Office of the Superintendent of Financial Institutions
The Honourable William Francis Morneau, P.C., M.P.
Minister of Finance
© Her Majesty the Queen in Right of Canada,
represented by the Minister of Finance, 2019
Catalogue No. IN3-34E-PDF
This document is available on the Government of Canada website at www.canada.ca
This document is available in alternative formats upon request.
On behalf of the Office of the Superintendent of Financial Institution (OSFI), I am pleased to present our report on fees for fiscal year 2018 to 2019, my organization’s second annual report under the Service Fees Act.
The act provides a modern legislative framework that enables cost-effective delivery of services and, through better reporting to Parliament, improves transparency and oversight.
Last year, a detailed listing of individual fees under the department’s authority, along with anticipated increases, was added to the reporting requirements.
This year’s report provides more detail on each fee, such as the type and rate of adjustment, the service standard and the performance result. This information provides additional context on each fee, in the spirit of open and transparent fee management.
I welcome the increased transparency and oversight that the Service Fees Act’s reporting regime embodies. I will continue to lead OSFI’s transition to this modern framework.
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 charge in the 2018 to 2019 fiscal year.
This report contains information about all fees that are under OSFI’s authority, even if some or all of the fees are collected by another department.
The information reported includes fees that:
The information covers fees set by:
For fees set by the following mechanisms, the report provides totals only:
For fees set by act, regulation or fees notice, the report provides totals for fee groupings, as well as detailed information for each individual fee.
Although the fees charged by OSFI 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 fiscal year 2018 to 2019 can be found in our access to information report, which is posted on OSFI’s website.
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. This requirement does not take effect until April 1, 2020. This report therefore includes only those remissions issued under OSFI’s enabling legislation. It does not include remissions issued under the Service Fees Act.
The following table presents the total revenue, cost and remissions for all fees that OSFI had the authority to charge in fiscal year 2018 to 2019, by fee type.
The following table[s] present[s], for each fee grouping, the total revenue, cost and remissions for all fees that OSFI had the authority to charge in fiscal year 2018 to 2019 that are set by any of the following:
A fee grouping is a grouping of all of the fees that a department has the authority to charge for activities relating to a single business line, directorate or program.
This section provides detailed information on each fee that OSFI had the authority to charge in fiscal year 2018 to 2019 and that was set by any of the following:
All service standards in this report will be reviewed by April 1, 2020 to ensure compliance with the Service Fees Act.
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
S2-10 Copies of any one of the following corporate documents (per request and per body corporate):
Assessment of Financial Institutions Regulations
Assessment of Pension Plans Regulations