Definity continuance; Solus–Raymond James merger

Summary#

This Canada Gazette notice records two related items. Definity Financial Corporation says it will apply to change its federal corporate regime on or after February 6, 2023. Separately, Solus Trust Company Limited and Raymond James Trust (Canada) filed applications to become a federally incorporated trust company and then merge; there is an objection deadline of March 7, 2023.

What it does#

• Definity Financial Corporation:

  • Tells the public it intends to ask the Minister of Finance for permission to apply under the Canada Business Corporations Act for a certificate of continuance.
  • The notice refers to the company’s status under the Insurance Companies Act.
  • The notice itself is not an approval; any approval would follow normal review.

• Solus Trust Company Limited and Raymond James Trust (Canada):

  • On November 16, 2022, Solus Trust Company Limited applied to the Superintendent of Financial Institutions to be continued as a federal trust company under the Trust and Loan Companies Act, conditional on being bought by Raymond James Trust (Canada).
  • If continued, the company would be named Solus Trust Company Limited (English) / Compagnie Trust Solus Limitée (French) and would operate as a non-deposit-taking trust company offering estate and trust services in British Columbia.
  • The two companies also applied for letters patent of amalgamation under the Trust and Loan Companies Act so that the continued Solus and Raymond James Trust (Canada) would merge. The merged company would initially be called Raymond James Trust (Canada) and later be renamed Solus Trust Company (English) / Compagnie Trust Solus (French). Its head office would remain in Toronto.
  • People may object in writing by March 7, 2023 to the Office of the Superintendent of Financial Institutions (mail to 255 Albert Street, Ottawa, Ontario K1A 0H2 or email approvals-approbations@osfi-bsif.gc.ca).
  • As with the other notice, publication does not mean the Minister will approve these changes.

Who's affected#

• Customers and clients of Solus Trust Company Limited, especially those in British Columbia, who use estate and trust services.
• Customers and clients of Raymond James Trust (Canada) across Canada.
• Shareholders, owners and employees of the two companies.
• People or organizations who want to object to the proposed continuance or amalgamation (see the March 7, 2023 deadline).
• For Definity Financial Corporation, the company itself and its shareholders or stakeholders who may be affected by a change in corporate regime.

If it’s unclear who will be affected in a specific way (for example, whether services or fees will change), the notice does not provide that detail.

Why it matters#

• A continuance or amalgamation changes which federal laws and rules a company follows. That can affect corporate governance, reporting, and regulatory oversight.
• For clients, the changes could affect who holds or manages trust and estate accounts, although the notice does not say any services will stop or change.
• The public has a formal chance to object to the Solus/RJTC plans by March 7, 2023, so affected people or groups can raise concerns before a final decision.
• These are procedural steps; the notices do not mean the changes are approved yet.