Separate Account

The following are separate accounts:

Registered Retirement Plans: Accounts of registered retirement or deferred income plans such as registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), life income funds (LIFs), locked-in retirement accounts or plans (LIRAs or LIRSPs), and locked-in retirement income funds (LRIFs) established for the account of the same customer. Accounts established with respect to a customer through the same or different trustees shall be combined and aggregated.

Registered Education Savings Plans: Accounts of education savings plans that comply with the requirements under the Income Tax Act (Canada) for registered education savings plans and that have been accepted by the Minister under such Act, where the customer is the subscriber of the plan. Accounts established with respect to a customer through the same trustee shall be combined and aggregated by trustee, but not if established through different trustees.

Testamentary Trusts: Accounts held in the name of a decedent, his or her estate or the executor or administrator of the estate of the decedent. Accounts of testamentary trusts held by the same executor or administrator shall not be combined or aggregated unless held in respect of the same decedent.

Inter-vivos Trusts and Trusts Imposed by Law: Accounts of inter-vivos trusts which are created by a written instrument and trusts imposed by law. Such Separate Accounts of customers shall be distinct from the trustee, the settlor or any beneficiary.

Guardians, Custodians, Conservators, Committees, etc: Accounts maintained by a person as a guardian, custodian, conservator, committee or similar capacity in respect of which accounts such person has no beneficial interest. Such accounts held by the same person in any such capacity shall not be combined or aggregated unless held in respect of the same beneficial owner.

Personal Holding Corporation: Accounts of corporations controlled by a customer provided that the beneficial ownership of a majority of the equity capital of the corporation is held by persons other than the customer, as might be the case in a corporation created pursuant to an estate freeze.

Partnerships: Accounts of partnerships controlled by a customer provided that the beneficial ownership of a majority of the equity interests in the partnership is held by persons other than the customer.

Unincorporated Associations or Organizations: Accounts of unincorporated associations or organizations controlled by a customer provided that the beneficial ownership in a majority of the assets of the association or organization is held by persons other than the customer.

Qualifications:

• The burden shall be on the customer to establish each capacity or circumstance in which the customer claims to hold Separate Accounts.
• An account of a customer shall not be a Separate Account if it existed on the date of insolvency primarily for the purpose of increasing protection by CIPF.

For more information please refer to the CIPF Coverage Policy.