Province of Ontario Savings Office

• Caisse d'épargne de l'Ontario

• Province of Ontario Savings Office

The Province of Ontario Savings Office was established in 1922, under the authority of an Act passed in 1921. It was headquartered in Toronto until 1983, when its Head Office was relocated to Oshawa. It also operated local branches and agencies (27 in total by 2002) in Toronto, in other large and small towns throghout southern and central Ontario, and in a few northern communities with limited or no banking services.

The Office reported first to the Treasury Department (from 1922 to 1968), then to the Department of Revenue (renamed Ministry of Revenue in 1972). From 1993 to 2003, it reported to the Ministry of Finance.

An Inspection Supervisor was appointed at the Head Office in 1964; this position existed until 1985. A Supervisor of Banking Operations, responsible for the local branches and agencies, was appointed in 1965; that position was later changed to Manager, then Assistant Manager. Other managerial positions were created starting in the late 1970's to supervise various administrative, policy and service aspects of the Savings Office's operations.

In 1989, a GIC Control Centre (later Unit) was established to supervised activities related to the Savings Office's offerings of guaranteed income certificates. The same year, a Northern Services Unit was created within the Head Office; it 1993, this Unit and the Assistant Manager, Banking Operations, were replaced with three (later two, then one) regional managers.

Under the provisions of the Province of Ontario Savings Office Privatization Act (S.O. 2002, c. 8, schedule H), the Province of Ontario Savings Office was sold in 2003 to the Desjardins Credit Union Inc. The Savings Office 's local branches and agencies were integrated into Desjardins's network of credit unions and caisses populaires.

The Province of Ontario Savings Office (POSO) provided Ontarians with banking services on behalf of the Government of Ontario, with the exception of loan services. The Government guaranteed deposits. Moneys not needed for day-to-day operations were added to the Province's consolidated revenues and reimbursed back to depositors upon request.

Act to Finance Agricultural Development, 11 Geo. V (1921), c. 21

RAD: Rules for Archival Description, 2nd edn (2008)

2026-11-16: migrated to AtoM

Collection and portfolio administration files, RG 6

Government phone books, 1949-2003

KWIK Index, 1995-2002

Not in Canadiana Name Authorities

Archivist(s):
Paquet