Canada Deposit Insurance Corporation (CDIC)

At a glance

For full details of current coverage limitations, refer to the CDIC brochure Protecting Your Deposits (PDF: 380 kb), or ask for a copy at your Scotiabank branch.

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The CDIC and Scotiabank

The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament in 1967 to protect your deposits made with member financial institutions in case of their failure. CDIC is NOT a bank. CDIC is NOT a private insurance company.

Scotiabank is the well-known trade name of The Bank of Nova Scotia. The following Scotiabank group of members are CDIC member institutions

  • The Bank of Nova Scotia
  • Scotia Mortgage Corporation
  • Montreal Trust Company of Canada
  • National Trust Company

On April 30, 2022 the below amendments to the Canada Deposit Insurance Corporation (CDIC) Act will come into effect.

  1. CDIC will provide separate coverage up to $100,000 for eligible deposits held under Registered Education Saving Plans (RESPs) and Registered Disability Savings Plans (RDSPs).
  2. Eligible deposits in mortgage tax accounts will no longer receive separate CDIC coverage and will be combined with eligible deposits in other categories such as savings in one name.
  3. There will be new requirements for deposits held in trust. We encourage customers with trust deposits to familiarize themselves with the new requirements by reading the Important Notice and visiting CDIC’s website at for updated information.

To learn more about these upcoming changes please visit CDIC’s website at or call CDIC at 1-800-461-2342.

Deposits held in trust

CDIC insures eligible deposits held in trust up to $100,000 CAD equivalent (including principal and interest) for each trust beneficiary named in a trust provided certain disclosure rules are met including disclosing each trust beneficiary’s name, address and interest in the trust deposit (expressed as a percentage or dollar amount).

Each year Scotiabank sends a letter (“annual letter”) to remind trustee depositors to provide updated trust beneficiary information for their general trust accounts or, if applicable, a completed Professional Trustee Account Attestation for their professional trustee accounts, effective April 30, 2022.

General Trust Accounts (GTAs)

The required trust beneficiary information may be provided:

  •  in person at a Scotiabank branch,
  •  by returning the completed General Trust Beneficiaries form in the postage paid addressed envelope that accompanies the annual letter, or
  • by uploading a file containing the information via the Bulk File Upload Trust Beneficiaries service available on Scotia OnLine or ScotiaConnect for eligible general trust accounts.

Bulk File Upload Trust Beneficiaries service
Select the User Guide below to learn more about the Bulk File Upload Trust Beneficiaries service and file specification requirements

User Guide – Bulk File Upload Trust Beneficiaries Service 

  • Sample of trust beneficiaries files
  • Note: the sample file is an excel document however you can create your file using other applications provided it is saved with a .CSV UTF-8 extension.

Quick reference guides to access the service via:

Professional Trustee Accounts (PTAs)

Starting April 30, 2022 trustees who qualify as a professional trustee and are capable of meeting the requirements outlined in CDIC’s Professional Trustee Data Requirements document may designate any of their trust accounts as professional trustee accounts (PTAs) by submitting a completed Professional Trustee Account Attestation form to Scotiabank identifying the account(s) to be designated as PTAs. The trustee is not required to provide the trust beneficiary information to Scotiabank annually for accounts designated as PTAs.

Professional Trustee Account Attestation 

Professional Trustee Data Requirements

We encourage customers with trust deposits to familiarize themselves with the new requirements by reading the Important Notice, calling CDIC at 1-800-461-2342 and visiting CDIC’s website at for updated information.

Eligible deposits

The Scotiabank group's Deposit Product List displays instruments and/or products of these Scotiabank Group members that are eligible for deposit insurance through the CDIC (up to the maximum protection limit).