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FAQ about Surety Bonding

What is the process to set up a bonding facility?

  • Initially, we start with an application and the minimum required financial information.
  • Depending on the information contained in these documents, we may need more financial information and/or business experience information.

What information is needed to start to the application process?

  • We require a copy of the latest accountant-prepared financial statement.
  • The latest copy on in-house income and a balance sheet with same date aged listing of accounts payable and accounts receivable.
  • A completed contractor’s questionnaire.
  • A completed work on hard report matching the latest in-house statements.

What is the timeline to get a bond facility set up?

  • The review process takes 2–3 days. If everything is aligned, we can set up a bonding facility within a week. If more information is needed, it could take up to two weeks.

What is the cost?

  • The annual cost to have a bonding facility is $1,500. There is no extra cost for additional bid bonds.
  • Should you require final bonds for a successful bid, the typical costs are:
    • Performance Bond $6/$1,000 of full contract value
    •  Labour and Material Bond $4/$1,000 of full contract value

Additional Information:

  • To set up bonding, the company must have a minimum of $50,000 working capital and tangible net worth:
    • Positive equity and profitability
    • Experience completing the jobs you will be bidding on.
  • Once a facility is set up, we will require updated information every quarter:
    • In-house income and balance sheet.
    • Same dated aged listing of accounts payable and accounts receivable.
    • Updated work on hand report.
  • Annual accountant-prepared financial statements on review engagement basis.


If you have any questions or wish to start the application process, contact us by phone at 306.757.1633, email at, or check out our Surety Bond options online.