1. When must I file electronically?
Pension plan administrators must file their annual returns electronically 6 months after the plan's year-end.
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2. How do I file my annual returns electronically?
- Go to the List of Electronic Filing Software Vendors.
- Choose a vendor and sign up to use their software.
- Follow the vendor’s instructions to complete the forms electronically and submit the complete package to OSFI.
- You may use one of the following 2 options to submit your files to OSFI.
- Upload the returns to a secure web portal. Please refer to the Automated Data Transfer (ADT) User Guide for instructions on how to use the secure web portal. If you use this option, there is no need to mail or courier any information. OSFI encourages plan administrators to use this option.
- Mail or courier the package to OSFI. The complete package will include the following:
- Correctly labelled CD (or diskette).
- Diskette Validation Report for each return. The Diskette Validation report provides certification that the filed CD was generated using software that has been tested, approved and produced in accordance with OSFI specifications. The report also contains the coordinates of a contact person should problems arise in loading the data into our database.
Error Handling: It is important that all data be free of errors before it is loaded into OSFI’s database. If errors are found, the named contact will be informed and the files will need to be corrected and resubmitted. OSFI’s filing requirement will not be considered met until an error-free file is received.
Note: The electronic filing of the Certified Financial Statement does not affect the filing requirements for an Auditor’s Report. Pension plans that are required to file an Auditor’s Report must continue to do so in paper form (see the Guide to the Certified Financial Statements).
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3. What is the cost to file electronically?
- OSFI does not set the pricing for the electronic filing software. Plan administrators may verify the prices by contacting the vendors. Prices may vary depending on the size of the plan, both in terms of assets and membership.
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4. Why only the AIR and CFS - what about the other returns that must be filed with OSFI?
Over time, OSFI intends to make all returns electronic. The AIR and CFS are a good first step since they represent the highest volume of returns received by OSFI. Most other forms are ad-hoc or apply to a smaller group of pension plans.
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5. Who do I call if I have a question?
Any questions on electronic filing should be addressed to the Regulatory Information Division. Call Nancy Bacon, 613-991-4812, Carol Boyer, 613-660-6651 or Magalie Bradley, 613-990-9104, or e-mail RID@osfi-bsif.gc.ca.
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6. Are there any exceptions?
If your pension plan is a new plan (i.e. no OSFI registration number yet), you will have to file paper returns. Exceptional circumstances will be considered on a case by case basis. Please contact one of OSFI's contacts mentioned above if your situation is unclear.
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7. Why do we have to pay for the software? Why is it not free?
OSFI's operational costs are charged back to the industries it regulates. As a result, any costs that OSFI would assume by providing this software would ultimately be assessed back to pension plans through their annual fee. OSFI chose to let plan administrators' source their own software as, in our view, this allows for innovation and competition amongst suppliers which will benefit plan administrators in the long run.
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