Document properties
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Type of publication: Letter
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Date: March 27, 2023
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To: All federally regulated financial institutions
Pursuant to Section 3(2) of the
Assessment of Financial Institutions Regulations, 2017, the minimum base assessments applicable to federally regulated financial institutions will be adjusted as follows for the 2023/24 fiscal year (April 1, 2023 – March 31, 2024):
| Institution type | 2023/24
minimum assessment | 2022/23
minimum assessment |
|---|
- a society or a foreign fraternal benefit society
| $2,360 | $2,210 |
- an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) of the
Bank Act;
- a trust and loan company whose activities are restricted to carrying on any of the fiduciary activities referred to in section 412 of the
Trust and Loan Companies Act and any ancillary activities;
- a cooperative credit association;
- a company, a provincial company or a foreign company to which the
Insurance Companies Act applies
| $17,670 | $16,540 |
- a bank;
- an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the
Bank Act;
- a trust and loan company not referred to in c) above;
- a retail association.
| $35,350 | $33,100 |
The adjustments are due to the change in the Consumer Price Index from 2021 to 2022. Any questions on the change can be directed to Melvin Green, Manager, Financial Reporting and Systems (Melvin.Green@osfi-bsif.gc.ca or 613-614-2134).
Yours truly,
Michelle Doucet
Chief Operating Officer