Canada Deposit Insurance Corporation Report

Date: December, 2001
Questions / Comments? Please contact a Practice Advisor
Copyright © 2001 The Law Society of British Columbia

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Sample Report – Law Society Rule 3-70

Canada Deposit Insurance Corporation

TO: Each Financial Institution, except Credit Unions, where you have a pooled trust account.

Dear _________________:

This is to advise you that account number ____________ is a multi-beneficiary trust account which, as at April 30, 2000__, contained the funds of various clients as follows:

File Number

or

Client Initials

$Amount

File Number

or

Client Initials

$Amount

File Number

or

Client Initials

$Amount

     

$TOTAL

We are providing you with this information so that you can comply with CDIC requirements.

  Yours truly,

 

Notes:

  • Deliver the report to the financial institution within 30 days of April 30th each year.
  • Do not use client's names.
  • The total is to agree with the balance per the bank statement of the same date.
  • Maintaining a pooled trust account with less than $60,000 does not exempt you from this requirement. It is not necessary to file this report with Credit Unions whose insurers do not require it.
  • Whenever you open a new pooled trust account inform your bank, trust company, or credit union, in writing, that this is a pooled trust account which will contain the funds of more than one client. (This advice can be combined with the required letter instructing the bank to forward net interest to the Law Foundation).
  • Keep a copy of the CDIC report, with receipt acknowledged by the bank, to give to your auditor, who is specifically instructed by the Law Society to confirm that you have complied with Rule 3-70.