Fees Report - Fiscal year 2019-20
The Honourable Chrystia Freeland, P.C., M.P.
Minister of Finance
© Her Majesty the Queen in Right of Canada, represented by the Minister of Finance, 2020
Catalogue No. IN3-34E-PDF
ISSN 2562-1734
This document is available on the Government of Canada website at www.canada.ca
This document is available in alternative formats upon request.
Table of contents
Superintendent's message
On behalf of the Office of the Superintendent of Financial Institution (OSFI), I am pleased to present our report on fees for 2019-20.
The Service Fees Act provides a modern legislative framework that enables cost-effective delivery of services and, through better reporting to Parliament, improves transparency and oversight.
This year’s report continues to provide detail on each fee, such as the type and rate of adjustment, the service standard and the performance result. This information provides context on each fee, in the spirit of open and transparent fee management.
I will continue to lead OSFI’s transition to the reporting regime provided under the Service Fees Act.
Jeremy Rudin
Superintendent
About this report
This report, which is tabled under section 20 of the Service Fees Act and section 4.2.8 of the Directive on Charging and Special Financial Authorities, contains information about the fees that OSFI had the authority to set in 2019–20.
Government of Canada departments may set fees for services, licences, permits, products, the use of facilities; for other authorizations of rights or privileges; or to recover, in whole or in part, costs incurred in relation to a regulatory scheme.
For reporting purposes, fees must be categorized under the following three fee setting mechanisms:
- Act, regulation or fees notice
- An act of Parliament delegates the fee setting authority to a department, minister or Governor in Council.
- Contract
- Ministers have the authority to enter into contracts, which are usually negotiated between the minister and an individual or organization, and which cover fees and other terms and conditions. In some cases, that authority may also be provided by an act of Parliament.
- Market-rate or auction or both
- The authority to set these fees is pursuant to an act of Parliament or regulation, and the minister, department or Governor in Council has no control over the fee amount.
This report contains information about all fees that are under OSFI’s authority, including any that are collected by another department.
The information covers fees that are subject to the Service Fees Act.
For fees set by contract, fees set by market-rate, auction or both, the report provides totals only. For fees set by act, regulation or fees notice, it provides totals for fee groupings, as well as detailed information for each fee.
Although the fees that OSFI charges under the Access to Information Act are subject to the Service Fees Act, they are not included in this report. Information on OSFI’s access to information fees for 2019–20 can be found in our access to information report, which is posted on OSFI’s website.
Remissions
A remission is a partial or full return of a fee to a fee payer who paid for a service for which a department deemed that the service standard was not met.
Under the Service Fees Act, departments must develop policies for determining whether a service standard has been met and for determining how much of a fee will be remitted to a fee payer if a service standard is not met. This requirement will not take effect until April 1, 2021, so this report does not include remissions issued under the Service Fees Act. It does, however, include remissions issued under OSFI’s enabling legislation.
Overall totals, by fee setting mechanism
The following table presents the total revenue, cost and remissions for all fees that OSFI had the authority to set in 2019–20, by fee setting mechanism.
| Fee setting mechanism |
Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|---|
| Fees set by contract |
0 | 0 | Remissions do not apply to fees set by contract. |
| Fees set by market-rate, auction or both |
0 | 0 | Remissions do not apply to fees set by market-rate, auction or both |
| Fees set by act, regulation or fees notice |
178,078,609 | 178,078,609 | 0 |
| Total | 178,078,609 | 178,078,609 | 0 |
Totals, by fee grouping, for fees set by act, regulation or fees notice
The following tables present, for each fee grouping, the total revenue, cost and remissions for all fees that OSFI had the authority to set in 2019–20 that are set by any of the following:
- act
- regulation
- fees notice
A fee grouping is a grouping of all the fees that a department has the authority to set for activities relating to a single business line, directorate or program.
| Fee grouping | Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit |
|
|---|---|---|
| Revenue ($) | Cost ($) | Remissions ($) |
| 19,624 | 19,624 | Not applicable |
| Fee grouping | Ministerial Approvals | |
|---|---|---|
| Revenue ($) | Cost ($) | Remissions ($) |
| 218,044 | 218,044 | Not applicable |
| Fee grouping | Precedents / Rulings / Interpretations | |
|---|---|---|
| Revenue ($) | Cost ($) | Remissions ($) |
| 0 | 0 | Not applicable |
| Fee grouping | Non-precedential Confirmations of Quality of Capital | |
|---|---|---|
| Revenue ($) | Cost ($) | Remissions ($) |
| 39,663 | 39,663 | Not applicable |
| Fee grouping | Copies of Corporate Documents and Certificates of Confirmation | |
|---|---|---|
| Revenue ($) | Cost ($) | Remissions ($) |
| 115,292 | 115,292 | Not applicable |
| Fee grouping | Assessments for the regulation and supervision of federally regulated financial institutions |
|
|---|---|---|
| Revenue ($) | Cost ($) | Remissions ($) |
| 171,040,196 | 171,040,196 | Not applicable |
| Fee grouping | Assessments for the regulation and supervision of federally registered private pension plans |
|
|---|---|---|
| Revenue ($) | Cost ($) | Remissions ($) |
| 6,645,790 | 6,645,790 | Not applicable |
Details on each fee set by act, regulation or fees notice
This section provides detailed information on each fee that OSFI had the authority to set in 2019–20 and that was set by any of the following:
- act
- regulation
- fees notice
All service standards in this report will be updated by April 1, 2021 to ensure compliance with the Service Fees Act.Footnote 1
Fee revenues are recognized on a percentage of completion basis. For this reason, the 2019-20 total fee revenue will not necessarily be equal to the number of cases processed (or approved) multiplied by the individual fee amount. Applications processed refers to applications completed with a decision rendered.
| Fee grouping | Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit |
|---|---|
| Fee | S1-21 Approval to maintain a representative office of a foreign bank |
| Fee-setting authority | Office of the Superintendent of Financial Institutions (OSFI) Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee‑setting authority was amended | 2008 |
| Service standard | 90% will be processed in less than 60 calendar days of receipt |
| Performance result | No applications |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 4,906 |
| 2019–20 total fee revenue ($) | 0 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 4,994 |
| Fee grouping | Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit |
|---|---|
| Fee | S1-40 Reservation of a name |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 90% will be processed in less than 60 calendar days of receipt |
| Performance result | Service standard met for all 4 applications approved |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 818 |
| 2019–20 total fee revenue ($) | 3,272 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 832 |
| Fee grouping | Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit |
|---|---|
| Fee | S2-02 Accreditation of a provincial reinsurer |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 90% will be processed in less than 60 calendar days of receipt |
| Performance result | Service standard met for 2 of the 4 applications approved |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 4,088 |
| 2019–20 total fee revenue ($) | 16,352 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 4,162 |
| Fee grouping | Ministerial Approvals |
|---|---|
| Fee | S1-01 Letters patent of incorporation |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 80% will be processed in less than 90 calendar days of receipt |
| Performance result | Service standard met for all 2 applications processed |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 32,704 |
| 2019–20 total fee revenue ($) | 117,926 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 33,291 |
| Fee grouping | Ministerial Approvals |
|---|---|
| Fee | S1-02 Letters patent of continuance |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 80% will be processed in less than 90 calendar days of receipt |
| Performance result | No applications processed |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 32,704 |
| 2019–20 total fee revenue ($) | 1,090 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 33,291 |
| Fee grouping | Ministerial Approvals |
|---|---|
| Fee | S1-03 Order permitting a foreign bank to carry on banking business in Canada |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 80% will be processed in less than 90 calendar days of receipt |
| Performance result | No applications |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 32,704 |
| 2019–20 total fee revenue ($) | 0 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 33,291 |
| Fee grouping | Ministerial Approvals |
|---|---|
| Fee | S1-04 Order approving the insuring in Canada of risks by a foreign body corporate |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 80% will be processed in less than 90 calendar days of receipt |
| Performance result | Service standard met for all 2 applications processed |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 32,704 |
| 2019–20 total fee revenue ($) | 82,676 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 33,291 |
| Fee grouping | Ministerial Approvals |
|---|---|
| Fee | S1-14 Exemption from material banking group status |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 80% will be processed in less than 90 calendar days of receipt |
| Performance result | No applications |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 8,176 |
| 2019–20 total fee revenue ($) | 0 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 8,323 |
| Fee grouping | Ministerial Approvals |
|---|---|
| Fee | S1-15 Approval for a foreign bank or entity associated with a foreign bank to have a financial establishment in Canada |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 80% will be processed in less than 90 calendar days of receipt |
| Performance result | Service standard met for all 2 applications processed |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 8,176 |
| 2019–20 total fee revenue ($) | 8,176 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 8,323 |
| Fee grouping | Ministerial Approvals |
|---|---|
| Fee | S1-16 Approval for a foreign bank or entity associated with a foreign bank in respect of investments and activities in Canada |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 80% will be processed in less than 90 calendar days of receipt |
| Performance result | No applications processed |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 8,176 |
| 2019–20 total fee revenue ($) | 8,176 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 8,323 |
| Fee grouping | Precedents / Rulings / Interpretations |
|---|---|
| Fee | S2-01 Written, precedent-setting ruling relating to the quality of capital |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 80% will be processed in less than 180 calendar days of receipt |
| Performance result | No precedential capital confirmations provided |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 6,541 |
| 2019–20 total fee revenue ($) | 0 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 6,659 |
| Fee grouping | Precedents / Rulings / Interpretations |
|---|---|
| Fee | S2-03 Written interpretation of Acts, regulations, guidelines or rulings |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 80% will be processed in less than 180 calendar days of receipt |
| Performance result | No rulings provided |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 4,088 |
| 2019–20 total fee revenue ($) | 0 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 4,162 |
| Fee grouping | Non-precedential Confirmations of Quality of Capital |
|---|---|
| Fee | S2-04 Written, non-precedent-setting confirmation of quality of capital |
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 90% will be processed in less than 60 calendar days of receipt |
| Performance result | Service standard met for all 21 confirmations processed |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 4,088 |
| 2019–20 total fee revenue ($) | 39,663 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 4,162 |
| Fee grouping | Copies of Corporate Documents and Certificates of Confirmation |
|---|---|
| Fee | S2-10 Copies of any one of the following corporate documents (per request and per body corporate):
|
| Fee-setting authority | OSFI Act Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337 |
| Year fee-setting authority was introduced | 1999 |
| Last year fee-setting authority was amended | 2008 |
| Service standard | 90% will be processed within 2 business days of receipt |
| Performance result | Service standard met for all 703 requests processed |
| Application of Low-Materiality Fees Regulations | Material (>$151) |
| 2019–20 fee amount ($) | 164 for up to 20 copies plus 5 for each additional copy |
| 2019–20 total fee revenue ($) | 115,292 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | 167 for up to 20 copies plus 5 for each additional copy |
| Fee grouping | Assessments for the regulation and supervision of federally regulated financial institutions |
|---|---|
| Fee | Assessment of Financial Institutions Fees |
| Fee-setting authority | OSFI Act Assessment of Financial Institutions Regulations |
| Year fee-setting authority was introduced | 1987 |
| Last year fee-setting authority was amended | 2017 |
| Service standard | Not applicable |
| Performance result | Not applicable |
| Application of Low-Materiality Fees Regulations | Not subject to section 17 of the Service Fees Act |
| 2019–20 fee amount ($) | The fees are determined by formulas that can be found in the Assessment of Financial Institutions Regulations |
| 2019–20 total fee revenue ($) | 171,040,196 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | Not applicable |
| Fee grouping | Assessments for the regulation and supervision of federally regulated private pension plans |
|---|---|
| Fee | Assessment of Pension Plans Fees |
| Fee-setting authority | OSFI Act Assessment of Pension Plans Regulations |
| Year fee-setting authority was introduced | 1987 |
| Last year fee-setting authority was amended | 2019 |
| Service standard | Not applicable |
| Performance result | Not applicable |
| Application of Low-Materiality Fees Regulations | Not subject to section 17 of the Service Fees Act |
| 2019–20 fee amount ($) | The fee is determined by formulas that can be found in the Assessment of Pension Plans Regulations |
| 2019–20 total fee revenue ($) | 6,645,790 |
| Fee adjustment date | April 1, 2021 |
| Adjusted fee amount in 2021–22 ($) | Not applicable |
Footnotes
- Footnote 1
-
While the standards were reviewed and updated in 2019-20, the revised standards will not be in effect until OSFI’s new Remission Policy is implemented on April 1, 2021.