Canadian Investor Protection Fund
History of CIPF
CIPF Timeline
1969
The former Canadian Investor Protection Fund (Former CIPF), originally named the National Contingency Fund, was established as a trust by an Agreement and Declaration of Trust between several sponsoring Self-Regulatory Organizations (SROs) at the time:
- The Canadian, Montréal, Toronto, and Vancouver Stock Exchanges, and
- The Investment Dealers Association of Canada (IDA)
The purpose of the Former CIPF was to protect customers who suffered financial loss due to the failure of a member firm of any one of its SROs.
1997
The Bankruptcy and Insolvency Act of Canada was amended to include Part XII, a section specific to the insolvency of securities firms. Part XII names CIPF as a party that can apply to the court to appoint a trustee.
2002
The MFDA Investor Protection Corporation (MFDA IPC) was incorporated under Part II of the Canada Corporations Act and established by the Mutual Fund Dealers Association of Canada (MFDA) to provide protection to eligible customers of MFDA members.
2005
The MFDA IPC commenced coverage of customer accounts on July 1, 2005.
2023
As a result of an initiative led by the Canadian Securities Administrators, Former CIPF and the MFDA IPC were amalgamated to form the Canadian Investor Protection Fund, on January 1, 2023.
Former CIPF Member Insolvencies
Former Canadian Investor Protection Fund
Unaudited Schedule of Claims and/or Related Expenses
Paid and/or Provided Net of Recoveries
as at December 31, 2021
(in thousands of dollars)
| Insolvent Firm | Year | Amount |
| Malone Lynch Securities Limited | 1971 | 1,546 |
| Andrews & Belanger Co. Ltd. | 1971 | 78 |
| Chartrand, Quinn, Senecal & Co. | 1973 | 139 |
| Blanchard, O'Connor & Co. | 1974 | 36 |
| Atlantic Securities Limited | 1981 | 273 |
| Rademaker MacDougall & Company | 1982 | - |
| First Commonwealth Securities Corp. | 1986 | 1,828 |
| Anglo Securities Limited | 1986 | 261 |
| Osler Inc. | 1987 | 15,532 |
| R. Drapeau Capital Inc. | 1989 | 25 |
| Invescourt, courtier en valeurs mobilières inc. | 1990 | 6 |
| Brault, Guy, O'Brien Inc. | 1990 | 166 |
| McConnell & Company Limited | 1991 | 2,919 |
| Essex Capital Management Ltd. | 1999 | 6,123 |
| Maxima Capital Inc. | 2001 | - |
| Rampart Securities Inc. | 2001 | 3,231 |
| Thomson Kernaghan & Co. Limited | 2002 | (677) |
| MF Global Canada Co. | 2011 | (246) |
| Barret Capital Management Inc. | 2012 | 1,840 |
| First Leaside Securities Inc. | 2012 | 4,323 |
| Octagon Capital Corporation | 2015 | 1,309 |
| Total | 38,712 |
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