Insurance, Credit Union and Bank Notices

Summary#

This Canada Gazette notice (Part I, Vol. 159, No. 29; published July 19, 2025) collects several separate finance and administrative notices. They include planned corporate mergers and continuances for insurance companies and credit unions, a planned capital reduction by a trust company, a waterpower licence application for Glen Miller, and a proposed sale of Motus Bank's assets to Coast Capital Savings Federal Credit Union.

What it does#

• BMO Life Insurance Company and BMO Life Assurance Company intend to apply under the Insurance Companies Act (Canada) for letters patent to merge into one company named BMO Life Assurance Company (English) / BMO Société d’assurance-vie (French). The filing may start on or after July 28, 2025, with an intended effective date of November 1, 2025 (or a different date set by the letters patent). The new head office would be in Toronto, Ontario.

• Coast Capital Savings Federal Credit Union, Prospera Credit Union, and Sunshine Coast Credit Union plan steps under the Bank Act (Canada) so that Prospera and Sunshine Coast continue as federal credit unions and then amalgamate with Coast Capital. The continuance filings are planned on or after August 18, 2025. The combined federal credit union would operate as Coast Capital Savings Federal Credit Union (English) / Coopérative de crédit fédérale Coast Capital Savings (French) and be based in Surrey, British Columbia. Objections to the continuances or amalgamation can be sent to the Office of the Superintendent of Financial Institutions by September 16, 2025.

• Fiduciary Trust Company of Canada plans to ask the Superintendent of Financial Institutions (Canada) for approval under the Trust and Loan Companies Act (Canada) to reduce the stated capital of its common shares by up to $22.0 million, under a special resolution passed June 13, 2025.

• Glen Miller, Limited Partnership filed an application on April 30, 2025 with the Parks Canada Agency (Director of Waterpower) under the Dominion Water Power Act for a replacement licence to operate the power development at Glen Miller (Trent–Severn Waterway, Lock 14). The notice invites written comments or objections within 30 days of publication.

• Motus Bank intends to apply to the Minister of Finance on or after July 28, 2025 to sell substantially all of its assets to Coast Capital Savings Federal Credit Union under an agreement dated March 21, 2025. Motus Bank also intends to apply on or after July 28, 2025 for a certificate of continuance to become a corporation under the Canada Business Corporations Act; the board may withdraw that continuance application before it’s acted on.

Who's affected#

• Policyholders, employees, and other stakeholders of BMO Life Insurance Company and BMO Life Assurance Company — they may see the companies combined under one legal entity and a single head office in Toronto.

• Members and customers of Coast Capital Savings, Prospera Credit Union, and Sunshine Coast Credit Union — account terms, governance, branch arrangements, or where services are provided could change if the continuances and amalgamation go ahead.

• The sole shareholder of Fiduciary Trust Company of Canada (the resolution references a sole shareholder) — that shareholder would receive any distribution from the stated-capital reduction up to $22.0 million. The notice does not say the reduction is approved yet.

• Local interests and waterway users near Glen Miller (Trent–Severn Waterway, Lock 14) and anyone with concerns about a waterpower licence — Parks Canada asked for comments within 30 days of the notice.

• Customers and counterparties of Motus Bank and members of Coast Capital — the planned asset sale could change who provides services or holds accounts.

• Regulators mentioned: Minister of Finance, Office of the Superintendent of Financial Institutions, and the Parks Canada Agency — they will review and decide on these applications.

If it’s not clear who will be affected in a particular way, the notices say approvals are subject to regulatory review and not guaranteed.

Why it matters#

• Mergers and continuances can change who manages insurance policies, bank accounts, and credit-union services. That can affect how and where you access services, who you contact for claims or complaints, and which rules apply.

• The credit-union amalgamation would create a larger federal credit union based in Surrey. That can mean a wider range of services or different oversight for members.

• The planned $22.0 million reduction in stated capital at Fiduciary Trust Company of Canada is mainly a corporate financing move. It may matter to the company’s owner and possibly to capital or solvency profiles, but the notice does not say it will directly affect customer accounts.

• The Glen Miller waterpower licence could affect operations at a National Historic Site and local waterway conditions; nearby residents and users can submit objections.

• The proposed sale of Motus Bank’s assets to Coast Capital could lead to customers being transferred to a different financial institution. Customers should watch for any formal notices from their bank explaining how services or account terms might change.

All of these items are notices of intent or applications. They require regulator approvals and are not final until those approvals are granted.