The Credit Institute of Canada was created by a special Act of Parliament on June 11, 1928 and is the only organization, which grants official designations to professionals in the Canadian credit field. The objective of the Institute is to provide its members with the most current and comprehensive educational programs in credit and financial management to meet the needs of students and the business community.
The crest and motto of the Credit Institute of Canada have been in use since 1928. The quartered crest shows maple leaves, a beaver, a gear wheel and a locomotive. The maple leaves and beaver reflect the national focus of the Institute. The gear wheel and locomotive are symbols of commerce. The motto is simply: affairs of merchants and craftsmen.
During the postwar era of the 1920s, the dynamic growth of business across Canada gave rise to an increased need for credit management. At the time, members of the C.C.M.T.A. (Canadian Credit Men’s Trust Association Ltd.) realized that in order to build on the credit profession, it was necessary to establish an institution dedicated to the needs of credit managers. Their vision was an institution that would oversee the implementation and monitoring of national standards for credit management.
This vision began to take shape in early 1926, when a group of prominent credit executives met, to lay the foundation for the establishment of the Credit Institute of Canada. At that time, the designations of A.C.I M.C.I and F.C.I. for members were established, subject to government approval.
By December of 1927, an application was made to the Dominion of Canada to formally incorporate and formally recognize the Institute as a non-profit professional association. On June 11, 1928, a Special Act of Parliament (Chapter 76 of the Statutes of Canada, 18-19 George V, Part 2) was passed, and the Credit Institute of Canada was born.
The first three chapters of the Credit Institute were established in 1929 and as the need for sound credit management began to win greater recognition, additional chapters sprang up across the country.