Financial‑sector notices and waterpower licence

Summary#

This issue of the Canada Gazette publishes several miscellaneous notices about planned changes for financial firms and one waterpower licence application. It includes proposed amalgamations and continuances, a planned reduction of stated capital, an application for a waterpower licence, and a planned sale of bank assets; most of these actions still need government approval.

What it does#

• BMO Life Insurance Company and BMO Life Assurance Company say they will apply to the Minister of Finance on or after July 28, 2025 for letters patent to merge and continue as one company named BMO Life Assurance Company (French: BMO Société d’assurance-vie). The proposed effective date is November 1, 2025 (or another date set by the letters patent).
• Coast Capital Savings Federal Credit Union, Prospera Credit Union, and Sunshine Coast Credit Union plan a two-step move: Prospera and Sunshine Coast intend to apply to become federal credit unions on or after August 18, 2025, and then all three plan to apply to the Minister of Finance to amalgamate into a single federal credit union called Coast Capital Savings Federal Credit Union (head office in Surrey, B.C.). Objections may be sent to the Office of the Superintendent of Financial Institutions by September 16, 2025.
• Fiduciary Trust Company of Canada intends to apply to the Superintendent of Financial Institutions (Canada) for approval to reduce the stated capital of its common shares by up to $22.0 million, following a special shareholder resolution passed on June 13, 2025.
• 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 the existing power development at Glen Miller (Trent–Severn Waterway, Lock 14). Comments were invited within 30 days of the notice.
• Motus Bank says it will apply on or after July 28, 2025 for approval to sell substantially all of its assets to Coast Capital Savings Federal Credit Union and separately to apply for a certificate of continuance under the Canada Business Corporations Act.

Who's affected#

• Customers, members, and employees of BMO Life Insurance Company / BMO Life Assurance Company may notice corporate changes if the merger goes ahead.
• Members and staff of Coast Capital Savings, Prospera Credit Union, and Sunshine Coast Credit Union could be affected by the provincal-to-federal moves and the planned amalgamation.
• The sole shareholder of Fiduciary Trust Company of Canada is directly affected by the proposed $22.0 million capital reduction; other investors or counterparties may also notice changes.
• Local users of the Trent–Severn Waterway, nearby communities, and anyone with an interest in the Glen Miller site may want to follow the Glen Miller licence application.
• Customers and employees of Motus Bank — and customers of Coast Capital if the asset sale is approved — may see changes in who provides banking services.
• People or organizations who want to object to the credit-union continuances/amalgamation have a clear deadline (September 16, 2025) and address in the notice.

Why it matters#

• Mergers and continuances shift which company legally owns and runs insurance or banking services. That can affect where decisions are made, who regulates the business, and what happens to branding, accounts, or service arrangements.
• Moving provincial credit unions to federal status changes the regulator and can affect rules under which members’ services are delivered.
• A stated-capital reduction like the $22.0 million action returns value to a shareholder and can change a company’s capital structure.
• The waterpower licence affects local operations on a national historic waterway and could matter for recreation, heritage, or local energy generation.
• The planned sale of Motus Bank’s assets to Coast Capital could change who services Motus customers if approved by the Minister of Finance.

Note: Each item describes intentions or applications; the notices make clear that government approvals are required and are not guaranteed.