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.

Superintendent's message

Jeremy Rudin

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:

  1. Act, regulation or fees notice
    • An act of Parliament delegates the fee setting authority to a department, minister or Governor in Council.
  2. 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.
  3. 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.

Overall totals for 2019–20, by fee setting mechanism
Fee setting
mechanism
Revenue ($)Cost ($)Remissions ($)
Fees set by
contract
00Remissions do not apply to
fees set by contract.
Fees set by
market-rate,
auction or both
00Remissions do not apply to
fees set by market-rate,
auction or both
Fees set by act,
regulation or fees
notice
178,078,609178,078,6090
Total178,078,609178,078,6090

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.

Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit: totals for 2019–20
Fee groupingSuperintendent Non-deemed Approvals except Deposit and
Trust Agreements and Letters of Credit
Revenue ($)Cost ($)Remissions ($)
19,62419,624Not applicable
Ministerial Approvals: totals for 2019–20
Fee groupingMinisterial Approvals
Revenue ($)Cost ($)Remissions ($)
218,044218,044Not applicable
Precedents / Rulings / Interpretations: totals for 2019–20
Fee groupingPrecedents / Rulings / Interpretations
Revenue ($)Cost ($)Remissions ($)
00Not applicable
Non-precedential Confirmations of Quality of Capital: totals for 2019–20
Fee groupingNon-precedential Confirmations of Quality of Capital
Revenue ($)Cost ($)Remissions ($)
39,66339,663Not applicable
Copies of Corporate Documents and Certificates of Confirmation: totals for 2019–20
Fee groupingCopies of Corporate Documents and Certificates of Confirmation
Revenue ($)Cost ($)Remissions ($)
115,292115,292Not applicable
Assessments for the regulation and supervision of federally regulated financial institutions: totals for 2019–20
Fee groupingAssessments for the regulation and supervision of federally
regulated financial institutions
Revenue ($)Cost ($)Remissions ($)
171,040,196171,040,196Not applicable
Assessments for the regulation and supervision of federally registered private pension plans: totals for 2019–20
Fee groupingAssessments for the regulation and supervision of federally
registered private pension plans
Revenue ($)Cost ($)Remissions ($)
6,645,7906,645,790Not 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 groupingSuperintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit
FeeS1-21 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 introduced1999
Last year fee‑setting authority was amended2008
Service standard90% will be processed in less than 60 calendar days of receipt
Performance resultNo applications
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)4,906
2019–20 total fee revenue ($)0
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)4,994
Fee groupingSuperintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit
FeeS1-40 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 introduced1999
Last year fee-setting authority was amended2008
Service standard90% will be processed in less than 60 calendar days of receipt
Performance resultService standard met for all 4 applications approved
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)818
2019–20 total fee revenue ($)3,272
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)832
Fee groupingSuperintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit
FeeS2-02 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 introduced1999
Last year fee-setting authority was amended2008
Service standard90% will be processed in less than 60 calendar days of receipt
Performance resultService standard met for 2 of the 4 applications approved
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)4,088
2019–20 total fee revenue ($)16,352
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)4,162
Fee groupingMinisterial Approvals
FeeS1-01 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 introduced1999
Last year fee-setting authority was amended2008
Service standard80% will be processed in less than 90 calendar days of receipt
Performance resultService standard met for all 2 applications processed
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)32,704
2019–20 total fee revenue ($)117,926
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)33,291
Fee groupingMinisterial Approvals
FeeS1-02 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 introduced1999
Last year fee-setting authority was amended2008
Service standard80% will be processed in less than 90 calendar days of receipt
Performance resultNo applications processed
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)32,704
2019–20 total fee revenue ($)1,090
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)33,291
Fee groupingMinisterial Approvals
FeeS1-03 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 introduced1999
Last year fee-setting authority was amended2008
Service standard80% will be processed in less than 90 calendar days of receipt
Performance resultNo applications
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)32,704
2019–20 total fee revenue ($)0
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)33,291
Fee groupingMinisterial Approvals
FeeS1-04 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 introduced1999
Last year fee-setting authority was amended2008
Service standard80% will be processed in less than 90 calendar days of receipt
Performance resultService standard met for all 2 applications processed
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)32,704
2019–20 total fee revenue ($)82,676
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)33,291
Fee groupingMinisterial Approvals
FeeS1-14 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 introduced1999
Last year fee-setting authority was amended2008
Service standard80% will be processed in less than 90 calendar days of receipt
Performance resultNo applications
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)8,176
2019–20 total fee revenue ($)0
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)8,323
Fee groupingMinisterial Approvals
FeeS1-15 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 introduced1999
Last year fee-setting authority was amended2008
Service standard80% will be processed in less than 90 calendar days of receipt
Performance resultService standard met for all 2 applications processed
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)8,176
2019–20 total fee revenue ($)8,176
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)8,323
Fee groupingMinisterial Approvals
FeeS1-16 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 introduced1999
Last year fee-setting authority was amended2008
Service standard80% will be processed in less than 90 calendar days of receipt
Performance resultNo applications processed
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)8,176
2019–20 total fee revenue ($)8,176
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)8,323
Fee groupingPrecedents / Rulings / Interpretations
FeeS2-01 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 introduced1999
Last year fee-setting authority was amended2008
Service standard80% will be processed in less than 180 calendar days of receipt
Performance resultNo precedential capital confirmations provided
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)6,541
2019–20 total fee revenue ($)0
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)6,659
Fee groupingPrecedents / Rulings / Interpretations
FeeS2-03 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 introduced1999
Last year fee-setting authority was amended2008
Service standard80% will be processed in less than 180 calendar days of receipt
Performance resultNo rulings provided
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)4,088
2019–20 total fee revenue ($)0
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)4,162
Fee groupingNon-precedential Confirmations of Quality of Capital
FeeS2-04 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 introduced1999
Last year fee-setting authority was amended2008
Service standard90% will be processed in less than 60 calendar days of receipt
Performance resultService standard met for all 21 confirmations processed
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)4,088
2019–20 total fee revenue ($)39,663
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)4,162
Fee groupingCopies of Corporate Documents and Certificates of Confirmation
FeeS2-10 Copies of any one of the following corporate documents (per request and per body corporate):
  1. a certificate of confirmation;
  2. a certified copy of letters patent or of incorporation or amalgamation documents; and
  3. the corporate history of a 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 introduced1999
Last year fee-setting authority was amended2008
Service standard90% will be processed within 2 business days of receipt
Performance resultService standard met for all 703 requests processed
Application of Low-Materiality Fees RegulationsMaterial (>$151)
2019–20 fee amount ($)164 for up to 20 copies plus 5 for each additional copy
2019–20 total fee revenue ($)115,292
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)167 for up to 20 copies plus 5 for each additional copy
Fee groupingAssessments for the regulation and supervision of federally regulated financial institutions
FeeAssessment of Financial Institutions Fees
Fee-setting authority OSFI Act
Assessment of Financial Institutions Regulations
Year fee-setting authority was introduced1987
Last year fee-setting authority was amended2017
Service standardNot applicable
Performance resultNot applicable
Application of Low-Materiality Fees RegulationsNot 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 dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)Not applicable
Fee groupingAssessments for the regulation and supervision of federally regulated private pension plans
FeeAssessment of Pension Plans Fees
Fee-setting authority OSFI Act
Assessment of Pension Plans Regulations
Year fee-setting authority was introduced1987
Last year fee-setting authority was amended2019
Service standardNot applicable
Performance resultNot applicable
Application of Low-Materiality Fees RegulationsNot subject to section 17 of the Service Fees Act
2019–20 fee amount ($)The fee is determined by formulas that can be found in the Assessment of Pension Plans Regulations
2019–20 total fee revenue ($)6,645,790
Fee adjustment dateApril 1, 2021
Adjusted fee amount in 2021–22 ($)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.

Return to footnote 1