To dissolve an Ontario credit union that has no assets and liabilities, you need to submit a request with the following documents:
- Cover letter that explains why the credit union will be dissolved.
- Certified copy of the members' special resolution agreeing to the dissolution.
- Confirmation that the credit union has no assets and no liabilities.
- Attestation from legal counsel and senior management of the entity confirming that it no longer has assets and liabilities.
- Tax clearance letter from the Ministry of Finance confirming that any outstanding taxes have been paid and they have no objection to the dissolution of the credit union.
File the request and accompanying documents with the Credit Union and Insurance Prudential (CU&IP) Approvals & Insurance Practices team. The application may be uploaded via the secure portal or emailed to: [email protected].
In order to approve a dissolution order, the CEO of FSRA will take into account whether the filed documents meet the requirements of the Credit Unions and Caisses Populaires Act, 2020.
Submissions not missing any information will generally be processed within 30 business days from the date they are received.