Definity seeks continuance; Solus and Raymond James amalgamate

Summary#

• This notice covers two corporate moves published in the Canada Gazette on January 14, 2023.
• Definity Financial Corporation says it will ask the Minister of Finance on or after February 6, 2023 for permission to continue as a federal corporation under the Canada Business Corporations Act. At the same time, Solus Trust Company Limited and Raymond James Trust (Canada) filed to become federally continued and then to amalgamate under the Trust and Loan Companies Act; objections to that filing are open to the Office of the Superintendent of Financial Institutions until March 7, 2023.

What it does#

• Definity Financial Corporation

  • Plans to apply for a certificate of continuance so it can move from its current form of incorporation to a federal corporation under the Canada Business Corporations Act. The company will apply to the Minister of Finance on or after February 6, 2023. Publication of the notice does not mean approval has been granted.

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

  • Solus Trust Company Limited applied on November 16, 2022 to continue as a federally incorporated, non-deposit taking trust company under the Trust and Loan Companies Act. It would operate as Solus Trust Company Limited in English and offer estate and trust services.
  • The plan is for Solus to become a wholly owned subsidiary of Raymond James Trust (Canada) immediately before continuance.
  • Raymond James Trust (Canada) and Solus also applied to amalgamate. The combined company would initially be called Raymond James Trust (Canada) and later change its name to Solus Trust Company. The amalgamated entity would be a non-deposit taking trust company with its head office in Toronto.
  • Anyone who objects can send a written objection to the Office of the Superintendent of Financial Institutions by March 7, 2023 (mail or email).

Who's affected#

• The main parties directly involved are Definity Financial Corporation, Solus Trust Company Limited, and Raymond James Trust (Canada), and their shareholders and owners.
• For the Solus/RJTC filings, clients who use estate and trust services from these firms — especially in British Columbia and across Canada — could see changes in who owns or operates their trust provider.
• Employees and business partners of the firms may be affected by the change in corporate structure.
• If you are not connected to these companies (not a client, shareholder, or employee), there is likely no direct effect.

Why it matters#

• These are corporate-structure changes, not new consumer rules. But they can change who controls a company that provides financial or trust services.
• Clients of the trust companies may notice administrative or ownership changes, and they may want to watch for direct communications from their provider.
• The Solus/RJTC move is subject to public objections until March 7, 2023, so interested people or groups can raise concerns with the Office of the Superintendent of Financial Institutions during that period.
• Publication in the Canada Gazette is a formal step in the review process; it does not guarantee that the Minister of Finance will approve the continuance or amalgamation.