Olympia Trust and Scotia General Continuance Plans

Summary#

This Canada Gazette notice (published April 6, 2024) announces two corporate “continuance” plans. Olympia Trust Company plans to apply to become a federally regulated trust company under the Trust and Loan Companies Act (Canada), and Scotia General Insurance Company plans to seek permission to continue under the Canada Business Corporations Act. The notice gives a public objection deadline for Olympia (May 6, 2024) and says Scotia’s application is expected on or after April 15, 2024.

What it does#

• Olympia Trust Company

  • Will apply for letters patent to continue as a trust company under the Trust and Loan Companies Act (Canada).
  • Gives its legal name in English (Olympia Trust Company) and in French (Société de fiducie Olympia).
  • Invites written objections to be sent to the Office of the Superintendent of Financial Institutions by May 6, 2024 (postal and email contact given in the notice).
  • Notes that publication of the notice does not mean the continuance will be approved.

• Scotia General Insurance Company

  • Intends to ask the Minister of Finance for approval to apply for a certificate of continuance as a corporation under the Canada Business Corporations Act (this is under the Insurance Companies Act).
  • Plans to make that request on or after April 15, 2024.
  • Says the company’s board can withdraw the application before it is acted on.
  • Also notes that publication is not proof the approval will be granted.

Who's affected#

• Customers and clients of Olympia Trust Company (trust and custody clients), and policyholders or other stakeholders of Scotia General Insurance Company may notice changes over time.
• Shareholders, creditors, and employees of either company could be affected by changes in corporate status or governance.
• The federal regulator, the Office of the Superintendent of Financial Institutions, and the Minister of Finance are the officials who will review these requests.
• The notice does not specify other groups, so wider impacts are unclear from the text alone.

Why it matters#

• A continuance changes which set of federal or provincial corporate rules governs a company. That can affect corporate governance, regulatory oversight, and which federal body monitors the firm.
• For customers or policyholders, the practical day‑to‑day business may not change immediately. But regulatory reporting, supervision, or available protections could shift if a company moves to a different legal regime.
• The public can formally object to Olympia Trust Company’s proposed continuance by May 6, 2024; for Scotia General Insurance Company, the board may withdraw its plan before approval is decided. The notice itself does not mean approval will be given.