Financial institutions amalgamations and notices

Summary#

This Canada Gazette page publishes several miscellaneous notices about planned business changes and an application for a waterpower licence. It announces intended amalgamations and continuances for financial institutions, a proposed distribution from a trust company’s stated capital, a power-licence application, and a planned sale of a bank’s assets. These are notices of intent; approvals are still subject to review by federal authorities.

What it does#

• BMO Life Insurance Company and BMO Life Assurance Company plan to apply, on or after July 28, 2025, for letters patent to amalgamate and continue as one company under the name BMO Life Assurance Company (English) / BMO Société d’assurance-vie (French). The proposed effective date is November 1, 2025, or another date set in the letters patent. The head office would be in Toronto, Ontario. The notice says publication is not proof the letters patent will be issued.
• Coast Capital Savings Federal Credit Union, Prospera Credit Union, and Sunshine Coast Credit Union intend to file applications, on or after August 18, 2025, for two linked steps:
  • continuance of Prospera and Sunshine Coast as federal credit unions under the Bank Act (Canada), and
  • immediate amalgamation of those two with Coast Capital to form a single federal credit union called Coast Capital Savings Federal Credit Union (English) / Coopérative de crédit fédérale Coast Capital Savings (French), with its head office in Surrey, British Columbia.
  • If both continuances are not completed, the amalgamation will not go ahead; if only one continuance completes, the amalgamation may proceed with the parties whose continuance is complete. Written objections to the continuances or the amalgamation can be sent to the Office of the Superintendent of Financial Institutions on or before September 16, 2025.
• Fiduciary Trust Company of Canada intends to apply to the Superintendent of Financial Institutions (Canada) to reduce the stated capital for its common shares by up to $22.0 million, under section 78 of the Trust and Loan Companies Act (Canada). A special resolution authorizing the reduction was passed by the sole shareholder on June 13, 2025. The reduction would allow distribution of the reduced amount to the sole shareholder.
• Glen Miller, Limited Partnership filed an application on April 30, 2025 with the Director of Waterpower (Parks Canada Agency) under the Dominion Water Power Act for a replacement licence to operate a power development at Glen Miller on the Trent Severn Waterway (Lock 14). Interested parties were invited to comment or object in writing within 30 days after the notice’s publication (July 19, 2025).
• Motus Bank intends to apply, on or after July 28, 2025, for approval under the Bank Act (Canada) 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 for a certificate of continuance under the Canada Business Corporations Act, but its board may withdraw that continuance application before it is acted on.

Who's affected#

• Customers and members of the financial institutions named: BMO Life Insurance Company, BMO Life Assurance Company, Coast Capital Savings Federal Credit Union, Prospera Credit Union, Sunshine Coast Credit Union, and Motus Bank. They may see organizational or service changes if approvals are granted.
• The sole shareholder of Fiduciary Trust Company of Canada (named only as the sole shareholder in the notice) could receive a distribution if the capital reduction is approved.
• Local stakeholders near the Glen Miller site on the Trent Severn Waterway, and anyone with an interest in that waterpower development, because there is a licence application and an invitation to comment.
• The federal regulators involved: Minister of Finance and the Office of the Superintendent of Financial Institutions (as the review authorities for the banking and trust notices).
• If it’s unclear who is affected for a specific item, the notices themselves describe the parties involved and invite objections or comments where applicable.

Why it matters#

• These notices signal potential consolidation in banking and insurance. That can change who owns local services, where decisions are made, and possibly how services are delivered to customers.
• The $22.0 million proposed reduction in stated capital at Fiduciary Trust Company of Canada is a transfer of corporate funds to its sole shareholder if approved; that affects corporate finances but not individual clients directly, based on the notice.
• The Glen Miller licence application gives local people and interested parties a formal opportunity to comment or object to continued operation of the power site.
• The sale of Motus Bank’s assets to Coast Capital would move those assets from a federally regulated bank toward a federal credit union structure, subject to approvals—this could affect account holders, employees, and the services offered.
• All of these items are at the notice stage; none are final. Federal approvals and review processes remain necessary before changes take effect.