Trust

Trust companies incorporated in the province of British Columbia

Pursuant to Section 127 of the Financial Institutions Act (FIA), every trust company incorporated in British Columbia; that held a business authorization for this province at the end of its latest fiscal year is required to file year end information with this office and pay an annual fee.

The filings and returns listed below are subject to Non-Compliant Filings Administrative Penalty.

Annual Filing


 


Filings Required

Please submit all documents through the Secured File Transfer System (SFTS). For further information, please refer to our letter of December 12, 2014 regarding the implementation of SFTS.

Name of Filing or Return FIA Section Number of Days to File/Due Dates
A copy of the trust company's consolidated and/or non-consolidated year-end financial statements, and the auditor's report on those financial statements. FIA s.127(1) Within 90 days of trust company's financial year-end
A copy of the year-end financial statements for each of the trust company's subsidiaries and any auditor's report on those financial statements. FIA s.127(1) Within 90 days of trust company's financial year-end
The Annual Financial Return prepared using audited year-end results. FIA s.127(3) Within 90 days of trust company's financial year-end
A copy of the resolution of directors showing that the year-end annual filings have been approved by them. FIA s.127(1) Within 90 days of trust company's financial year-end
Annual report for the trust company, if an annual report is published. * n/a
Corporate Information Form. * n/a
A list of shareholders owning 10 per cent or more of any class of shares, including names and percentage of shares owned. If a corporation owns 10 per cent or more of any class of shares, provide a list of controlling shareholders of that corporation, including names and percentage of shares owned. * n/a
A copy of the company's most recent business or strategic plan and an annual budget. * n/a
A copy of the statement concerning the financial conditions of the trust company. FIA s.127(2)(a) Within 5 days of the trust company filing the statement with the British Columbia Securities Commission or a similar authority outside British Columbia (if the trust company is a public company)
A copy of the Investment and Lending Policy. (PDF format) FIA s.127(2)(c) Within 5 days of amendment
A notice of an annual or special general meeting of shareholders with a copy of all materials provided to shareholders, due prior to the meeting (PDF format). * n/a
*These returns are not subject to the filing deadline, they should be submitted to this office when they become available.

The Administrative Penalties Regulation sets out which provisions of the FIA are subject to penalty, who can be liable for a penalty, and the maximum amount that can be ordered. Please refer to the Administrative Penalties Regulation for more information.

If you have any questions or concerns with the filing process, please contact Financial & Regulatory Reporting, Financial Institutions Division via email at filings@ficombc.ca.

^ top


Filing Deadlines

For all  British Columbia incorporated trust companies, the filing deadline is 90 days after the fiscal year-end. 

^ top


Annual Fee

Every trust company incorporated in BC that held a business authorization for this province at the end of its latest fiscal year is required to pay an annual fee. This annual fee is calculated using the table prescribed under Schedule 1, Item 10 of the Financial Institutions Fees Regulation applied to the non-consolidated assets of the company at its fiscal year end. The deadline for payment of the annual fee(s) is 90 days after the latest fiscal year end.

The Annual Fee Schedule (below) sets out the method for calculating the annual fee.

Please remit the annual fee with the annual filing by way of cheque made payable to the Minister of Finance and send to:

Financial Institutions Commission
2800 - 555 West Hastings Street
Vancouver, BC V6B 4N6

We ask that a separate cheque, with the authorized trust company's full name clearly listed, be filed for each company.

^ top


Annual Fee Schedule for BC Incorporated Trust Companies

Schedule 1, Item 10 of the Financial Institutions Fees Regulation (Fees Regulation), requires every BC incorporated trust company authorized to conduct trust business in the province of British Columbia to pay the Financial Institutions Commission an annual fee. 

  1. The annual fee is calculated by applying the table outlined in Item 10 of the Fees Regulation, summarized below, to the company's total assets as reported on the company's audited year-end financial statements.
Non-Deposit Taking Trust Companies Annual Fee Schedule
$500
+ 0.013% of assets less than or equal to $25 million
+ 0.01% of assets between $25 and $250 million
+ 0.008% of assets greater than $250 million

  1. Remit fee(s) with the annual filing by way of cheque made payable to the Minister of Finance. (Under Section 20 of the Financial Administration Act and B.C. Regulation #214/83, interest may be charged on overdue amounts at a rate prescribed by the Treasury Board.)

^ top


Quarterly Filing

A trust company incorporated in British Columbia that held a business authorization for this Province at the end of its latest fiscal year is required to submit quarterly filing.

Filings Required
Filing Deadlines

Filing Required

Please submit all documents through the Secured File Transfer System (SFTS). For further information, please refer to our letter of December 12, 2014 regarding the implementation of SFTS.

Filing Deadlines

For all British Columbia incorporated trust companies, the filing deadline is 30 days after the quarter-end.

Penalties for Non-Compliant Filing

Please note that the above filing submissions are subject to Non-Compliant Filings Administrative Penalty under the Administrative Penalties Regulation of the Financial Institutions Act.

If further extensions are required please email your request to filings@ficombc.ca with attention to Financial & Regulatory Reporting, Financial Institutions Division.

^ top



Trust companies licensed in the province of British Columbia

Annual Filing

Every trust company incorporated by or under the laws of a jurisdiction other than British Columbia (extraprovincial trust company) that held a business authorization for this Province at the end of its latest fiscal year is required to file year end information with this office and pay an annual fee.

^ top


Filings Required

All filing requirements should be sent by email, subject line should include Company Name and the word 'Filing', to filings@ficombc.ca.

Primary Regulator - OSFI:
M4-Balance Sheet
P3-Statement of Comprehensive Income, Retained Earnings and AOCI
R2-Regional Distribution of Selected Assets and Liabilities
BCAR-Basel Capital Adequacy Reporting
Corporate Information Form
Audited Financial Statements
Parent's Audited Financial Statements
Annual Report
Primary Regulator - Alberta* (Alberta Treasury Board and Finance):
Sch 1-Balance Sheet
Sch 3-Income Statement
Sch 5-Deposits, Loans & ETA Distributed by Province/Territory
Corporate Information Form
Audited Financial Statements
Parent's Audited Financial Statements
Annual Report
Primary Regulator - Quebec* (Autoritè des marchès financiers):
Sch 1-Balance Sheet
Sch 4-Loans in Arrears
Sch 5-Deposits, Loans & ETA Distributed by Province/Territory
Sch 6-Maturities & Interest Rate Matching
Sch 13-Global Results
Corporate Information Form
Audited Financial Statements
Parent's Audited Financial Statements
Annual Report

* For the purpose of section 7 of the Capital Requirements Regulation and section 2 of the Designation of Provinces Regulation of the Financial Institutions Act, designated extraprovincial trust corporations are required to meet a minimum adequate capital base as set out in the laws of its primary jurisdiction.

Please note that in addition to filing with this office, the British Columbia Financial Institutions Act (FIA) requires all extraprovincially authorized companies to be registered with the Corporate Registry office. Details regarding the filings required by the Corporate Registry can be found at http://www.bcregistryservices.gov.bc.ca/bcreg/corppg/crxpro.page. Failure to comply with the filing requirements of the Corporate Registry may result in the cancellation of your extraprovincial registration with that office.

^ top


Filing Deadlines

For all extraprovincial trust companies, the filing deadline is 90 days after the fiscal year-end. 

Penalties for Non-Compliant Filing

Please note that the above filing submissions are subject to Non-Compliant Filings Administrative Penalty under the Administrative Penalties Regulation of the Financial Institutions Act.

If you have any questions or concerns with the filing process, please contact Financial & Regulatory Reporting, Financial Institutions Division via email to filings@ficombc.ca.

^ top


Annual Fee 

Every extraprovincial trust company that holds a business authorization for this province at the end of its latest fiscal year is required to pay an annual fee. This annual fee is calculated using the table prescribed under Schedule 1, Item 11 of the Financial Institutions Fees Regulation (Fees Regulation) applied to the non-consolidated assets of the company at its fiscal year end.   The deadline for payment of the annual fee(s) is 90 days after the latest fiscal year end. 

The Annual Fee Schedule (below) sets out the method for calculating the annual fee. 

Please remit the annual fee with the annual filing by way of cheque made payable to the Minister of Finance and send to:

Financial Institutions Commission
2800 - 555 West Hastings Street
Vancouver, BC V6B 4N6

We ask that a separate cheque, with the authorized trust company's full name clearly listed, be filed for each company.

^ top


Annual Fee Schedule for Extraprovincial Trust Companies

Schedule 1, Item 11 of the Fees Regulation, requires every extraprovincial trust company authorized to carry on trust business in the province of British Columbia to pay the Financial Institutions Commission an annual fee. 

This annual fee is calculated by applying the table outlined in Item 11 of the Fees Regulation, summarized below, to the company's total non-consolidated assets as at the company's fiscal year end.


Method:

  1. Take the non-consolidated assets from the audited financial statements. 
  1. Apply the amount of non-consolidated assets to the fee schedule below.

    Fiscal year end total  
    non-consolidated assets
    Annual Fee Amount
    $5 million or less  $1,500
    greater than $5 million to $50 million $3,000
    greater than $50 Million to $100 million  $4,000
    greater than $100 million to $500 million  $5,000
    greater than $500 million to $1billion $6,000
    greater than $1 billion to $5 billion  $8,000
    greater than $5 billion 

    $10,000 plus  $1,000 per each $1 billion over $5 billion


  2. Remit fee(s) with the annual filing by way of cheque made payable to the Minister of Finance. (Under Section 20 of the Financial Administration Act and B.C. Regulation #214/83, interest may be charged on overdue amounts at a rate prescribed by the Treasury Board.)

^ top


Quarterly Filing - (only required when a Trust Company is Staged or has Regulatory Issues)

A trust company incorporated by or under the laws of a jurisdiction other than British Columbia (extraprovincial trust company) that held a business authorization for this Province at the end of its latest fiscal year is only required to submit a quarterly filing if the trust company has regulatory issues and/or have prescribed filing requirements in their business authorizations.

Filings Required

All filing requirements should be sent by email, subject line should include Company Name and the word 'Filing', to filings@ficombc.ca.

Quarterly Filing
M4-Balance Sheet
P3-Statement of Comprehensive Income, Retained Earnings and AOCI
R2-Regional Distribution of Selected Assets and Liabilities
BCAR-Basel Capital Adequacy Reporting

Filing Deadlines

For all extraprovincial trust companies, the filing deadline is 45 days after the quarter-end. 

Penalties for Non-Compliant Filing

Please note that the above filing submissions are subject to Non-Compliant Filings Administrative Penalty under the Administrative Penalties Regulation of the Financial Institutions Act.

If further extensions are required please email your request to filings@ficombc.ca with attention to Financial & Regulatory Reporting, Financial Institutions Division.

^ top