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Part of Financial institutions

Financial institutions – Information for financial service providers

Help topics, publications, forms and contact information for credit unions and loan and trust corporations.

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Financial institutions

Providers that require registration

Deposit-taking businesses

The deposit-taking business is restricted to:

  • credit unions
  • loan and trust corporations registered to do so in Alberta
  • ATB Financial
  • federally registered banks

Fiduciary services

The only companies that can offer fiduciary services are trust companies registered in Alberta, although some other financial institutions have limited fiduciary powers. An individual may act as a trustee subject to the Trustee Act.

Generally speaking, the deposit-taking business means a business whose activities are substantively financed out of money received by way of deposit. This means money received that is not referable to the provision of property or services or to the giving of security.

An exception to this is where the person does not hold themselves out as accepting deposits on a day-to-day basis, and where deposits are accepted only on particular occasions and on a basis that is ancillary to another business purpose. For full details, see the Loan and Trust Corporations Act.

Fiduciary services includes the business of offering services to the public as follows (except for a few designated entities):

  • an executor or administrator or trustee (or accepting or executing the office of these roles)
  • a guardian or trustee of a minor's estate
  • a guardian or trustee of the estate of a mentally incompetent person

Out of Province - Personal Property Security Act considerations

  • To register securities under the Personal Property Security Act, companies must be incorporated or registered under an Act of Alberta.
  • Credit unions incorporated outside of Alberta may register as an extra-provincial corporation under the Business Corporations Act for this purpose.

Mortgage brokers and loan brokers

Incorporating a credit union, loan or trust corporation

A company or individual must apply to the Office of the Alberta Superintendent of Financial Institutions to incorporate a credit union, loan or trust corporation in Alberta. The application must include sufficient information to demonstrate that:

  • it is in the public interest to establish another financial institution
  • the proposed plan of operation is feasible and sound and that adequate financial resources exist to provide continuing financial support for the financial institution
  • the proposed shareholders, directors and management are fit, in terms of skill and character, to own, direct and manage the financial institution
  • deposit holders, if any, are adequately protected

The formation of a credit union or loan and trust corporation in Alberta is a 2-stage process.

Credit unions

  1. A Certificate of Incorporation must be issued to create the credit union.
  2. The Minister must approve the commencement of business by the credit union.

Provincial loan or trust corporations

  1. Letters Patent must be issued to create the loan or trust corporation.
  2. The corporation must be registered.

Instructions and forms required and processing time

The time required to incorporate a new company is dependent on many factors, including type of financial institution, corporate structure, intended business, etc.

For instructions and forms required, see:

Responsibilities of registered financial institutions

Reporting responsibilities

Regulated financial institutions must file certain "corporate" and "financial" information with the Office of the Alberta Superintendent of Financial Institutions on both a periodic and ad-hoc basis.

Examples of corporate information include:

  • lists of directors and auditors, shareholders and officers
  • copies of by-laws
  • orders issued by other provinces or federally
  • changes or requests for changes to the company's instrument of incorporation or registration made by or to other provinces or federally

Examples of financial information include:

  • signed and audited annual financial statements
  • other periodic financial returns
  • all financial information sent to shareholders

For instructions and forms required, see:

Other responsibilities

Financial institutions incorporated in Alberta are subject to periodic examination. This involves office and field reviews (at head office, branches and auditors), to ensure they are operating in a sound manner and in compliance with the appropriate legislation, related to:

  • adequate solvency
  • systems
  • controls
  • personnel

Legislation imposes certain restrictions over:

  • the entry and exit from the business
  • corporate incidents (issues relating to directors, shareholders, other stakeholders), activities of the corporation (types of business)
  • extent to which assets can be committed (liquidity, exposure limits, capital)
  • preconditions for transactions with restricted parties

The board of directors of an institution, through setting the overall direction of the company and oversight of management's decisions and performance, has ultimate responsibility for the management of the company.

As regulator, the Alberta Superintendent of Financial Institutions will make recommendations to the company where areas need improvement and may use other regulatory powers where it is necessary to safeguard depositors from experiencing any undue loss.

Resources for credit unions

Credit unions registered to operate in Alberta

Bulletins

Forms related to credit unions

Note: the Monthly Financial and Statistical Report is available from the Credit Union Deposit Guarantee Corporation.

The following forms are in MS Word format:

Legislative framework for credit unions

Deposit guarantee

All credit unions registered in Alberta are allowed to take deposits. The Credit Union Deposit Guarantee Corporation (CUDGC) guarantees the repayment of deposits with Alberta credit unions, including accrued interest.

In addition, the Credit Union Act provides that the Government of Alberta will ensure that the obligations of CUDGC under the Credit Union Act are carried out.

Contact for inquiries and complaints

Resources for loan and trust corporations

Loan and trust corporations registered to operate in Alberta

Forms related to loan and trust corporations

The following forms are in MS Word format:

Legislative framework for loan and trust corporations

Deposit guarantee

All loan and trust corporations registered to take deposits in Alberta are required to be members of the Canada Deposit Insurance Corporation (CDIC).

Contact CDIC for details regarding the coverage, if any, for the financial product you are interested in.

Contact for inquiries and complaints

Contact

Connect with the Office of the Alberta Superintendent of Financial Institutions:

Hours: 8:15 am to 4:30 pm (open Monday to Friday, closed statutory holidays)
Phone: 780-427-5064
Toll free: 310-0000 before the phone number (in Alberta)
Fax: 780-644-7771
Email: [email protected]

Address:
Alberta Superintendent of Financial Institutions
Alberta Treasury Board and Finance
Queen Elizabeth II Building
9820 107 Street NW
Edmonton, Alberta  T5K 1E7

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