Credit Institute of Canada
From Wikipedia, the free encyclopedia
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| Abbreviation | CIC |
|---|---|
| Formation | June 11, 1928 |
| Type | Not-for-profit |
| Purpose | Credit Management Education |
| Headquarters | Toronto, Ontario, Canada |
Region served | Canada |
| Membership | 10000+ |
Official language | English & French |
General Manager | Nawshad Khadaroo, CCP |
| Website | www |
The Credit Institute of Canada (CIC) (French: Institut de crédit du Canada) is a not-for-profit organization created by a special Act of Parliament on June 11, 1928. The CIC provides credit management resources, education and certification to its members and is the only organization that grants official designations to professionals in the Canadian credit management field.[1]
The post-war era of the 1920s saw a dynamic growth of business across Canada where an increased need for credit management arose. 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 the credit managers. By December 1927, an application was made to Canada to formally incorporate and 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 Canadian Credit Institute was born. The first three chapters of the Institute – Toronto Chapter, Montreal Chapter and British Columbia Chapter – were established in 1929. As the need for sound credit management increased, additional chapters of the CIC were added across the country.
Since 1928 the Institute has undergone numerous changes. Originally belonging to the C.C.M.T.A. (now known as Creditel of Canada Ltd.) the Institute has since become completely independent. The name of the Institute has changed twice from the Canadian Credit Institute to the Canadian Institute of Credit and Financial Management and finally to the Credit Institute of Canada.[2]
