Policy

Registries Financial Reporting and Policy Unit will coordinate the initial set up of the following Province of Alberta bank accounts for registry agents to deposit revenue collected on behalf of Registries:

• Rapidtrans bank account.
• US bank account.

All financial transactions are monitored by the Financial Reporting and Policy Unit.

Note:
A registry agent must immediately contact the Financial Reporting and Policy Unit regarding any changes made to their bank location or bank account number.
                              Phone (780) 427-2905 or Fax (780) 422-3112

Bank Deposits

A registry agent must:

• Open a bank account in their business name for deposits of revenue collected on behalf of the Ministry.
• Deposit all government revenue collected for registry services into this business bank account.
  • Cheques for United States prorate services must be made payable to the Government of Alberta and must be deposited directly into the Province of Alberta US bank account. See 4.60.05 Prorate Registrations.
  • Cheques for all other registries services must be made payable to the registry agent.
• Transfer government revenue equal to the MOVES office cash drawer total to the Province of Alberta Rapidtrans bank account.
  • With services where the seniors’ discount was given, MOVES does not calculate the discount and will record the full cost of the service without the discount. When a registry agent is transferring government revenue, the full amount showing in the MOVES office cash drawer total must still be transferred to the Province of Alberta Rapidtrans bank account, even if a registry agent may not have collected that full amount from the paying client; see 1.10.08 Seniors’ Discount.

Transfer of Funds

A registry agent must transfer funds:

• Daily when the fees collected are greater than $2,000.00.
• Once every 5 days when the fees collected are less than $2,000.00.
• On the last business day of each month regardless of the dollar amount.

A registry agent may transfer government revenue to the Province of Alberta Rapidtrans bank account by either:

• Transferring funds automatically using the Interactive Voice Response system (IVR) see Rapidtrans IVR Instructions (pdf).
  or
• By completing a personal deposit.

Note:
Service fees collected by a registry agent must not be included in the amount transferred to the Province of Alberta Rapidtrans bank account. Failure to remit government funds by the due dates specified may be considered a breach of the Registry Agent Agreement; see section 1.10.16 Payment of Monies Owed to Government.
 

Date Originally Issued: Nov 14, 1989
Date Last Revised: Apr 01, 2024