In most cases the Insurance Company will insist that you cannot keep the salvage. This is again not true. The vehicle belongs to you, it is registered to you and they cannot extort it from you unless your a willing participant.
They do have the right to set a value on the salvage which they generally base on past sales at auction etc.
They the Insurance Company may be and are probably obligated to report the vehicle damages to Alberta Transportation advising that the vehicle is not repairable or has sustained minor damage and can be put back on the road with just Minor repairs.
It may or may not require that the vehicle be re-certified before it can be re-insured.
If you choose to retain the salvage, the Insurance Company will deduct the appropriate amount for the settlement and issue you a cheque for the difference. They are not required to make the cheque joint payable (unless there are 2 names in the ownership like your name and a bank)to you and a bodyshop of their choice.