Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament. CDIC insures Canadians' savings in case their bank or other CDIC member institution fails or goes bankrupt. CDIC is not a bank. CDIC is not a private insurance company.
Bank of Montreal and its subsidiaries Bank of Montreal Mortgage Corporation and BMO Trust Company are members of CDIC.
The following are registered trade names:
- Bank of Montreal
- BMO Bank of Montreal
- BMO Financial Group
- BMO Trust Company
- BMO Trust and Estate Services
- Advisor's Advantage Trust
- BMO Commercial Bank
The following instruments and products are eligible for deposit insurance from the CDIC, subject always to maximum coverage limitations as outlined in their brochure "Protecting Your Deposits" and provided they are payable in Canada:
Eligible Bank of Montreal deposit instruments and products
- Bank of Montreal Group Retirement Savings Plan Savings Account
- BMO® Mutual Funds Retirement Savings Plan Savings Account
- BMO Retirement Income Fund (RIF) Savings footnote 1
- BMO RRSP Premium Rate Savings Account footnote 1
- Premium Rate Savings Account (in Canadian and U.S. dollars)
- Primary Chequing Account (in Canadian and U.S. dollars)
- BMO Mutual Funds Savings Account
- TFSA Savings Account
- RDSP Savings Account
- RESP Savings Account
- Savings Builder Account
- Savings Amplifier Account
- FHSA Savings Account footnote 6
- Personal Current Account
Note: The italicized deposits are no longer offered as new sales.
- First Canadian Investment Funds Retirement Savings Plan Savings Account
- Interest Chequing Account (in Canadian and U.S. dollars)
- Special Retirement Account
- First Canadian Funds Savings Account
- BMO Super Daily Interest Retirement Account footnote 1
- Smart Saver Account
- BMO Guaranteed Investment Certificate (GIC)
- BMO Cashable RateRiser® GIC
- BMO RateRiser Plus GIC
- BMO RateRiser Max GIC
- BMO Retirement Income Fund Guaranteed Investment Certificate
- BMO Term Deposit Receipt
- BMO Term Deposit Receipt (RRSP)
- BMO Cashable GIC
- BMO Short Term GIC
- BMO U.S. Dollar Term Deposit Receipt
- BMO U.S. Dollar Redeemable Short Term Investment
- BMO U.S. Dollar Fixed-Term Deposit
Note: The italicized deposits are no longer offered as new sales.
- BMO Redeemable Retirement Term Deposit sold prior to November 4, 2002
- BMO Senior's Choice Flexible Term Investment (Term Deposit Portion) sold prior to November 4, 2002
- BMO Smart Choice Flexible Term Investment (Term Deposit Portion) sold prior to November 4, 2002
- BMO Money Multiplier Variable Term Deposit
- AgriInvest Account
- Business Current Account (in Canadian and U.S. dollars)
- Business Premium Rate Savings Account (in Canadian and U.S. dollars)
- Community Account
- Treasury Account
Note: The italicized deposits are no longer offered as new sales.
- Chequable Savings
- FirstBank Business Investment Account (in Canadian and U.S. dollars)
- FirstBank Plan® for Small Business Account
- True Savings Account
- FirstBank Cash Management Account®
- FirstBank Operating Account®
- FirstBank Commercial Overdraft Protection
- Instabanking Plan® for Small Business Account
- Money Management Account
- Client of Correspondents Account
- Vostro Account
- BMO InvestorLine® AccountLink™ (Canadian and U.S. dollars)
- Preferred Plus Account® (chequing / savings account only) formerly Prime Access Account® (in Canadian and U.S. dollars)
- Preferred Account® (chequing / savings account only) (formerly Access Service®) (in Canadian and U.S. dollars)
- BMO High Interest Savings Account (HISA) (in Canadian and U.S. dollars)
- Mortgage Tax Account
- Bank Drafts
- Certified Cheques
- Money Orders
- Official Cheques
- Suspense Accounts
- Unclaimed Cheques
- Interac e-Transfer
Eligible Bank of Montreal Mortgage Corporation deposit instruments and products
- BMO Guaranteed Investment Certificate (GIC) footnote 2 footnote 3 footnote 4 footnote 5
- BMO Guaranteed Investment Certificate (GIC) (RRSP)
- BMO Cashable RateRiser® GIC footnote 2 footnote 3 footnote 4 footnote 5
- BMO Cashable RateRiser® GIC (RRSP)
- BMO RateRiser® Plus GIC footnote 2 footnote 3 footnote 4 footnote 5
- BMO RateRiser® Plus GIC (RRSP)
- BMO RateRiser® Max GIC footnote 2 footnote 3 footnote 4 footnote 5
- BMO RateRiser® Max GIC (RRSP)
- BMO Income Generator™
- BMO Blue Chip GIC footnote 2 footnote 3 footnote 5
- BMO Blue Chip GIC (RRSP)
- BMO Return Enhancing GIC footnote 2 footnote 3 footnote 5
- BMO Return Enhancing GIC (RRSP)
- BMO Smart Return GIC footnote 2 footnote 3 footnote 5
- BMO Smart Return GIC (RRSP)
- BMO Canadian Market GIC footnote 2 footnote 3 footnote 5
- BMO Canadian Market GIC (RRSP)
- BMO Fund Linked GIC footnote 2 footnote 3 footnote 5
- BMO Fund Linked GIC (RRSP)
- BMO Top Performing Portfolio GIC footnote 2 footnote 3 footnote 5
- BMO Top Performing Portfolio GIC (RRSP)
- BMO RateOptimizer® Max GIC
- BMO RateOptimizer® Max GIC (RRSP)
- BMO RateOptimizer® Plus GIC
- BMO RateOptimizer® Plus GIC (RRSP)
- BMMC Retirement Income Fund Guaranteed Investment Certificate
- BMO Matchmaker Savings GIC footnote 5
- BMO Matchmaker Savings GIC (RRSP)
- BMO Short Term Investment Certificate (STIC) footnote 2 footnote 3 footnote 4
- BMO Redeemable Short Term Investment Certificate (R-STIC) footnote 2 footnote 3 footnote 4
- BMO Variable Rate GIC
- BMO Select GIC footnote 2 footnote 3 footnote 5
- BMO Select GIC (RRSP)
- BMO Growth GIC footnote 2 footnote 3 footnote 5
- BMO Growth GIC (RRSP)
- BMO Cashable GIC
- BMO Short term GIC
Note: The italicized deposits are no longer offered as new sales.
- BMO RateOptimizer GICs sold prior to December 1, 2005
- BMO Seniors' Choice Flexible Term Investment sold prior to November 4, 2002
- BMO Smart Choice Flexible Term Investment sold prior to November 4, 2002
- RateRiser GICs sold prior to April 26, 2001
- BMO Canadian Banks Index GIC sold prior to August 1, 2015
- BMO Canadian Banks Index GIC, Class F sold prior to August 1, 2015
- BMO Index Linked GIC sold prior to August 1, 2015
- BMO Index Linked GIC, Class F sold prior to August 1, 2015
- BMO Market Plus GIC (TFSA only)
- BMO AIR MILES®† GIC
- BMO High Interest Savings Account (HISA) (in Canadian and U.S. dollars)
- Suspense Accounts
- Interac e-Transfer
BMO Trust Company List of CDIC Eligible Deposit Products
- Investment Administration Accounts
- Investment Management Accounts
- Trust Administration Accounts
- Estate Administration Accounts
- Outstanding Payment Items (not available directly to depositors)
- BMO Guaranteed Investment Certificate (GIC)
- BMO Cashable RateRiser GIC
- BMO RateRiser Plus GIC
- BMO RateRiser Max GIC
- BMO Cashable GIC
- BMO Short Term GIC
- BMO High Interest Savings Account (HISA) (in Canadian and U.S. dollars)
- Guaranteed Investment Certificate (GIC)
- Cashable GIC
- Short Term GIC
- Guaranteed Investment Certificate (GIC-RRSP)
- Cashable GIC (RRSP)
- Short Term GIC (RRSP)
- Savings Account (RRSP)
Note: The italicized deposits are no longer offered as new sales.
- Laddered GIC
- Laddered GIC (RRSP)
- Escalating Rate GIC (RRSP) – (redeemable each anniversary)
- Escalating Rate GIC (RRSP) – (non-redeemable)
- Escalating Rate GIC (redeemable each anniversary)
- Escalating Rate GIC (non-redeemable)
Professional Trustees
The following is in effect April 30, 2022.
The Government of Canada has made some important changes to the rules governing deposit insurance protection for deposits held in trust. The CDIC Act has defined certain trustees as a Professional Trustee that allows them to benefit from lighter disclosure requirements to CDIC member intuitions.
Not all trustees are a professional trustee. A Professional trustee means any of the following who is not a nominee broker:
- the public trustee of a province or a similar public official whose duties involve holding moneys in trust for others;
- a federal, provincial or municipal government, or a department or agency of such a government;
- a lawyer or partnership of lawyers, a law corporation, or a notary or partnership of notaries in the province of Quebec, when they act in that capacity as a trustee of moneys for others;
- a person who is acting as a trustee of moneys for others in the course of business and is required by or under a statute to hold the deposit in trust;
- a person who is acting as a trustee of moneys for others in the course of business and is subject to the rules of a securities commission, stock exchange or other regulatory or self-regulating organization that audits compliance with those rules; or
- a regulated federal or provincial trust company acting in the capacity of a depositor.
If you are a professional trustee, you can designate your accounts held in trust as professional trustee accounts. By doing so, you are no longer required to regularly report beneficiary information to BMO for these accounts. Instead, you need to maintain your own record of beneficiary information, and provide it to CDIC only upon request.
To designate your BMO trust account(s) as a professional trustee, complete and sign the Professional Trustee Account Attestation form and return it to your local BMO branch. You will need to re-attest every year by April 30 to retain the professional trustee designation. We will send a notification in March of each year advising you to provide us with an updated attestation. If one is not received by April 30, the professional trustee designation will be automatically removed from your account(s), and a letter will be mailed to you advising of the designation removal, and the steps you will need to take to reinstate this designation.
If you do not wish to designate your trust account as a professional trustee, if you do not provide us with a completed attestation form, if you are no longer a professional trustee, or if you would like to remove the professional trustee designation from your account(s), to ensure each beneficiary receives CDIC coverage, please complete the Trust Account Beneficiary Information form and provide a copy to your local BMO branch as soon as possible.
If you have any questions, please refer to the CDIC website at cdic.ca or speak to a representative at your local BMO branch.
- trademark star Trade-mark of BMO Trust Company, issued by Bank of Montreal.
- registered, dagger dagger Nesbitt Burns is a registered trade-mark of BMO Nesbitt Burns Corporation Limited, used under license.
- registered, dagger Registered trade-mark of AIR MILES International Trading B.V. Used under license by LoyaltyOne Inc, and Bank of Montreal.
- Footnote 1 details These products and the products having the same name without the preface “BMO” are identical.
- Footnote 2 details This product is also available in BMO TFSA plans.
- Footnote 3 details This product is also available in BMO RESP plans.
- Footnote 4 details This product is also available in BMO RDSP plans.
- Footnote 5 details This product is also available in BMO RIF plans.
- Footnote 6 details This product is also available in BMO FHSA plans.