Vol. 149, No. 12 — March 21, 2015

MISCELLANEOUS NOTICES

ALBERTO BENOIT AND LIVAIN BENOIT

PLANS DEPOSITED

Alberto Benoit and Livain Benoit hereby give notice that an application has been made to the Minister of Transport under the Navigation Protection Act for approval of the plans and site of the work described herein. Under paragraph 5(6)(b) of the said Act, Alberto Benoit and Livain Benoit have deposited with the Minister of Transport and in the regional office of the Department of Agriculture, Aquaculture and Fisheries in Shippagan, New Brunswick, a description of the site and plans for an aquaculture lease to cultivate molluscs on aquaculture site MS-1306 in Tabusintac Bay, Northumberland County.

Comments regarding the effect of this work on marine navigation may be directed to the Regional Manager, Navigation Protection Program, Transport Canada, 95 Foundry Street, P.O. Box 42, Moncton, New Brunswick E1C 8K6. However, comments will be considered only if they are in writing and are received not later than 30 days after the date of publication of the last notice. Although all comments conforming to the above will be considered, no individual response will be sent.

March 21, 2015

PETER M. CASHIN
Registrar of Aquaculture

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CAISSE POPULAIRE ACADIE LTÉE

NOTICE PURSUANT TO THE DISCLOSURE ON CONTINUANCE REGULATIONS (FEDERAL CREDIT UNIONS)

Date: October 8, 2014

To: Members of Caisse populaire Acadie Ltée, Caisse populaire Beauséjour Ltée, Caisse populaire Chaleur Ltée, Caisse populaire de Néguac Ltée, Caisse populaire des Fondateurs Ltée, Caisse populaire des Iles Ltée, Caisse populaire Dieppe-Memramcook Ltée, Caisse populaire La Vallée de l’Érable Ltée, Caisse populaire le Lien des deux Rivières Ltée, Caisse populaire Madawaska Ltée, Caisse populaire Restigouche Ltée, Caisse populaire Sud-Est Ltée, Caisse populaire Trois Rives Ltée, La Caisse Populaire de Beresford Ltee. and La Caisse Populaire de Shippagan Limitée.

On November 12, 2014, the aforementioned caisses populaires will present to their members, for approval, a provincial amalgamation proposal for the 15 caisses populaires.

At the same time, pursuant to the federal legislation, the caisses populaires will also request from their members an authorization, to be adopted by special resolution, allowing it to make an application to be continued as a federal credit union.

In accordance with the Disclosure on Continuance Regulations (Federal Credit Unions) [the Regulations], the caisses populaires must inform their members, at least four weeks before the vote of the members on the special resolution, of all changes to the deposit insurance coverage that would apply to their deposits in the event that an application for continuance is approved.

As of the date of the potential continuance under federal legislation the members’ eligible deposits would be insured by the Canada Deposit Insurance Corporation (CDIC) instead of the New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC) as is currently the case. This Notice is being sent to you in compliance with regulatory requirements which set out the content of the Notice to be sent where the caisses populaires will request your authorization to make an application to be continued as a federal credit union.

As required by the Regulations, this Notice contains information about the day on which provincial deposit insurance coverage for deposits held by the caisses populaires would end, a description of the CDIC coverage that would apply during the transition period to the pre-existing deposits of members of caisses populaires that are continued as a federal credit union, and a description of how this coverage differs from the pre-continuance provincial deposit insurance coverage applicable to the caisses populaires deposits.

The tables included in this Notice will help you understand how your deposit insurance coverage would change should your caisse populaire continue as a federal credit union. The issue of deposit insurance coverage will also be discussed during the information sessions held for all caisses populaires in October and during special meetings to be held on November 12, 2014, during which members will be invited to share their views on this provincial amalgamation project and subsequent application to be continued as a federal credit union. Notices for these meetings will be posted in all caisses populaires.

It should also be noted that the information included in this Notice is the information that is in force on the date of the Notice and that this Notice sets out the deposit insurance coverage rules of CDIC and of NBCUDIC on the date of the Notice.

Also please take note that the federal government has announced changes to the legislative framework applicable to federal credit unions. These changes, if they are brought into effect, could modify the deposit insurance coverage after the issuance of the Notice. For more information on these proposed changes, please visit the following Web sites: www.fin.gc.ca/n14/14-010-eng.asp and www.budget.gc.ca/2014/docs/plan/pdf/budget2014-eng.pdf. You can also visit your caisse populaire to get a copy of these documents.

This Notice, as required by the Regulations, will also be posted on the caisses populaires’ Web site, www.acadie.com, and will be published for four (4) consecutive weeks in the Canada Gazette and in one or more general circulation provincial newspapers. It is also available at your caisse populaire if you wish to get additional copies. As required, the Notice will also be readily visible in all caisses populaires business locations, and provide information on how to obtain copies.

The publication of this Notice and the positive vote of the members of the caisses populaires at the special meetings to be held on November 12, 2014, do not in any way guarantee that the provincial amalgamation and continuance as a federal credit union will be approved by the regulatory bodies, or that either event will occur on the dates indicated or that they will occur under the conditions stated in this Notice or in any other document.

I. Current deposit insurance coverage

Until the continuance date, your deposits will be insured by NBCUDIC as follows:

  Personal Savings Savings in a Trust Account Savings in a RRSP Savings in a RRIF Savings in a TFSA Savings in the Name of Several People (Joint Deposits)
Deposits insured from $1 to $250,000 (per category)
Savings accounts Check mark Check mark Check mark Check mark Check mark Check mark
Chequing accounts Check mark Check mark N/A N/A N/A Check mark
GIC and other term deposits (5 years or less) Check mark Check mark Check mark Check mark Check mark Check mark
Money orders, certified cheques, traveller’s cheques, debentures, bank drafts, prepaid letters of credit in respect of which the caisse is primarily liable Check mark Check mark N/A N/A N/A Check mark

The following are not insured by NBCUDIC: mutual funds and shares; guaranteed investment certificates (GICs) and other term deposits (greater than 5 years); money orders, certified cheques, traveller’s cheques, debentures, bank drafts, prepaid letters of credit in respect of which caisse populaire is not primarily liable; bonds, notes and debentures issued by governments or corporations; membership shares and other shares issued by a caisse populaire; principal protected notes; treasury bills and deposits in American dollars or other currencies.

For the purposes of deposit insurance, amounts in savings accounts, chequing accounts, GICs and other term deposits of 5 years or less, money orders, traveller’s cheques, certified cheques, debentures, bank drafts and prepaid letters of credit in respect of which the caisse populaire is primarily liable are combined and eligible for coverage up to a combined amount of $250,000.

Separate coverage applies to each category indicated in the upper section of the table (i.e. TFSA, RRSP, RRIF, etc.). Consequently, you are insured up to the eligible maximum for each category in the above table.

Here are a few examples related to the current deposit insurance coverage:

(1) You have $100,000 in eligible deposits in a chequing account, $50,000 in a GIC (of 5 years or less) and $150,000 in eligible deposits in a savings account. These deposits must be combined, and the total amount is covered up to $250,000.

(2) You have the following deposits:

In this example, all your deposits are covered by the deposit insurance. Deposits in the chequing and savings accounts are combined and your $143,000 is covered. Your eligible RRSP deposits are completely covered since the total is below $250,000. Your eligible TFSA deposits are also completely covered because they are below $250,000.

(3) You have the following deposits:

The only insurable deposits are the ones in your savings account since deposits a U.S. currency account and term investments of more than 5 years are not insured.

II. Deposit insurance coverage during the transition period

During the transition period, deposit insurance coverage would be provided by CDIC as follows:

Coverage offered by CIDC during the transition period for pre-existing deposits

Until the continuance date, your deposits will be insured by NBCUDIC as follows:

  Savings Held in One Name Saving Held in Trust Savings held in RRSP Savings Held in RRIF Savings Held in TFSA Savings Held in more than one Name (Joint Deposits)
Deposits insured from $1 to $250,000 (per category)
Savings accounts Check mark Check mark Check mark Check mark Check mark Check mark
Chequing accounts Check mark Check mark N/A N/A N/A Check mark
GIC and other term deposits (5 years or less) Check mark Check mark Check mark Check mark Check mark Check mark
Money orders, certified cheques, traveller’s cheques, debentures, bank drafts, prepaid letters of credit in respect of which the caisse is primarily liable Check mark Check mark N/A N/A N/A Check mark

The following are not covered by CDIC during the transition period: mutual funds and shares; GIC and other term deposits (greater than 5 years); money orders, certified cheques, traveller’s cheques, debentures, bank drafts, prepaid letters of credit in respect of which the caisse populaire is primarily liable; bonds, notes and debentures issued by governments or corporations; membership shares and other shares issued by a caisse populaire; principal protected notes; treasury bills and deposits in American dollars or other foreign currencies.

For the purposes of deposit insurance, amounts included in each category in chequing and savings accounts, GICs and other fixed-term investments of 5 years or less, money orders, certified cheques, traveller’s cheques, debentures, bank drafts and prepaid letters of credit under which the caisse populaire is the principal would be combined and eligible for combined deposit insurance coverage up to $250,000.

(1) Example (assuming a continuation on January 1, 2016)

On December 31, 2015, if you have the following eligible deposits at your caisse populaire:

In this example, your eligible deposits in a chequing account would be insured for $8,000 and your eligible deposits in a savings account would be insured for $100,000. Both would be insured for a transition period of 180 days following the date of continuation, i.e. until June 29, 2016.

After this date, an amount of $100,000 would be insured, but a total of $8,000 would not be insured because under the federal legislation, the deposit insurance coverage following the transition period is $100,000 for a total of these types of accounts in your name alone.

The fixed term deposit held in a RRSP would be insured until January 1, 2018, i.e. the end date of the fixed term deposit.

Please note that the insurance coverage would be reduced by any withdrawals made between the continuance date and the end of the transition period.

(2) Example: if you are a member of more than one amalgamating caisse populaire (assuming continuance on January 1st, 2016):

On December 31, 2015, if you have the following amounts at caisse populaire A:

At the same time, if you are also a member of caisse populaire B and you have the following amounts in this caisse populaire:

If caisses A and B amalgamate, your eligible deposits in each caisses populaires would be covered separately; that is, up to a maximum of $250,000 at each caisse populaire (less any withdrawals).

Since your savings in each caisse populaire were insured up to $250,000 (since individual amounts in each caisse populaire were below the $250,000 provincial limit), this means that the maximum $250,000 insurance coverage would remain applicable, even if the total amount held in all the caisses populaires is above the $250,000 amount normally insured.

Since federal legislation provides for a transition period, this $250,000 limit would apply during this period and, as such, your eligible deposits in a chequing account would be insured up to $300,000 until June 29, 2016, and your eligible deposits in an RRSP account would also be insured up to $325,000 until this date.

From June 30, 2016, and thereafter, your eligible deposits would be insured up to $100,000 per insured category under the CDIC Act (unless these deposits are included in a fixed date term deposit as of December 31, 2015, which is not expired).

III. Coverage offered by CDIC after the transition period

Deposit insurance coverage provided by CDIC following the transition period

It is important to understand that subject to regulatory approval, the continuation date would be the date indicated in the letters patent continuing your caisse populaire as a federal credit union.

After the date of the continuance, including the transitional period defined above in this Notice, all caisses populaires’ members’ eligible savings would be protected by CDIC in compliance with CDIC’s established deposit insurance coverage.

Any new eligible deposit made in your caisse populaire following the continuance date would also be insured separately up to $100,000, in accordance with the insurance coverage stated in the table on deposit insurance coverage offered by the CDIC following the transition period (please see table below related to the coverage offered by the CDIC following the transition period).

As at the date of this Notice, following the transition period, CDIC coverage would be as follows:

  Savings held in One Name Savings held in Trust Savings Held in RRSP Savings Held in RRIF Savings Held in a TFSA Savings Held for Paying Realty Taxes on Mortgages Payments Savings Held in More Than One Name (Joint Deposits)
Deposits insured from $1 to $100,000 (per category)
Savings accounts Check mark Check mark Check mark Check mark Check mark Check mark Check mark
Chequing accounts Check mark Check mark         Check mark
GIC and other term deposits (5 years or less) Check mark Check mark Check mark Check mark Check mark   Check mark
Money orders, certified cheques, traveller’s cheques and bank drafts issued by institutions member of the CDIC Check mark Check mark         Check mark
Debentures issued as proof of deposit for CDIC member institutions (other than banks) Check mark Check mark Check mark Check mark Check mark   Check mark

The following are not insured by CDIC: mutual funds and shares; GIC and other term deposits (greater than 5 years); money orders, certified cheques, traveller’s cheques and bank drafts issued by institutions who are not members of the CDIC; bonds, notes and debentures issued by governments or corporations, including banks and other CDIC members (except for certain debentures issued by CDIC members other than banks); principal protected notes (with some exceptions); treasury bills and deposits in American dollars or other foreign currencies.

As noted above, there would be differences between the deposit insurance coverage currently offered by NBCUDIC and the CDIC deposit insurance coverage. The main differences can be summarized as follows:

(1) Coverage Limit

The deposit insurance coverage offered by NBCUDIC covers all eligible deposits up to a maximum amount of $250,000 for each of the categories stated in the table describing the deposit insurance coverage available through NBCUDIC at the time of this Notice.

CDIC provides deposit insurance coverage for all eligible deposits up to a maximum amount of $100,000 for each of the categories stated in the table in Section III.

(2) Separate coverage category

CDIC also provides deposit insurance coverage for money held for paying realty property taxes on mortgaged properties.

Deposit insurance coverage offered by NBCUDIC does not provide separate coverage for money held for paying realty property taxes on mortgaged properties.

Here are some examples of how your deposits would be covered by CDIC following the transition period:

(1) You hold $100,000 in eligible savings in a chequing account, an eligible $50,000 guaranteed investment certificate with a term of less than 5 years and eligible savings of $150,000 in a savings account.

In this case, your deposit insurance coverage would be a maximum of $100,000 for your savings account, chequing account and guaranteed investment certificate.

Under your existing provincial deposit insurance coverage, the maximum amount is $250,000.

(2) You hold the following deposits:

Your eligible deposits in your chequing and savings accounts would be combined for the purpose of deposit insurance up to a maximum of $100,000.

Your eligible deposits that are held in your RRSP account would be covered up to a maximum of $100,000 and your eligible deposits that are held in TFSA account would be covered.

In this example, your total deposit insurance coverage would be $225,000.

Under the existing provincial deposit insurance coverage, eligible deposits in the chequing and savings accounts would also be combined, but the total amount ($143,000) would be covered since the maximum provincial coverage is $250,000.

With regard to eligible savings in the RRSP and TFSA accounts, they would all be insured under the provincial plan in effect at the time of this Notice.

The total amount insurable in this example would be $318,000, representing the total deposits amount.

(3) You hold the following deposits:

In this example, only deposits held in your savings account would be eligible for CDIC deposit insurance since savings in a U.S. dollar account and term investments with a term greater than 5 years are not insured.

Your coverage would also be the same under your existing provincial deposit insurance coverage.

If you have any questions on deposit insurance, please visit the following Web sites:

New Brunswick Credit Union Deposit Insurance Corporation: www.assurance-nb.ca

Canada Deposit Insurance Corporation: www.cdic.ca

[12-4-o]

CHAD GALLANT

PLANS DEPOSITED

Chad Gallant hereby gives notice that an application has been made to the Minister of Transport under the Navigation Protection Act for approval of the plans and site of the work described herein. Under paragraph 5(6)(b) of the said Act, Chad Gallant has deposited with the Minister of Transport and in the office of the District Registrar of the Land Registry District of Prince County, at Summerside, Prince Edward Island, under deposit No. 38489, a description of the site and plans of existing marine aquaculture site OB-7791-L in Bentick Cove, Prince County, Prince Edward Island.

Comments regarding the effect of this work on marine navigation may be directed to the Regional Manager, Navigation Protection Program, Transport Canada, 95 Foundry Street, P.O. Box 42, Moncton, New Brunswick E1C 8K6. However, comments will be considered only if they are in writing and are received not later than 30 days after the date of publication of the last notice. Although all comments conforming to the above will be considered, no individual response will be sent.

Charlottetown, March 13, 2015

CHAD GALLANT

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