's personal accounts, separate from the trust.
We consider a trustee to be the depositor for
trust accounts. These are sometimes called 'nominee' accounts by financial professionals.
For example, if you are a trustee and you meet
CDIC's trust disclosure rules, an
eligible trust deposit will be insured separately from deposits you hold in your name. Each would be covered for up to $100,000.
If trust disclosure rules are not met, deposits you hold in trust will be combined with deposits you hold in your name. Together these would be limited to a maximum of $100,000 in