Notice of Changes to Minimum Base Assessments

Document Properties

  • Type of Publication: Letter
  • Date: March 31, 2020
  • To: All Federally Regulated Financial Institutions

Subject: Notice of Changes to Minimum Base Assessments

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 2020/21 fiscal year (April 1, 2020 – March 31, 2021):

Institution type2020/21
minimum assessment
2019/20
minimum assessment
  1. a society or a foreign fraternal benefit society
$2,120$2,080
  1. an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) of the Bank Act;
  2. 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;
  3. a cooperative credit association;
  4. a company, a provincial company or a foreign company to which the Insurance Companies Act applies
$15,890$15,590
  1. a bank;
  2. an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the Bank Act;
  3. a trust and loan company not referred to in c) above;
  4. a retail association.
$31,780$31,170

The adjustments are due to the change in the Consumer Price Index Footnote 1 from 2018 to 2019. Any questions on the change can be directed to Melvin Green, Manager, Financial Reporting and Systems (melvin.green@osfi-bsif.gc.ca or (613) 998-5471).

Yours truly,

Michelle Doucet
Assistant Superintendent, Corporate Services Sector

Footnotes

Footnote 1

As published by Statistics Canada, under the authority of the Statistics Act

Return to footnote 1