Savings Held in Trust (Category 3)
CDIC automatically insures money deposited in an eligible account by someone (a trustee) so that someone else (a beneficiary) can benefit from it later on. For example, a grandmother (the trustee) might put money in a trust for her grandson (the beneficiary) to use when he grows up.

What’s covered?
Trust deposits that are eligible include savings and chequing accounts and term deposits of 5 years or less. To be insured, a deposit must be held in Canadian money at a CDIC member.

How much is covered?
CDIC insures from $1 to $100,000 that is in an eligible trust deposit at a CDIC member institution. The combined money a trustee has in eligible trust accounts is automatically covered up to $100,000 if your institution fails.

For example…
If the total amount of eligible deposits you hold in trust for someone is $500 when your institution goes bankrupt, you will have $500 returned to you, as trustee. If the total amount is $120,000, you will have $100,000 returned to you, as trustee. It is possible for more than $100,000 of savings to be insured by CDIC—if they are held in more than one of CDIC's six deposit insurance categories.

Category 3: Savings Held in Trust at a CDIC Member
What’s covered?	What’s NOT covered?
$1 to $100,000 in... savings accounts chequing accounts GICs and other term deposits of 5 years or less money orders, certified cheques, travellers' cheques and bank drafts issued by CDIC members and payable to trustees debebtures issued by loan companies	mutual funds and stocks GICs and other term deposits of more than 5 years money orders, certified cheques, travellers' cheques and bank drafts issued by non-CDIC members notes, principal protected notes, bonds, and debentures issued by governments, corporations or chartered banks Treasury bills
CDIC insures Canadian dollar deposits only.	CDIC does NOT insure U.S. dollar or other foreign currency deposits.

Your Registered Education Savings Plan (RESP) may or may not be covered. Contact where you bank to find out.