Deposits Held in Trust


DICO automatically insures Canadian deposits in an eligible account administered by someone (a trustee) so that someone else (a beneficiary) can benefit from the deposit at some time in the future. For example, a parent (the trustee) might put money in a trust account for a daughter (the beneficiary) to use when she reaches a certain age.

What's covered?

Trust deposits that are insured by DICO include savings and chequing accounts and term deposits or GICs. Eligible deposits are also money orders, certified cheques and drafts payable to the beneficiary that are issued by a DICO insured institution. To be insured, a deposit must be held in Canadian dollars at a DICO insured institution.

How much is covered?

Deposits held in trust are separately insured from deposits held in the names of the trustee or the beneficiary.

DICO insures deposits up to $100,000 held in an eligible trust account at a DICO insured institution for each named beneficiary. The combined money you have in eligible trust accounts with the same beneficiary is automatically covered up to $100,000 for each beneficiary. Trust accounts with different beneficiaries are separately insured. Trust deposits maintained at different DICO insured institutions are separately insured.

More than $100,000 in savings?

DICO provides separate insurance for deposits held in one name, jointly in more than one name, in a trust account and in registered savings plans.