Derek Moran
Trust account
25. (1) When acting under the authority of this Act, a trustee shall, without delay, deposit in a bank all funds received for an estate in a separate trust account for each estate.
Marginal note:Other deposit-taking institutions must be insured
(1.1) The trustee may deposit the funds in a deposit-taking institution, other than a bank as defined in section 2, only if deposits held by that institution are insured or guaranteed under a provincial or federal enactment that provides depositors with protection against the loss of funds on deposit with that institution.
http://laws-lois.justice.gc.ca/eng/acts/B-3/page-14.html#docCont