The financial industry in Calgary continues to grapple with the effects of massive flooding in the city, with several firms operating in disaster mode.
The Alberta Securities Commission (ASC) said Monday its downtown Calgary offices in Centennial Place remain closed due to significant flooding from the Bow River. The building will stay closed until it is safe to have employees return, it says, adding that, in the meantime, it intends to manage its operations remotely.
“The City of Calgary has been steadily lifting evacuation orders and we hope to re-open and resume on-site business as usual as soon as possible,” it says.
Clearing firm, CDS, reports that it has also extended its business continuity plans for its Calgary office until June 26. “The landlord has indicated that limited access to the building will be permitted on Tuesday June 25th, and a full return to the building is expected on Wednesday June 26th,” it says.
At the same time, CDS says that all CDSX services are continuing to operate normally locally in Alberta, and across the country through its alternate work arrangements in Calgary, as well as via other regional offices.
“The only expected impact continues to be with services which involve physical certificates — deposits, withdrawals, and transfers that participants may have submitted to our Calgary office,” it says, adding that market participants seeking to deposit or withdraw securities either in Calgary, or that have a Calgary based transfer agent, should contact the Toronto helpline (416-365-8450) or their account manager in Toronto, Montreal or Vancouver for assistance in making alternate arrangements. And, courier services to and from the Calgary office remain suspended until further notice.
Several individual firms are also reporting ongoing impacts from the flooding. In a notice on its website, Jennings Capital Inc. reports that its office is without power and phones, and it says that its emergency phone is also down. The firm says that the local state of emergency “will likely extend into mid-week, as much of the city remains under water.”
Peters & Co. also reports that access to its downtown office has been restricted. The firm says that it is currently operating from an alternative location with limited telephone access, and it suggests that clients use email to contact its staff.
Sandstone Asset Management Inc. indicates that its employees are working from remote locations. “We have remote access to client files and secondary access through back office services at TD in Toronto. This is a temporary situation. The main office phone line and email access is limited,” it adds.
Separately, the Canada Revenue Agency (CRA) notes that taxpayers who have been affected by flooding in Alberta will have access to the CRA’s taxpayer relief provisions if they are unable to meet their tax obligations.
Corporations that are unable to file their returns by July 2 due to flooding can apply to have interest and/or penalties waived or cancelled, the CRA says.
Individuals, business owners and self‑employed individuals who were unable to meet their filing and payment obligations are also eligible for relief, it adds.
“The CRA’s taxpayer relief provisions use a balanced approach to assist taxpayers in resolving tax issues that arise due to circumstances beyond their control. Under these provisions, taxpayers can apply to the CRA to have interest and/or penalties waived or cancelled in situations where they are unable to file a tax return and/or make payments on time because of a natural disaster,” it says, adding that it will consider these requests on a case-by-case basis.