Policy for Remission of Service fees

The Office of the Superintendent of Financial Institutions charges fees for services in accordance with the Service Fees Act (the Act). The Act requires the implementation of service standards for the delivery of services that are subject to a fee.

When service standards are not met, Section 7 of the Act requires OSFI to remit all or part of the fee paid to the payer before July 1, of the following fiscal year.

Remissions will not be issued for service standards that were missed due to circumstances outside of the department's control such as acts of nature that require the removal of personnel or prevent personnel from accessing their workplace (e.g. floods, power failures, etc.), labour disruptions that prevent the delivery of services, or delays caused by the applicant's failure to provide information in a timely manner.

OSFI reviews service standards for all service fees quarterly and will remit fees in the form of a refund for service standards missed in the subsequent quarter in accordance with the following table. Please note that interest is not paid on pending remissions.

Schedule ItemService

Standard missed by 1 to 180 days

% of fee remitted

Standard missed by more than 180 days

% of fee remitted

S1-01Letters patent of incorporation 25%100%
S1-02Letters patent of continuance25%100%
S1-03Order permitting a foreign bank to carry on business in Canada25%100%
S1-04Order approving the insuring in Canada of risks by a foreign body corporate 25%100%
S1-14Exemption from material banking group status25%100%
S1-15Approval for a foreign bank or an entity associated with a foreign bank to have a financial establishment in Canada25%100%
S1-16Approval for a foreign bank or an entity associated with a foreign bank in respect of investments and activities25%100%
S1-21Approval to maintain a representative office of a foreign bank25%100%
S1-40Reservation of a name100%N/A
S2-01Written, precedent-setting ruling relating to the quality of capital25%100%
S2-02Accreditation of provincial reinsurer25%100%
S2-03Written interpretation of Acts, regulations, guidelines or rulings25%100%
S2-04Written, non-precedent-setting confirmation of quality of capital25%100%
S2-10Copies of any one of the following corporate documents (per request and per body corporate):
  1. certificate of confirmation
  2. certified copy of letters patent or of incorporation or amalgamation documents
  3. corporate history of a body corporate