Dissolving a Credit Union Voluntarily That Has No Assets and Liabilities

To dissolve a credit union without assets and liabilities, please submit a request with the following documents:

 

  1. A document that shows the credit union's members agreed to dissolve the credit union by passing a special resolution and an explanation why the credit union will be dissolved;

  2. If required by FSCO, a copy of a notice on the proposed dissolution that the credit union has placed in a newspaper that has general circulation in the area where its head office is located;

  3. A tax release letter from the Minister of Finance (Corporate Tax Division) that states the ministry has no objection to the dissolution of the credit union; and

  4. Confirmation from the credit union that it has no real property.

No fee is required for this request. Please file the request and all accompanying documents with the Financial Services Commission of Ontario's Licensing Branch.

 

Receiving Approval

In deciding whether to issue a dissolution order, the Superintendent of Financial Services (the Superintendent) will take into account whether the filed documents meet the requirements of the Credit Unions and Caisses Populaires Act, 1994 [New Window] (the Act).  If FSCO receives a complete submission ― this is a submission that is not missing any information or documents ― it will generally be processed within 30 business days from the date it is received.