CDIC – April 30th Canadian Deposit Insurance Corporation

Well, it’s that time of the year again . . . The Canadian Deposit Insurance Corporation requires a detailed list of your clients, with funds held in the pooled trust account as of April 30th each year.

This list must be submitted to your financial institution within the month of May.  The list must identify how many individuals hold funds within your pooled trust account to meet CDIC’s legislation.  A unique identifier, such as the matter number can be used in place of the client’s name.

Depending upon which version of PCLaw you are using, there are numerous ways of producing this report. The following ideas should help you with this task.

Since PCLaw v.8, there is a Layout drop-down button from the main window of most reports, including the Client Trust Listing required for CDIC reporting.  You can create, edit and save reports in layouts that make sense to your firm.  This pop up window will provide the ability to add or remove tokens, while also assigning a new name to the Report and/or editting title headings.  You can select different rows and/or placement/alignment within the column setting.  The appearance of all transactions, including dates, can easily be formatted.  Taking the time to create this report once, will make it readily available and easy to use forever!

More specifically, here are the instructions to produce a report suitable for the CDIC requirements.  Go to: Reports – Client – Trust Listing and on the main window look for the “Layout” section. The default template will show in the field.  Click on the arrow at the end of the field to see if perhaps another report called “CDIC” may already be saved. If there is one – select it.  Now, specify your end date of April 30 and choose your Output option.

If you don’t have a CDIC layout, click on the “change” button below the layout template field. At the top of the next window type “CDIC” as the name of the new report we will create. At the centre bottom of the window under “selected” items. highlight the following items and click “remove”: Client Name, Client Address, Matter Description. Next, Click on Matter Nickname and change it to be Row 2. Click OK to return to the main window. Specify your end date of April 30 and ensure your new template “CDIC” is identified in the Layout field.

To produce this report in earlier versions (7 & maybe 6?) Reports – Client Trust Listing -specify the end date; go to the Layout tab and uncheck the boxes for “client” and “description”. The resulting report will detail the funds in the trust account specified by matter number without identifying the client by name.

On some versions (on the “other” tab of the Client Trust Listing) you may have a check box that you can “uncheck” and it will remove any reference to the Matter Description, making the report much shorter.

Otherwise, in older versions you will have to manually “bi-fold” the paper to hide the clients’ names and then copy the folded report for submission to your financial institution.

Lots of options – hope you find the one that will work for you!

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