Trustee/Beneficiary Disclosure Requirements: Joint and Trust Account Disclosure By-law

Under the Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-law (Disclosure By-law), for a trust deposit to enjoy additional insurance coverage, trustees must disclose certain information on the records of the member institution by May 30th in each year (see subsections 6(1) and (2) and 7(1)(c) of the Disclosure By-law).

Since the coming into force of the amendments to the Disclosure By-law in 2011, Canada Deposit Insurance Corporation (CDIC) requested that law societies remind their members that if they have a trust account at a bank or trust company in Canada that is a member of CDIC, the bank or trust company will be sending them a notice during the month of April about certain disclosure requirements they have to meet under Disclosure By-law.

See the CDIC Sample Notice: Reminder to update information by May 30.

Going forward, information about disclosures will be permanently posted in the Member Institution section of the CDIC website at the following address:

Please note that at the end of the website page, there are links that reference to the FAQs and the regulation to which trustees may refer to at all time.   

A full copy of the Joint and Trust Account Disclosure By-law is available at:


Sheila Salloum
Director, Insurance
Canada Deposit Insurance Corporation
Tel.: (613) 947-0257
Fax:  (613) 996-6095
50 O'Connor Street
Ottawa, Ontario
K1P 6L2