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Excise Duty Memoranda Series

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					Excise Duty Memoranda Series


2.2.4 Approved Financial Institutions and Acceptable Bonding                                                                                          October 2005
      Companies

Overview                             This memorandum provides lists of approved financial institutions and acceptable
                                     bonding companies for the purposes of posting security as required in the
                                     Excise Act, 2001 (the “Act”).

Disclaimer                           The information in this memorandum does not replace the law found in the Act and its Regulations. It is
                                     provided for your reference. As it may not completely address your situation, you may wish to refer to the
                                     Act or its Regulations, or to contact any Canada Revenue Agency (CRA) tax services office for additional
                                     information.

Note                                 This replaces Excise Duty Memorandum 2.2.4, dated March 2003 and revised in April 2004.


                                                                     Table of Contents
Surety bonds .............................................................................................................................................................1
Appendix A – List of approved financial institutions ..............................................................................................3
Appendix B – List of acceptable bonding companies ..............................................................................................6



Surety bonds
Financial institutions               1.      A person who is required to provide security under the Act and elects to do so in
and bonding companies                the form of a bond must ensure that an approved financial institution or an acceptable
                                     bonding company issues the bond.

                                     2.      A listing of approved financial institutions is provided in Appendix A to this
                                     memorandum. A listing of acceptable bonding companies is provided in Appendix B to
                                     this memorandum. The listing of acceptable bonding companies can also be accessed on
                                     the Treasury Board Secretariat Web site at:
                                     http://www.tbs-sct.gc.ca/pubs_pol/dcgpubs/Contracting/contractingpol_l_e.html.




La version française de ce document est intitulée Institutions
financières approuvées et sociétés de cautionnement reconnues.
2.2.4 Approved Financial Institutions and Acceptable Bonding Companies



                       3.       Additional information on the requirement to provide security under the Act
                       is contained in Excise Duty Memoranda 2.2.2, Security Requirements for Licensees, and
                       2.2.3, Surety Bonds.




All of the memoranda in the Excise Duty Memoranda Series will be available on the CRA Web site at
http://www.ccra-adrc.gc.ca/tax/technical/exciseduty-e.html




Memorandum ED 2.2.4 (October 2005)                                            Excise Duty Memoranda Series
page 2                                          Chapter 2, Information Relating to Licences and Registrations
                                   2.2.4 Approved Financial Institutions and Acceptable Bonding Companies



Appendix A – List of approved financial institutions

The following financial institutions issue bonds that may be accepted as security by the Government of Canada.

Banks chartered under Schedule I (section 14) the Bank Act
1.    Amicus Bank
2.    Bank of Montreal
3.    Bank of Nova Scotia, The
4.    Bank West
5.    Canadian Imperial Bank of Commerce
6.    Canadian Tire Bank
7.    Canadian Western Bank
8.    Citizens Bank of Canada
9.    CS Alterna Bank
10.   First Nations Bank of Canada
11.   Laurentian Bank of Canada
12.   Manulife Bank of Canada
13.   National Bank of Canada
14.   Pacific & Western Bank of Canada
15.   President’s Choice Bank
16.   Royal Bank of Canada
17.   Sears Bank Canada
18.   Toronto-Dominion Bank, The
19.   Ubiquity Bank of Canada

Banks chartered under Schedule II (section 14) the Bank Act
1.    ABN AMRO Bank N.V.
2.    Amex Bank of Canada
3.    Bank of America, National Association
4.    Bank of China (Canada)
5.    Bank of East Asia (Canada), The
6.    Bank of Tokyo-Mitsubishi (Canada)
7.    Bank One Canada
8.    BCP Bank Canada
9.    BNP Paribas (Canada)
10.   Citibank Canada
11.   Comerica Bank Canada
12.   CTC Bank of Canada
13.   Dresdner Bank Canada
14.   Dundee Wealth Bank
15.   Habib Canadian Bank
16.   HSBC Bank Canada
17.   ICICI Bank Canada
18.   ING Bank of Canada
19.   International Commercial Bank of Cathay (Canada)
20.   Intesa Bank Canada
21.   J.P. Morgan Bank Canada
22.   J.P. Morgan Canada
Excise Duty Memoranda Series                                            Memorandum ED 2.2.4 (October 2005)
Chapter 2, Information Relating to Licences and Registrations                                       page 3
2.2.4 Approved Financial Institutions and Acceptable Bonding Companies

23.   Korea Exchange Bank of Canada
24.   MBNA Canada Bank
25.   Mizuho Corporate Bank (Canada)
26.   National Bank of Greece (Canada)
27.   Société Générale (Canada)
28.   State Bank of India (Canada)
29.   Sumitomo Mitsui Banking Corporation of Canada
30.   UBS Bank (Canada)
31.   UFJ Bank Canada

Banks chartered under Schedule III (section 14.1) the Bank Act
1.    ABN AMRO Bank N.V.
2.    Bank of America, National Association
3.    Bank One, National Association
4.    Bayerische Landesbank
5.    Capital One Bank (Canada Branch)
6.    Citibank, N.A
7.    Comerica Bank
8.    Credit Suisse First Boston Toronto Branch
9.    Deutsche Bank AG
10.   First Commercial Bank
11.   HSBC Bank USA
12.   JPMorgan Chase Bank
13.   Maple Bank GmbH
14.   Mellon Bank, N.A. Canada Branch
15.   National City Bank
16.   Rabobank Nederland
17.   State Street Bank and Trust Company
18.   UBS AG Canada Branch
19.   United Overseas Bank Limited
20.   U.S. Bank National Association

Central co-operative credit societies that are members of the Canadian Payments Association
1.    Alliance des caisses populaires de l’Ontario Ltée, L’
2.    Caisse centrale Desjardins du Québec, La
3.    Credit Union Central Alberta Limited
4.    Credit Union Central of British Columbia
5.    Credit Union Central of Canada GC
6.    Credit Union Central of Manitoba Limited
7.    Credit Union Central of New Brunswick
8.    Credit Union Central of Nova Scotia
9.    Credit Union Central of Ontario Limited
10.   Credit Union Central of Prince Edward Island
11.   Credit Union Central of Saskatchewan
12.   Fédération des caisses Desjardins du Québec
13.   Fédération des caisses populaires Acadiennes Limitée, La
14.   Fédération des caisses populaires de l’Ontario Inc., La
15.   Fédération des caisses populaires du Manitoba Inc., La



Memorandum ED 2.2.4 (October 2005)                                               Excise Duty Memoranda Series
page 4                                             Chapter 2, Information Relating to Licences and Registrations
                                     2.2.4 Approved Financial Institutions and Acceptable Bonding Companies

Trust or loan companies that are members of the Canadian Payments Association
1.    AGF Trust Company
2.    B2B Trust
3.    Canada Trust Company, The
4.    CIBC Trust Corporation
5.    Citizens Trust Company
6.    Community Trust Company
7.    Household Trust Company
8.    HSBC Mortgage Corporation (Canada)
9.    HSBC Trust Company (Canada)
10.   Investors Group Trust Co. Ltd.
11.   Laurentian Trust of Canada
12.   Montreal Trust Company of Canada
13.   M.R.S. Trust Company
14.   National Trust Company
15.   Peace Hills Trust Company
16.   Promutuel Capital Trust Company Inc.
17.   ResMor Trust Company
18.   Royal Bank Mortgage Corporation
19.   Royal Trust Company, The
20.   Royal Trust Corporation of Canada
21.   Scotia Mortgage Corporation
22.   Sun Life Financial Trust Inc.
23.   TD Mortgage Corporation
24.   TD Pacific Mortgage Corporation
25.   Trimark Trust

Financial institutions that are members of the Canadian Payments Association
1.    Airline (Malton) Credit Union Limited
2.    Alberta Treasury Branches
3.    All Trans Financial Services Credit Union Limited
4.    Communication Technologies Credit Union Limited
5.    Desjardins Credit Union Inc.
6.    DUCA Financial Services Credit Union Limited
7.    Dundalk District Credit Union Limited
8.    Fire Department Employees Credit Union Limited, The
9.    Goderich Community Credit Union Limited
10.   Lambton Financial Credit Union Limited
11.   Latvian Credit Union Limited
12.   North York Community Credit Union Limited
13.   Ontario Civil Service Credit Union Limited
14.   St. Stanislaus-St. Casimir’s Polish Parishes Credit Union Limited
15.   Virtual One Credit Union Limited




Excise Duty Memoranda Series                                              Memorandum ED 2.2.4 (October 2005)
Chapter 2, Information Relating to Licences and Registrations                                         page 5
2.2.4 Approved Financial Institutions and Acceptable Bonding Companies



Appendix B – List of acceptable bonding companies

The following bonding companies (i.e., insurance, trust or loan companies) issue bonds that may be accepted as
security by the Government of Canada. The Treasury Board Secretariat regurarly updates the following lists. To
obtain the latest ones, go to http://www.tbs-sct.gc.ca/pubs_pol/dcgpubs/Contracting/contractingpol_l_e.asp.
(Published March 2005)

Canadian companies

1.    ACE INA Insurance
2.    Allianz Insurance Company of Canada
3.    Allstate Insurance Company of Canada
4.    Ascentus Insurance Ltd.
5.    Aviva Insurance Company of Canada
6.    AXA Insurance (Canada)
7.    AXA Pacific Insurance Company
8.    Canadian Northern Shield Insurance Company
9.    Certas Direct Insurance Company
10.   Chubb Insurance Company of Canada
11.   Commonwealth Insurance Company
12.   Co-operators General Insurance Company
13.   CUMIS General Insurance Company
14.   Dominion of Canada General Insurance Company, The
15.   Echelon General Insurance Company
16.   Economical Mutual Insurance Company
17.   Elite Insurance Company
18.   Everest Insurance Company of Canada
19.   Federated Insurance Company of Canada
20.   Federation Insurance Company of Canada
21.   Grain Insurance and Guarantees Company
22.   Guarantee Company of North America, The
23.   ING Insurance Company of Canada
24.   ING Novex Insurance Company of Canada (Fidelity only)
25.   Jevco Insurance Company (Surety only)
26.   London and Midland General Insurance Company
27.   Lombard General Insurance Company of Canada
28.   Lombard Insurance Company
29.   Markel Insurance Company of Canada
30.   Missisquoi Insurance Company, The
31.   Nordic Insurance Company of Canada, The
32.   North Waterloo Farmers Mutual Insurance Company, The (Fidelity only)
33.   Personal Insurance Company , The
34.   Progressive Casualty Insurance Company of Canada (Surety only)
35.   Quebec Assurance Company
36.   Royal & Sun Alliance Insurance Company of Canada
37.   Saskatchewan Mutual Insurance Company (Fidelity only)
38.   St-Paul Guarantee Insurance Company
39.   Sovereign General Insurance Company, The
40.   TD General Insurance Company
Memorandum ED 2.2.4 (October 2005)                                             Excise Duty Memoranda Series
page 6                                           Chapter 2, Information Relating to Licences and Registrations
                                     2.2.4 Approved Financial Institutions and Acceptable Bonding Companies

41.   Temple Insurance Company
42.   Traders General Insurance Company
43.   Wawanesa Mutual Insurance Company, The
44.   Waterloo Insurance Company
45.   Western Assurance Company
46.   Western Surety Company

Provincial / territorial companies
Surety bonds issued by the following companies may be accepted as security by the Government of Canada,
provided that the contract of suretyship is executed in a province or territory in which the company is licensed to
do business, as indicated in brackets.

1.    AXA Boreal Insurance Company (in P.E.I., N.B., Que., Ont., Man., and B.C.)
2.    ALPHA, Compagnie d’Assurances Inc. (in Que.)
3.    Canada West Insurance Company (in Ont., Man., Sask., Alta., B.C., and N.W.T.) (Surety only)
4.    Canadian Union Assurance Company, The (in Que.)
5.    Capitale, compagnie d’assurance générale, La (in all provinces)
6.    Coachman Insurance Company (in Ont.)
7.    Commerce and Industry Insurance Company of Canada (in Nfld. and Lab., N.S., P.E.I., N.B., Que., Ont.,
      Man., Sask., Alta., B.C., Nun., N.W.T., and Yuk.)
8.    Gerling Global General Insurance Company (in N.B., Que., Ont., Man., Sask., Alta., and B.C.)
9.    Insurance Company of Prince Edward Island, The (in P.E.I., and N.B.)
10.   Kingsway General Insurance Company (in N.S., N.B., Que., Ont., Man., Sask., Alta., and B.C.)
11.   Manitoba Public Insurance Corporation (in Man.)
12.   Norgroupe Assurance Générales Inc. (in all provinces)
13.   Orleans General insurance Company (in N.B., Que., and Ont.)
14.   Pilot Insurance Company (in Ont.)
15.   Saskatchewan Government Insurance Office (in Sask.)
16.   SGI Canada Insurance Services Ltd. (in Ont., Man., and Sask)

Foreign companies
1.    AXA Corporate Solutions Assurance
2.    Compagnie française d’assurance pour le commerce extérieur (Fidelity only)
3.    Eagle Star Insurance Company Limited
4.    Ecclesiastical Insurance Office Public Limited Company (Fidelity only)
5.    Lloyd’s Underwriters
6.    NIPPONKOA Insurance Company, Limited
7.    Sompo Japan Insurance Inc.
8.    Tokio Marine and Nichido Fire Insurance Co Ltd. (Surety only)
9.    XL Insurance Company limited (Surety only)
10.   Zurich Insurance Company




Excise Duty Memoranda Series                                               Memorandum ED 2.2.4 (October 2005)
Chapter 2, Information Relating to Licences and Registrations                                          page 7

				
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