Office of the Superintendent of Financial Institutions’ 2024-2025 Departmental results report

On this page

• At a glance
• From the Institutional Head
• Results – what we achieved
  • Core responsibility 1: Financial Institution and Pension Plan Regulation and Supervision
  • Core responsibility 2: Actuarial Services to Federal Government Organizations
  • Internal services
• Spending and human resources
  • Spending
  • Funding
  • Financial statement highlights
  • Human resources
• Supplementary information tables
• Federal tax expenditures
• Corporate information
• Definitions

Corporate information

© His Majesty the King in Right of Canada, as represented by the Minister of Finance and National Revenue, 2025

ISSN 2561-0716

Aussi disponible en français sous le titre : Rapport sur les résultats ministériels 2024-2025

From the Institutional Head

I am proud to present OSFI’s 2024–25 Departmental Results Report.

Over the past year, OSFI delivered on its core mandate while advancing the priorities outlined in our 2024-27 Strategic Plan. We made substantial progress toward achieving the goals to set the foundation that guides our work over the next three years. In a period marked by economic uncertainty and rapid change, we remained focused on building confidence in Canada’s financial system and reinforcing its resilience.

We continued to improve how we assess and respond to risk. The Annual Risk Outlook and the Semi Annual Risk Outlook provided a clear view of the most material risks facing the financial system and outlined our planned supervisory and regulatory responses. These tools are now central to how we set expectations and engage with federally regulated financial institutions (FRFIs) and federally regulated private pension plans (FRPPs).

We also made significant progress in implementing our expanded mandate related to integrity and security risks, such as cyber, rapid innovation in artificial intelligence (AI), third-party, financial crime and foreign interference. We enhanced our ability to detect and respond to these risks and also deepened collaboration with Government of Canada security and intelligence partners such as Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). In parallel, we launched our updated Supervisory Framework on April 1, 2024, giving our teams new tools to act early and consistently when concerns arise.

For our regulatory guidance, we published updates across areas such as cyber risk, climate risk, and operational resilience. We also advanced our data and analytics capabilities to better support risk assessment and decision-making.

The Office of the Chief Actuary (OCA), which operates as an independent unit within OSFI, continued to provide independent actuarial services and advice to ensure the stability and sustainability of Canada’s social programs, public sector pension plans, and insurance arrangements.

As always, we will continue to focus on protecting depositors, policyholders, creditors, and pension plan beneficiaries—while respecting a FRFI’s responsibility to compete and take risks. The results captured in this report show the value of remarkable teamwork. I am proud of the work that OSFI accomplished this year.

Thank you,

Peter Routledge
Superintendent

Results – what we achieved

Core responsibilities and internal services

• Core responsibility 1: Financial Institution and Pension Plan Regulation and Supervision

• Core responsibility 2: Actuarial Services to Federal Government Organizations

• Internal services

Core responsibility 1: Financial Institution and Pension Plan Regulation and Supervision

In this section

• Description

• Quality of life impacts

• Progress on results

• Details on results

• Key risks

• Resources required to achieve results

• Related government priorities

• Program inventory

Description

The Office of the Superintendent of Financial Institutions (OSFI) advances a regulatory framework designed to control and manage risk to federally regulated financial institutions (FRFIs) and private pension plans (FRPPs) and evaluates system-wide or sectoral developments that may have a negative impact on their financial condition. It also supervises financial institutions and pension plans to determine whether they are in sound financial condition and meeting regulatory and supervisory requirements. The Office promptly advises financial institutions and pension plan administrators if there are material deficiencies, and takes corrective measures or requires that they be taken to expeditiously address the situation. It acts to protect the rights and interests of depositors, policyholders, financial institution creditors and pension plan beneficiaries, while having due regard for the need to allow financial institutions to compete effectively and take reasonable risks.

Quality of life impacts

This core responsibility contributes to the “Good Governance” domain of the Quality of Life Framework for Canada and, more specifically, “Confidence in institutions”, through all of the activities mentioned in the core responsibility description.

Progress on results

This section details the department’s performance against its targets for each departmental result under Core responsibility 1: Financial Institution and Pension Plan Regulation and Supervision.

Table 1 shows the target, the date to achieve the target and the actual result for each indicator under federally regulated financial institutions and private pensions plans are in sound financial condition in the last three fiscal years.

Table 2 shows the target, the date to achieve the target and actual result for each indicator under regulatory and supervisory frameworks contribute to the safety and soundness of the Canadian financial system in the last three fiscal years.

The Results section of the Infographic for OSFI on GC Infobase page provides additional information on results and performance related to its program inventory.

Details on results

The following section describes the results for Financial Institution and Pension Plan Regulation and Supervision in 2024–25 compared with the planned results set out in OSFI’s departmental plan for the year.

Deliver upon our expanded mandate by aligning our supervisory and regulatory frameworks to help ensure FRFIs address risks to their integrity and security.

Results achieved

Continue to renew our supervisory actions to ensure we have the capacity and capability to provide effective supervision and timely interventions supported by a mature, risk-based framework.

Results achieved

As part of OSFI’s commitment to sound judgement and informed decision-making in our supervisory actions, we improved various functions to enable our supervisors to manage their portfolios of FRFIs and FRPPs more effectively and efficiently. In doing so, we can assess the overall risk management practices of FRFIs to determine if they are aligned with the evolving risk environment in which they operate.

Our refreshed Supervisory Framework came into effect on April 1, 2024, further guiding our oversight of FRFIs and FRPPs. In support of the Framework’s implementation, we:

• launched the new Supervisory Framework scorecard in which supervisors assess the level of risk to the viability of a FRFI on a scale of 1 to 8. These ratings help signal a need for early corrective action to address supervisory concerns.

• introduced the Supervision Risk Analytics Application tool that integrates all banking risk analytics tools with the Supervisory Framework, streamlines risk metrics, and synthesizes risk assessments.

• completed a plan for the post-implementation review of the Framework, which will consider feedback from stakeholders, document lessons learned, and recommend changes to the Supervisory Framework where necessary.

We also renewed our approach to supervision by modernizing and advancing the standardization and simplification of supervisory methods, practices, and processes through various activities. Specifically, we:

• successfully implemented year one of the Supervision Apprenticeship Program, aimed at training apprentices to enhance their expertise and develop specialized skills in supervision. Key highlights included a one-on-one mentorship, checkpoints with placement managers and apprentices, themed presentations and discussions, and performance management tools.

• implemented Vu 2.0, our supervisory system of record, for pensions. This modernized the legacy pension application and improved the effectiveness, efficiency, and overall user experience for pension supervision.

• held multiple meetings of the Group Rating Committee (GRC), which play a critical quality assurance role, where members discussed, challenged, and approved the ratings of the largest and most complex and systemically important FRFIs. GRCs support the timeliness of ratings, adequacy of supervisory outcomes, and consistency and fair treatment of similar FRFIs.

In an effort to ensure that the industry is aware of and understands our supervisory and regulatory expectations and guidance, we achieved the following:

• completed the development of supervisory expectations for Guideline B-13 – Technology and Cyber Risk Management.

• participated in the Basel Committee on Banking Supervision (BCBS) Third-Party Principles Working Group to prepare and issue the BCBS Principles for the sound management of third-party risk for consultation.

• finalized and issued the following guidance to support the operational and financial resilience of FRFIs:

  • updated Guideline E-21 – Operational Risk Management and Resilience

  • Published regulatory notice on Culture Risk Management, replacing the draft Culture and Behaviour Risk Guideline

  • Updated Guideline B-15 – Climate Risk Management

  • Revised Regulatory Notice on Commercial Real Estate Lending

To ensure consistency with international standards, we published the guideline on International Financial Reporting Standards 17 (IFRS 17) Insurance Contracts in November 2024. The OSFI IFRS 17 advisory, which was transitional guidance, was rescinded in parallel. The guideline:

• clarified the accounting standards for certain insurance products and transactions to address concerns identified by stakeholders during the IFRS 17 transition project in Canada.

• marked the end of the seven-year project that aligned accounting standards for all IFRS filers globally.

Carry out critical functions while responding to uncertainty and emerging risks to ensure FRFIs are in sound financial condition, FRPPs are meeting the minimum funding requirements and that social security programs and public sector pension and insurance arrangements remain sound and sustainable for Canadians.

Results achieved  

The risk environment we operate in is constantly shifting, meaning that we need to be equipped to prepare for and mitigate these risks quickly and effectively, and be proactive in our approach to supervisory and regulatory actions. Thus, we undertook the following work in 2024–25:

• provided the risk context, outlined our key supervisory priorities, including those related to integrity and security, for the fiscal year and described specific areas of focus related to the key risk categories in our Supervisory Framework for each of pension, insurance, and banking industries.

• continued to enhance our risk analytic tools through the development of several Power BI tools that provide supervisors with an integrated approach to screening and analyzing the business risk and financial resilience of our FRFIs.

• developed explanatory guides to support the assessment of risk categories required by tier-3 FRPPs.

• published four detailed rating guides for scorecard categories and risk topics related to new guidelines.

• conducted stress testing and sensitivity analysis to determine the impact of tariffs on banks’ capital ratios and potential implications to the domestic stability buffer (DSB).

• implemented an enhanced governance program around DSB recommendations.

• held the uninsured minimum qualifying rate (MQR) at its current level following the launch of institution-specific loan-to-income (LTI) portfolio limits.

Key risks

We released our 2024-25 Annual Risk Outlook (ARO), and semi-annual update to the ARO, which provide a forward-looking systemic view and assessment of the most material risks facing Canada’s financial system. Through our announced supervisory and regulatory response, we efficiently mitigated significant financial risks, including those associated with real estate secured lending and mortgage, funding and liquidity, wholesale credit, and integrity and security amidst geopolitical uncertainty. Additionally, we monitored non-financial risks such as climate, third-party outsourcing, and cyber and technology risks facing FRFIs and FRPPs, while also actively managing our internal risks. Our semi-annual update highlighted the significant rise in two risks linked to integrity and security, being risks to operational resilience (for example, integrity and security, third-party, and cyber) and risks related to AI.

Resources required to achieve results

Table 3 provides a summary of the planned and actual spending and full-time equivalents required to achieve results.

The Finances section of the Infographic for OSFI on GC Infobase page and the People section of the Infographic for OSFI on GC Infobase page provide complete financial and human resources information related to its program inventory.

Related government priorities

This section highlights government priorities that are being addressed through this core responsibility.

United Nations 2030 Agenda for Sustainable Development and the Sustainable Development Goals

More information on OSFI’s contributions to Canada’s Federal Implementation Plan on the 2030 Agenda and the Federal Sustainable Development Strategy can be found in our Departmental Sustainable Development Strategy.

Program inventory

Financial Institution and Pension Plan Regulation and Supervision is supported by the following programs:

• Risk Assessment and Intervention – Federally Regulated Financial Institutions

• Regulation and Guidance of Federally Regulated Financial Institutions

• Regulatory Approvals and Legislative Precedents

• Federally Regulated Private Pension Plans

Additional information related to the program inventory for Financial Institution and Pension Plan Regulation and Supervision is available on the Results page on GC InfoBase.

Core responsibility 2: Actuarial Services to Federal Government Organizations

In this section

• Description

• Quality of life impacts

• Progress on results

• Details on results

• Resources required to achieve results

• Related government priorities

• Program inventory

Description

The Office of the Chief Actuary (OCA) provides a range of actuarial services, including statutory actuarial valuations required by legislation and checks and balances on the future costs of programs for the Canada Pension Plan, Old Age Security, Employment Insurance and Canada Student Loans programs, as well as pension and benefits plans covering the Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, federally appointed judges, and Members of Parliament.

Quality of life impacts

This core responsibility contributes to the “Good Governance” domain of the Quality of Life Framework for Canada and, more specifically, “Confidence in institutions”, through all of the activities mentioned in the core responsibility description.

Progress on results

This section details the department’s performance against its targets for each departmental result under Core responsibility 2: Actuarial Services to Federal Government Organizations.

Table 4 shows the target, the date to achieve the target and the actual result for each indicator under stakeholders receive accurate and high-quality actuarial information on the cost of public programs and government pension and benefit plans in the last three fiscal years.

The Results section of the Infographic for OSFI on GC Infobase page provides additional information on results and performance related to its program inventory.

Details on results

The following section describes the results for Actuarial Services to Federal Government Organizations in 2024–25 compared with the planned results set out in OSFI’s departmental plan for the year.

Carry out critical functions while responding to uncertainty and emerging risks to ensure FRFIs are in sound financial condition, FRPPs are meeting the minimum funding requirements and that social security programs and public sector pension and insurance arrangements remain sound and sustainable for Canadians.^{Footnote 1}

Results achieved

The Office of the Chief Actuary (OCA) contributes to financial system oversight by helping to ensure that social security programs and public sector pension and insurance arrangements remain sound and sustainable for Canadians. In 2024-25, the OCA delivered high-quality actuarial services to the Government of Canada and fulfilled its mandate through the following accomplishments:

• Started work on the triennial Actuarial Report on the Canada Pension Plan (CPP) as at 31 December 2024, which projects CPP revenues and expenditures over a 75-year period based on assumptions from historical and projected demographic and economic trends.

• Organized an inter-disciplinary seminar on Demographic, Economic and Investment Perspectives for Canada attended by representatives from federal, provincial, and territorial governments and leading experts in field to exchange information and discuss latest trends. The seminar was held in September 2024.

• Prepared timely and accurate actuarial information on the cost of public programs and government pension and benefit plans by submitting the following actuarial reports to the President of Treasury Board for tabling before Parliament in 2024-25:

  • Actuarial Report on the Pension Plan for the Public Service of Canada as at 31 March 2023

  • Actuarial Report on the Public Service Death Benefit Account as at 31 March 2023

  • Special Actuarial Report on the Funding of the Pension Plan for Public Service of Canada as at 31 March 2024

• Submitted the 2025 Actuarial Report on the Employment Insurance Premium Rate to the Canada Employment Insurance Commission which was published in September 2024.

• Submitted the Actuarial Report on the Canada Student Financial Assistance Program as at 31 July 2023 to the Minister of Employment, Workforce Development and Official Languages, which was tabled before Parliament in September 2024.

• Submitted various actuarial reports to the Office of Comptroller General for the purpose of Public Accounts of Canada, presenting the obligations and costs, as at 31 March 2024, associated with federal public sector pension and benefit plans including future benefits to veterans.

• Prepared the Actuarial Report on the Government Annuities as at 31 March 2024 and the Actuarial Report on the Civil Service Insurance Program as at 31 March 2024.

• Published an actuarial study on the potential impacts of climate change on assumption-setting process of the Office of the Chief Actuary.

• Assisted several government departments in designing, funding, and administering the plans and programs for which they are responsible. Client departments include federal and provincial departments of finance, Employment and Social Development Canada, the Treasury Board Secretariat, Veterans Affairs Canada, the Department of National Defence, the Royal Canadian Mounted Police, the Department of Justice, Public Services and Procurement Canada (PSPC) and Health Canada.

Resources required to achieve results

Table 5 provides a summary of the planned and actual spending and full-time equivalents required to achieve results.

The Finances section of the Infographic for OSFI on GC Infobase page and the People section of the Infographic for OSFI on GC Infobase page provide complete financial and human resources information related to its program inventory.

Related government priorities

This section highlights government priorities that are being addressed through this core responsibility.

United Nations 2030 Agenda for Sustainable Development and the Sustainable Development Goals

More information on OSFI’s contributions to Canada’s Federal Implementation Plan on the 2030 Agenda and the Federal Sustainable Development Strategy can be found in our Departmental Sustainable Development Strategy.

Program inventory

Actuarial Services to Federal Government Organizations is supported by the following programs:

• Actuarial Valuation and Advice

Additional information related to the program inventory for Actuarial Services to Federal Government Organizations is available on the Results page on GC InfoBase.

Internal services

In this section

• Description

• Progress on results

• Resources required to achieve results

• Contracts awarded to Indigenous business

Description

Internal services refer to the activities and resources that support a department in its work to meet its corporate obligations and deliver its programs. The 10 categories of internal services are:

• Management and Oversight Services

• Communications Services

• Legal Services

• Human Resources Management

• Financial Management

• Information Management

• Information Technology

• Real Property

• Materiel

• Acquisitions

Progress on results

This section presents details on how the department performed to achieve results and meet targets for internal services.

Deliver upon our expanded mandate by aligning our supervisory and regulatory frameworks to help ensure FRFIs address risks to their integrity and security.

In 2024-25, we committed to enhancing our internal services by improving tools, systems, and authorities to support both our core responsibilities and expanded mandate. In doing so, we accomplished the following:

• identified information management and information technology (IM/IT) requirements for the required infrastructure, tools, and information resources necessary to fulfill our expanded mandate.

• developed and secured interim infrastructure, measures, and processes where appropriate to support the storage and access control of classified information.

• continued developing information management policies, practices, and guidelines to support the necessary tools, systems, and infrastructure needed to operate in a classified environment.

• worked with PSPC, Communications Security Establishment Canada (CSEC), and Shared Services Canada (SSC) to arrive at a final design for the secured area, with construction to begin in the Ottawa office in 2025-26.

Embed a culture within our organization that ensures our employees can thrive in an ever-changing and uncertain environment and embrace our critical success factors of grit, integrity, and urgency in all aspects of our work.

At the core of our success, we want to ensure that employees are effectively supported through changing conditions. We committed to embedding and upholding a culture at OSFI that provides employees with the tools to thrive and serve as the foundation for productivity and effectiveness, allowing us to build an organizational culture that is inclusive, dynamic, and aligns with our risk appetite. To support this work, in 2024-25 we:

• modernized the onboarding and orientation process to support new employees and people leaders by updating the new employee orientation content, refreshing the essential tools, knowledge, and insights for new people leaders, and publishing an onboarding guide.

• completed the first year of our Culture Action Plan, including:

  • the introduction of leadership development improvements through development tools and the Canada School of Public Service (CSPS) Manager Development Program training suite.

  • the launch of Leadership Competency Model e-learning modules to reinforce the understanding of expected behaviours at OSFI.

  • an updated Code of Conduct and training approach for OSFI, linking it to the Clerk’s Call to Action: Renewed Conversation on Values and Ethics.

• promoted the Gender-based Analysis (GBA) Plus CSPS training, aiming to work on a needs assessment to determine our GBA Plus framework in 2025-26.

• continued to implement our future of hybrid work model by optimizing the workplace experience through the implementation of sector-specific neighbourhoods and work arrangement module updates to support collaboration and meaningful interactions.

• rolled-out OSFI Campus, a new learning management platform where employees can register for internal training, attend courses, and track learning progress, transforming employees’ learning journeys.

• implemented the Learning Management System, a centralized location for supervisory learning and development for supervisors.

Advance leading-edge data management, collection, and analytical capabilities and systems.

To position ourselves as a risk-aware, proactive regulator that uses leading data and analytics capabilities in decision-making, in 2024-25 we:

• shared the Data Literacy Strategy and Foundational Data Literacy training across the organization.

• continued work to integrate the Data Literacy Competency Model into job descriptions to clarify required data skills.

• continued the development of the IM/IT strategy to support data accessibility, cultivate talent, and introduce advanced technologies. This consisted of the following activities:

  • developed a Mobile Service Strategy, a proof-of-concept app for contacting the service desk, and a pilot for Microsoft Teams Phone Mobile.

  • completed the enhancement of the Project Management Framework to improve consistency, governance, and effectiveness in the delivery of projects.

  • completed migration of OSFI’s Electronic Document and Records Management System to a cloud environment, enabling modern information governance capabilities.

  • centralized all vendor-related technology requests for efficient handling and improved oversight of vendor activities.

  • established community of practices for key new technologies, such as the Power Platform Community of Practice.

In 2024-25, we continued to build data-driven approaches to deliver our legislative obligations to FIC partners, while enhancing our innovative capabilities. In doing so, we accomplished the following activities:

• launched Vision 2030: Data and Analytics Strategy OSFI-wide, sharing the strategy’s long-term vision for data and analytics, along with its strategic priorities and foundations.

• consulted with key stakeholders, establishing shared timelines and a common understanding of the needs and path forward to improve data quality and governance across OSFI through Vision 2030.

• improved enterprise-wide data governance and stewardship between IM/IT, Data and Business teams, resulting in shared expectations and setting the groundwork for further improvements.

• developed and approved an AI strategy and vision to support the responsible, purposeful, and agile use of AI, which included the development of an AI Policy and Code of Conduct.

Maintain and continue to build upon our operational resilience to deliver critical functions despite adversity and uncertainties and remain agile in our response to current and emerging threats and opportunities.

A robust enterprise risk management (ERM) program enables us to manage risks more effectively, enhance our oversight capabilities, and maintain the stability and integrity of the financial system. The following activities contributed to the development of the ERM program, helping equip OSFI with the tools and frameworks needed to respond effectively to risks:

• released OSFI’s Enterprise Risk Management Framework and Policy, providing guiding principles to manage both internal and external risks, as well as potential opportunities that are aligned with our risk appetite.

• conducted the annual Risk and Control Self-Assessment exercise, leveraging the new enhanced risk management methodology and tool.

• completed an evaluation of the expanded mandate risk through development of an Integrity and Security and National Security Sector risk profile.

• developed a holistic reporting strategy that brings together the identification, assessment, and monitoring of key internal and external risks to OSFI.

• prepared and presented a compliance risk management report with ERM’s recommendations.

To build the capacity and capabilities required to deliver critical functions, we implemented strategies that support enterprise-wide solutions in our day-to-day corporate operations. In 2024-25, the following initiatives contributed to this effort:

• established a formal strategic stakeholder relations function through the Stakeholder Relationship Management Tool, which stores records of engagement activities and feeds real-time data to teams across OSFI.

• improved efficiency of governance operations through the onboarding and training of new team members, development of standard operating procedures, and use of automated tools to manage specific issues.

• creation of a monthly finance dashboard to provide delegated managers with timely insights into both financial and full-time equivalent resource management.

• conducted foundational work for deployment of our new human capital management system, Workday, with a phased approach to launch in 2025-26.

• reviewed and updated the eSpace access model to limit access to information on a need-to-know basis.

• improved the Wi-Fi network through completing the roll-out of new access points across all OSFI offices.

Resources required to achieve results

Table 6 provides a summary of the planned and actual spending and full-time equivalents required to achieve results.

The Finances section of the Infographic for OSFI on GC Infobase and the People section of the Infographic for OSFI on GC Infobase provide complete financial and human resources information related to its program inventory.

Contracts awarded to Indigenous businesses

Government of Canada departments are required to award at least 5% of the total value of contracts to Indigenous businesses every year.

OSFI results for 2024-25:

As shown in Table 7, OSFI awarded 7% of the total value of all contracts to Indigenous businesses for the fiscal year.

OSFI exceeded its 5% Indigenous procurement target through the acquisition of IT professional services, hardware, and furniture. These purchases were made using mandatory standing offers and supply arrangements wherever possible, with a strong focus on engaging qualified Indigenous suppliers. OSFI continues to promote awareness of Indigenous procurement opportunities within procurement operations and among internal clients.

In its 2025–26 Departmental Plan, OSFI estimated that it would award 5% of the total value of its contracts to Indigenous businesses by the end of 2024–25.

Spending and human resources

In this section

• Spending

• Funding

• Financial statement highlights

• Human resources

Spending

This section presents an overview of the department's actual and planned expenditures from 2022–23 to 2027–28.

Refocusing Government Spending

In Budget 2023, the government committed to reducing spending by $14.1 billion over five years, starting in 2023–24, and by $4.1 billion annually after that.

While not officially part of this spending reduction exercise, to respect the spirit of this exercise, OSFI undertook the following measures in 2024-25.

• Reducing travel and hospitality spending where possible.

• Limiting the use of discretionary professional services.

Budgetary performance summary

Table 8 shows the money that OSFI spent in each of the past three years on its core responsibilities and on internal services.

Analysis of the past three years of spending

The 29.9% spending increase in 2023-24 was largely driven by the (i) implementation of OSFI’s Blueprint and 2022-2025 Strategic Plan, as outlined in our 2023-24 Departmental Plan; (ii) higher economic adjustment rates per collective agreements; (iii) commencement of our expanded integrity and security mandate, as announced in Budget 2023; as well as (iv) the DCM project. 

The 0.5% spending increase in 2024-25 is primarily due to standard salary adjustments, ongoing implementation of our expanded mandate, as well as the DCM project. These increases have been largely offset by savings associated with slightly lower than planned FTEs as well as savings in travel, hospitality, and discretionary professional services costs, in accordance with the spirit of refocusing government spending announced in Budget 2023.

The authorities available exceed the main estimates by $33.0M. This increase represents the current and prior years’ respendable revenue authority available in accordance with section 17(2) of the OSFI Act, which was not reflected in the 2024–25 Main Estimates. It does not include the spending authority provided in section 17(3) of the OSFI Act, which allows OSFI to spend up to $100M more than the amount of revenue collected.

The Finances section of the Infographic for OSFI on GC Infobase offers more financial information from previous years. 

Table 9 shows OSFI’s planned spending for each of the next three years on its core responsibilities and on internal services.

Analysis of the next three years of spending

Planned spending for 2025-26 and 2026-27 of $351.3M and $399.8M, respectively, represent increases of $17.2M (5.1%) and $62.3M (18.5%) versus planned spending for these fiscal years, as outlined in OSFI’s 2024-25 Departmental Plan.

The increase includes new spending for the following:

• to implement OSFI’s Cyber Security Action Plan to address critical cyber security risks and potential impact of cyber incidents

• for supervision program integrity to achieve our mandate to contribute to public confidence of the financial system

• to address risks and gaps in data and artificial intelligence

• to address legislative changes in the Official Languages Act, the Accessibility Canada Act, Pay Equity Act, and to comply with Treasury Board Secretariat mandate for in office presence

• non-discretionary personnel costs largely due to an increase in the Treasury Board prescribed rate for Employee Benefit Plan (EBP) and an increase in economic adjustments per recently ratified collective agreements

• deferred spending from 2024-25 related to the construction of the Special Facilities Area, due to a shift in timelines

• the costs associated with the realignment of resources to higher priority areas

Planned spending reflect reductions to be realized in accordance with the spirit of refocusing government spending announced in Budget 2023 and amount to $6.3M in 2025-26 and $8.8M in 2026-27 and onwards.

The Finances section of the Infographic for OSFI on GC Infobase offers more detailed financial information related to future years.

Funding

This section provides an overview of the department's voted and statutory funding for its core responsibilities and for internal services. Consult the Government of Canada budgets and expenditures for further information on funding authorities.

Graph 1 summarizes the department's approved voted and statutory funding from 2022-23 to 2027-28.

Text version of graph 1

Graph 1 includes the following information in a bar graph:

Fiscal year	Statutory	Voted	Total
2022-23	238,501,788	1,244,352	239,746,140
2023-24	310,227,408	1,244,352	311,471,760
2024-25	311,524,729	1,402,500	312,927,229
2025-26	349,991,000	1,323,899	351,314,899
2026-27	398,432,224	1,323,899	399,756,123
2027-28	357,335,587	1,323,899	358,659,486

Analysis of statutory and voted funding over a six-year period

The graph above represents OSFI’s actual spending for 2022-23, 2023-24, 2024-25, and current planned spending thereafter. Statutory expenditures, which are recovered from respendable revenue, represent over 99% of total expenditures. The remainder of OSFI’s spending is funded from a parliamentary appropriation for actuarial services related to federal public sector pension and benefit plans.

The increases in 2023-24 and 2024-25 reflect the implementation of OSFI’s Blueprint and the 2022-25 Strategic Plan, implementation of OSFI’s expanded integrity and security mandate, work on the DCM project, as well as the impact of economic increase for collective bargaining, offset by the reductions in accordance with the spirit of the refocusing government spending initiative.

The increases in fiscal years 2025-26 to 2027-28 compared to 2024-25 reflect the ramp up of spending required to implement OSFI’s Cyber Security Action Plan, expanding supervisory capacities, and incremental non-discretionary personnel costs related to a higher EBP rate, offset by efforts to realign and reallocate our resources to higher priority areas. Additionally, the increase in 2026-27 includes costs associated with the realignment of resources to higher priority areas.  The reduction in 2027-28 compared to 2026-27 relates to the operational efficiencies to be achieved as a result of a realignment of resources.

Consult the Public Accounts of Canada for further information on OSFI’s departmental voted and statutory expenditures.

Financial statement highlights

Please see the OSFI’s Financial Statements (audited) for the Year Ended March 31, 2025.

Table 10 summarizes the expenses and revenues for 2024–25 which net to the cost of operations before government funding and transfers.

The 2024–25 planned results information is provided in OSFI’s Future-Oriented Statement of Operations and Notes 2024–25.

Table 11 summarizes actual expenses and revenues and shows the net cost of operations before government funding and transfers.

Table 12 provides a brief snapshot of the amounts the department owes or must spend (liabilities) and its available resources (assets), which helps to indicate its ability to carry out programs and services.

Human resources

This section presents an overview of the department’s actual and planned human resources from 2022–23 to 2027–28. 

Table 13 shows a summary in full-time equivalents of human resources for OSFI’s core responsibilities and for its internal services for the previous three fiscal years.

Analysis of human resources for the last three years

The growth of 291 FTEs in 2023-24 is mainly due to the implementation of OSFI’s Blueprint and 2022-25 Strategic plan, which entailed FTE increases across the organization. The ramp up of FTE resources in 2022-23 was slower than expected, with the full impact of the growth occurring in 2023-24. In addition, 2023-24 actuals include FTEs related to OSFI’s expanded integrity and security mandate and the DCM project. The reduction of 37 FTEs in 2024-25 reflects OSFI’s efforts to pace the filling of vacant positions to stay within the planned FTE in our 2024-25 Departmental Plan.

Table 14 shows the planned full-time equivalents for each of OSFI’s core responsibilities and for its internal services for the next three years. Human resources for the current fiscal year are forecast based on year to date.

Analysis of human resources for the next three years

The planned increase of 42 FTEs in 2026-27 from 2025-26 are required for implementation of OSFI’s Cyber Security Action Plan, supervision program integrity, and to address the gaps related to data and artificial intelligence. The reduction of 50 FTEs in 2027-28 relates to the operational efficiencies to be achieved as a result of a realignment of resources.

Supplementary information tables

The following supplementary information tables are available on OSFI’s website:

• Gender-based Analysis Plus

Federal tax expenditures

The tax system can be used to achieve public policy objectives through the application of special measures such as low tax rates, exemptions, deductions, deferrals and credits. The Department of Finance Canada publishes cost estimates and projections for these measures each year in the Report on Federal Tax Expenditures. This report also provides detailed background information on tax expenditures, including descriptions, objectives, historical information and references to related federal spending programs as well as evaluations and GBA Plus of tax expenditures.

Corporate information

Departmental profile

Appropriate minister(s): The Honourable François-Philippe Champagne, P.C., M.P.

Institutional head: Peter Routledge

Ministerial portfolio: Finance

Enabling instrument(s): Office of the Superintendent of Financial Institutions Act (OSFI Act)

Year of incorporation / commencement: 1987

Departmental contact information

Mailing address:

Office of the Superintendent of Financial Institutions

255 Albert Street

Ottawa, Ontario K1A 0H2

Telephone: 1-800-385-8647

TTY: 1-800-465-7735

Fax: 1-613-990-5591

Email: webmaster@osfi-bsif.gc.ca

Website(s): https://www.osfi-bsif.gc.ca/en

Definitions

List of terms

appropriation (crédit)

Any authority of Parliament to pay money out of the Consolidated Revenue Fund.

budgetary expenditures (dépenses budgétaires)

Operating and capital expenditures; transfer payments to other levels of government, departments or individuals; and payments to Crown corporations.

core responsibility (responsabilité essentielle)

An enduring function or role of a department. The departmental results listed for a core responsibility reflect the outcomes that the department seeks to influence or achieve.

Departmental Plan (plan ministériel)

A report that outlines the anticipated activities and expected performance of an appropriated department over a 3-year period. Departmental Plans are usually tabled in Parliament in spring.

departmental priority (priorité)

A plan, project or activity that a department focuses and reports on during a specific planning period. Priorities represent the most important things to be done or those to be addressed first to help achieve the desired departmental results.

departmental result (résultat ministériel)

A high-level outcome related to the core responsibilities of a department.

departmental result indicator (indicateur de résultat ministériel)

A quantitative or qualitative measure that assesses progress toward a departmental result.

departmental results framework (cadre ministériel des résultats)

A framework that connects the department’s core responsibilities to its departmental results and departmental result indicators.

Departmental Results Report (rapport sur les résultats ministériels)

A report outlining a department’s accomplishments against the plans, priorities and expected results set out in the corresponding Departmental Plan.

Full-time equivalent (équivalent temps plein)

Measures the person years in a departmental budget.  An employee's scheduled hours per week divided by the employer's hours for a full-time workweek calculates a full-time equivalent. For example, an employee who works 20 hours in a 40-hour standard workweek represents a 0.5 full-time equivalent.

Gender-based Analysis Plus (GBA Plus) (analyse comparative entre les sexes plus [ACS Plus])

An analytical tool that helps to understand the ways diverse individuals experience policies, programs and other initiatives. Applying GBA Plus to policies, programs and other initiatives helps to identify the different needs of the people affected, the ways to be more responsive and inclusive, and the methods to anticipate and mitigate potential barriers to accessing or benefitting from the initiative. GBA Plus goes beyond biological (sex) and socio-cultural (gender) differences to consider other factors, such as age, disability, education, ethnicity, economic status, geography (including rurality), language, race, religion, and sexual orientation.

government priorities (priorités pangouvernementales)

For the purpose of the 2024–25 Departmental Results Report, government priorities are the high-level themes outlining the government’s agenda as announced in the 2021 Speech from the Throne.

horizontal initiative (initiative horizontale)

A program, project or other initiative where two or more federal departments receive funding to work collaboratively on a shared outcome usually linked to a government priority, and where the ministers involved agree to designate it as horizontal. Specific reporting requirements apply, including that the lead department must report on combined expenditures and results.

Indigenous business (entreprise autochtones)

For the purposes of a Departmental Result Report, this includes any entity that meets the Indigenous Services Canada’s criteria of being owned and operated by Elders, band and tribal councils, registered in the Indigenous Business Directory or registered on a modern treaty beneficiary business list.

non‑budgetary expenditures (dépenses non budgétaires)

Net outlays and receipts related to loans, investments and advances, which change the composition of the financial assets of the Government of Canada.

performance (rendement)

What a department did with its resources to achieve its results, how well those results compare to what the department intended to achieve, and how well lessons learned have been identified.

performance indicator (indicateur de rendement)

A qualitative or quantitative measure that assesses progress toward a departmental-level or program-level result, or the expected outputs or outcomes of a program, policy or initiative.

plan (plan)

The articulation of strategic choices, which provides information on how a department intends to achieve its priorities and associated results. Generally, a plan will explain the logic behind the strategies chosen and tend to focus on actions that lead to the expected result.

planned spending (dépenses prévues)

For Departmental Plans and Departmental Results Reports, planned spending refers to the amounts presented in Main Estimates. Departments must determine their planned spending and be able to defend the financial numbers presented in their Departmental Plans and Departmental Results Reports.

program (programme)

An Individual, group, or combination of services and activities managed together within a department and focused on a specific set of outputs, outcomes or service levels.

program inventory (répertoire des programmes)

A listing that identifies all the department’s programs and the resources that contribute to delivering on the department’s core responsibilities and achieving its results.

result (résultat)

An outcome or output related to the activities of a department, policy, program or initiative.

statutory expenditures (dépenses législatives)

Spending approved through legislation passed in Parliament, other than appropriation acts. The legislation sets out the purpose and the terms and conditions of the expenditures.

target (cible)

A quantitative or qualitative, measurable goal that a department, program or initiative plans to achieve within a specified time period.

voted expenditures (dépenses votées)

Spending approved annually through an appropriation act passed in Parliament. The vote also outlines the conditions that govern the spending.