Yes. If you rent out an illegal suite that is unsafe you can be fined under the Public Health Act or a provincial safety code, such as the Alberta Fire Code.
If your home is inspected and a safety codes officer finds that your suite does not comply with the rules, you may be required to renovate the suite.
Check your municipality’s website to see if your property is zoned for secondary suites and whether you are eligible for grants or financial assistance if you are constructing or renovating a secondary suite. Contact your municipality to see if there are any grants available to you.