The answer is maybe….. All finished basements with bedrooms must have means of egress, a way to get out of the basement other than using the stairs. An important note: whether you have a walkout basement or not, if you are going to call one of your new rooms a “bedroom” you must have an egress window in that room. It is Provincial Law that all basements, with habitable living space, must have means of egress. A finished basement is considered habitable living space and must meet this code. The window must be large enough for an adult to get out of and low enough to the ground that you can climb out of the window. To meet the minimum code requirements the window must have at least 3.77 sqft with no side smaller than 15″ of clear opening (not including jamb or screens). Egress windows can be an asset to your basement. They allow natural light into the basement and when properly designed into your space they can be an attractive focal point.
Here is a link for the detailed info on this topic: http://www.municipalaffairs.alberta.ca/documents/ss/STANDATA/building/BedroomWindowFAQ06.pdf