Who does CAFA apply to?
These tables provide information regarding the categories of entities used in the Climate-Aligned Finance Act.
The contents of this document are for information purposes only. Nothing in this document should be construed as legal or professional advice and you may not rely on the contents of this document as such.
Entities within the definition of federal financial institutions
Federal financial institutions have reporting requirements above and beyond those of regular reporting entities including the need to disclose and align financially facilitated activities.
|INFORMATION AND EXAMPLES
|A bank, an authorized foreign bank or a bank holding company and its subsidiaries within the meaning of the Bank Act
Of the 83 banks, 35 are domestic banks and federal credit unions, 17 are foreign bank subsidiaries and 31 are foreign bank branches.
Examples: Royal Bank of Canada, Scotiabank, Bank of Montreal, Canadian Imperial Bank of Canada, Toronto-Dominion (TD) Bank, National Bank of Canada
|A body corporate to which the Trust and Loan Companies Act applies
Of the 57 companies, 42 are trust companies and 15 are loan companies.
Examples: Trust companies – BMO Trust Company, Computershare Trust Company of Canada; Loan companies – HSBC Mortgage Corporation (Canada), TD Mortgage Corporation
|An association to which the Cooperative Credit Associations Act applies
|Section 22 of the Cooperative Credit Associations Act states that no associations will carry on business after 29 March 2019.
|An insurance company or a fraternal benefit society incorporated or formed under the Insurance Companies Act
Of the 219 insurance companies, 61 are life insurance companies (33 Canadian and 28 foreign), 11 are fraternal benefit societies (7 Canadian and 4 foreign) and 147 are property and casualty insurance companies (77 Canadian, 67 foreign and 3 Canadian mortgage insurers).
Examples: Canadian life insurance companies – Allstate Life Insurance Company of Canada, Blue Cross Life Insurance Company of Canada; Fraternal benefit societies – ACTRA Fraternal Benefit Society, Knights of Columbus; Canadian property and casualty insurers – Chubb Insurance Company of Canada, Green Shield Canada; Private mortgage insurers – Canada Guaranty Mortgage Insurance Company, Sagen Mortgage Insurance Company Canada
|A pension plan that has been registered under the Pooled Registered Pension Plans Act or the Pension Benefits Standards Act, 1985
OSFI regulates five pooled registered pension plans and, as of 31 March 2021, 1,213 private pension plans are regulated under the Pension Benefits Standards Act, 1985. Of the 1,213 private pension plans, 268 are defined benefit plans, 826 are defined contribution plans and 119 are plans that are a combination of defined benefit and contribution.
Examples: Pooled registered pension plans – RBC Pooled Registered Pension Plan, Régime de pension agréé collectif fédéral de l’Industrielle Alliance; Private pension plans – Air Canada Pension Plan – Pilots, The Registered Pension Plan for the Employees of Little Salmon Carmacks First Nation
Entities within the definition of reporting entity (also includes federal financial institutions above and federal work, undertaking, or business below)
Reporting entities are subject to the reporting requirements.
|INFORMATION AND EXAMPLES
|A corporation within the meaning of the Canada Business Corporations Act (CBCA)
Includes all active bodies corporate (business corporations) created or continued under the CBCA, including their subsidiaries. Business corporations operating in Canada may incorporate either under federal legislation or provincial legislation.
Ninety-two percent (92%) of all federally registered corporations are registered as business corporations under the CBCA (as distinct from not-for-profit corporations, cooperatives and boards of trade).
Examples: Canada Imperial Oil Limited, Canadian Tire Services Limited, Little Victories Coffee Inc.
|An entity listed in Schedule III of the Financial Administration Act (FAA)
Schedule III includes Canada’s parent Crown corporations, excluding the parent Crown corporations governed primarily by their constituent legislation. Parent Crown corporations operate on a private-sector model but have a mix of commercial and public policy objectives. They are directly owned by the federal government.
Examples: Canada Lands Company Limited, Canada Post Corporation, Great Lakes Pilotage Authority
Entities within the definition of federal work, undertaking, or business
This category is adopted from the Canada Labour Code and is subject to reporting requirements.
|INFORMATION AND EXAMPLES
|A work, undertaking or business operated or carried on for or in connection with navigation and shipping, whether inland or maritime, including the operation of ships and transportation by ship anywhere in Canada
Over 560 port facilities including 17 Canada Port Authorities.
Examples: Port of Vancouver, the future Iqaluit deep-sea port, Western Stevedoring Company Ltd.
|A railway, canal, telegraph or other work or undertaking connecting any province with any other province, or extending beyond the limits of a province
Over 43,000 km of railway track, 4,448 registered telecommunications providers, over 9,500 trucking companies employing a total of more than 80,000 drivers, over 100 bus companies employing a total of more than 4,000 drivers, 99 federally regulated companies operating approximately 73,000 km of pipelines.
Examples: Canadian National Railway, Bell Canada, TFI International, OC Transpo
|A line of ships connecting a province with any other province, or extending beyond the limits of a province
Over 42,000 active registered commercial vessels including 6,100 tugs and barges. This section would largely overlap with “navigation and shipping” as described above, but may be understood to focus more specifically on the crews of the ships themselves.
Examples: Sealion Cargo, Maersk
|A ferry between any province and any other province or between any province and any country other than Canada
At least 12 ferry services operating across provincial or international borders. Includes interprovincial and international ferries, but does not apply to routes that are within provincial borders (such as BC Ferries).
Examples: Marine Atlantic, SPM Ferries, Black Ball Ferry Line.
|Aerodromes, aircraft or a line of air transportation
Over 2,000 aerodromes; over 33,000 Canadian-registered aircraft; over 1,300 air carriers operating in, or to and from Canada. Includes all aerodromes in Canada, all Canadian-registered aircraft as well as all air carriers (domestic and international) who have operations in Canada.
Examples: Vancouver International Airport, Rankin Inlet Airport, Air Canada, Air North Charter and Training Ltd.
|A work, undertaking or activity in respect of which federal laws within the meaning of section 2 of the Oceans Act apply pursuant to section 20 of that Act and any regulations made pursuant to paragraph 26(1)(k) of that Act
2 offshore Canadian Energy Regulator regulated sites, 4 Canada–Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) sites, 3 Canada–Nova Scotia Offshore Petroleum Board (C-NSOPB) sites. No regulations have been made pursuant to paragraph 26(1)(k) of the Oceans Act.
Examples: Hibernia Field, N.L., Scotian Basin Exploration Drilling Project, N.S.