Service standards and fees

We charge fees for services per the Service Fees Act, which are adjusted every year to keep pace with inflation. The act requires that we have service standards and a remission policy in place to refund fee payers if those standards aren’t met. We must also report service costs to Parliament and annually publish revenue from fees. 

On this page

    Measuring against our standards

    The first day of the process is when we receive all necessary information. If applicable, we’ll issue an application receipt to you effective this day. If we don’t have all the necessary information to begin, we’ll issue a deficiency letter. 

    The last day of the process is when, as applicable: 

    • We send a recommendation to the minister to approve or deny the application (for ministerial approvals only)
    • The Superintendent approves or denies the request
    • We issue an interpretation, ruling, or confirmation 
    • The requester withdraws or places their request on hold

    If we don’t meet our standards for services subject to a fee, we will reimburse some or all of the fee. See our policy on the remission of service fees.

    List of service standards and fees

    Service Type of approval Legislative authority Standard Fee ($) as of April 1, 2023
    Letters patent of incorporation Minister
    • Section 22 of the Bank Act
    • Section 671 of the Bank Act
    • Section 21 of the Trust and Loan Companies Act
    • Section 22 of the Insurance Companies Act
    • Section 708 of the Insurance Companies Act
    Within 90 calendar days of receipt 36,763.76
    Letters patent of continuance Minister
    • Section 33 of the Bank Act
    • Section 682 of the Bank Act
    • Section 31 of the Trust and Loan Companies Act
    • Section 32 of the Insurance Companies Act
    • Section 719 of the Insurance Companies Act
    Within 90 calendar days of receipt 36,763.76
    Order permitting a foreign bank to carry on business in Canada Minister
    • Section 524(1) of the Bank Act
    Within 90 calendar days of receipt 36,763.76
    Order approving the insuring in Canada of risks by a foreign body corporate Minister
    • Section 574 of the Insurance Companies Act
    Within 90 calendar days of receipt 36,763.76
    Exemption from material banking group status Minister
    • Section 508(3) of the Bank Act
    Within 90 calendar days of receipt 9,191.21
    Approval for a foreign bank or an entity associated with a foreign bank to have a financial establishment in Canada Minister
    • Section 522.21 of the Bank Act
    • Section 522.211 of the Bank Act
    Within 90 calendar days of receipt 9,191.21
    Approval for a foreign bank or an entity associated with a foreign bank in respect of investments and activities Minister
    • Section 522.22 of the Bank Act
    Within 90 calendar days of receipt 9,191.21
    Letters patent of amalgamation Minister
    • Section 228 of the Bank Act
    • Section 808 of the Bank Act
    • Section 233 of the Trust and Loan Companies Act
    • Section 251 of the Insurance Companies Act
    • Section 862 of the Insurance Companies Act
    Within 90 calendar days of receipt N/A
    Approval of an agreement respecting the sale of all or substantially all assets Minister
    • Section 236 of the Bank Act
    • Section 241 of the Trust and Loan Companies Act
    Within 90 calendar days of receipt N/A
    Approval of the acquisition or increase of a significant interest Minister
    • Section 373 of the Bank Act
    • Section 875 of the Bank Act
    • Section 375 of the Trust and Loan Companies Act
    • Section 407 of the Insurance Companies Act
    • Section 927 of the Insurance Companies Act
    Within 90 calendar days of receipt N/A
    Approval of a purchase, reinsurance or transfer of policies, a reinsurance against risks undertaken by the company, or a sale of assets Minister
    • Section 254 of the Insurance Companies Act
    • Section 587.1 of the Insurance Companies Act
    Within 90 calendar days of receipt N/A
    Approval of the acquisition of control of, or the acquisition or increase of a substantial investment in, an entity Minister
    • Section 468(5) of the Bank Act
    • Section 930(5) of the Bank Act
    • Section 453(5) of the Trust and Loan Companies Act
    • Section 495(7) of the Insurance Companies Act
    • Section 554(5) of the Insurance Companies Act
    • Section 971(5) of the Insurance Companies Act
    • Section 971(6) of the Insurance Companies Act 
    Within 90 calendar days of receipt N/A
    Approval to retain control of, or to continue to hold a substantial investment in, an entity for longer than 90 days Minister
    • Section 471(4) of the Bank Act
    • Section 522.14(4) of the Bank Act
    • Section 933(3) of the Bank Act
    • Section 456(4) of the Trust and Loan Companies Act
    • Section 498(4) of the Insurance Companies Act
    • Section 557(4) of the Insurance Companies Act
    • Section 974(3) of the Insurance Companies Act
    Within 90 calendar days of receipt N/A
    Approval, for an indeterminate period, to retain control of, or to hold a substantial investment in, an entity that was acquired by way of a loan workout or realization of a security interest Minister
    • Section 472(7) of the Bank Act
    • Section 473(5) of the Bank Act
    • Section 522.15(3) of the Bank Act
    • Section 934(6) of the Bank Act
    • Section 935(4) of the Bank Act
    • Section 457(7) of the Trust and Loan Companies Act
    • Section 458(5) of the Trust and Loan Companies Act
    • Section 499(7) of the Insurance Companies Act
    • Section 500(5) of the Insurance Companies Act
    • Section 558(7) of the Insurance Companies Act
    • Section 559(5) of the Insurance Companies Act
    • Section 975(6) of the Insurance Companies Act
    • Section 976(4) of the Insurance Companies Act
    Within 90 calendar days of receipt N/A
    Approval of a time period to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity Minister
    • Section 522.14(2) of the Bank Act
    Within 90 calendar days of receipt N/A
    Letters patent of dissolution Minister
    • Section 342 of the Bank Act
    • Section 344 of the Bank Act
    • Section 347 of the Trust and Loan Companies Act
    • Section 349 of the Trust and Loan Companies Act
    • Section 380 of the Insurance Companies Act
    • Section 382 of the Insurance Companies Act
    • Section 570.04 of the Insurance Companies Act
    • Section 570.06 of the Insurance Companies Act
    • Section 920 of the Insurance Companies Act
    • Section 922 of the Insurance Companies Act
    Within 90 calendar days of receipt N/A
    Short-term exemption order Minister
    • Section 973.1 of the Bank Act
    Within 90 calendar days of receipt N/A
    Letters patent of, or approval of, continuance or amalgamation under any other Act of Parliament or any Act of the legislature of a province Minister
    • Section 39.2 of the Bank Act
    • Section 689 of the Bank Act
    • Section 38(1) of the Trust and Loan Companies Act
    • Section 39(1) of the Insurance Companies Act
    • Section 726 of the Insurance Companies Act
    Within 90 calendar days of receipt N/A
    Approval to amend an incorporating instrument Minister
    • Section 215 of the Bank Act
    • Section 220 of the Trust and Loan Companies Act
    • Section 224 of Insurance Companies Act
    • Section 849 of the Insurance Companies Act
    Within 90 calendar days of receipt N/A
    Extension of the deadline to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity Minister
    • Section 522.14(3) of the Bank Act
    • Section 522.15(2) of the Bank Act
    Within 90 calendar days of receipt N/A
    Order increasing the aggregate financial exposure limit Superintendent non-deemed
    • Section 495.2(3) of the Bank Act
    • Section 483.2(3) of the Trust and Loan Companies Act
    • Section 528.2(3) of the Insurance Companies Act
    Within 60 calendar days of receipt N/A
    Authorization for the release of assets in Canada Superintendent non-deemed
    • Section 599 of the Bank Act
    • Section 650 of the Insurance Companies Act
    Within 60 calendar days of receipt N/A
    Approval of transactions that are part of the restructuring of a bank holding company or of an insurance holding company or any entity controlled by such a company and to which self-dealing provisions will not apply Superintendent non-deemed
    • Section 487(2)(e) of the Bank Act
    • Section 519(2)(f) of the Insurance Companies Act
    Within 60 calendar days of receipt N/A
    Approval of the making or acquisition of commercial loans, or the acquisition of control of an entity that holds commercial loans, if the total value of commercial loans held exceeds the specified limit Superintendent non-deemed
    • Section 462 of the Trust and Loan Companies Act
    • Section 504 of the Insurance Companies Act
    Within 60 calendar days of receipt N/A
    Approval of an amendment to an approved asset-to-capital multiple or borrowing multiple Superintendent non-deemed N/A Within 60 calendar days of receipt N/A
    Approval of the issuance of subordinated debt to a parent Superintendent non-deemed N/A Within 60 calendar days of receipt N/A
    Consent for purchase or redemption of securities other than shares Superintendent non-deemed N/A Within 60 calendar days of receipt N/A
    Variation of an order approving the commencement and carrying on of business of a body corporate or approving the insuring in Canada of risks by a foreign body corporate Superintendent non-deemed
    • Section 54 of the Bank Act
    • Section 534(6) of the Bank Act
    • Section 58 of the Trust and Loan Companies Act
    • Section 59 of the Insurance Companies Act
    • Section 586(1) of the Insurance Companies Act
    • Section 657(4) of the Insurance Companies Act
    Within 60 calendar days of receipt N/A
    Exemption from requirement to provide financial statements for non-bank affiliates Superintendent non-deemed
    • Section 522.27 of the Bank Act
    Within 60 calendar days of receipt N/A
    Approval of a deposit agreement or of a trust deed to maintain assets in Canada Superintendent non-deemed
    • Section 582 of the Bank Act
    • Section 611 of the Insurance Companies Act
    Within 15 business days of receipt N/A
    Approval of a reinsurance security agreement or of an amendment to a reinsurance security agreement Superintendent non-deemed N/A Within 15 business days of receipt N/A
    Approval of a letter of credit in lieu of assets Superintendent non-deemed N/A Within 15 business days of receipt N/A
    Approval of the acquisition of control of, or the acquisition or increase of a substantial investment in, an entity Superintendent deemed
    • Section 468(6) of the Bank Act
    • Section 930(6) of the Bank Act
    • Section 453(6) of the Trust and Loan Companies Act
    • Section 495(8) of the Insurance Companies Act
    • Section 971(6) of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Permission to retain control of, or to hold a substantial investment in, an entity for an indeterminate period Superintendent deemed
    • Section 471(5) of the Bank Act
    • Section 933(4) of the Bank Act
    • Section 456(5) of the Trust and Loan Companies Act
    • Section 498(5) of the Insurance Companies Act
    • Section 974(4) of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Approval of a time period to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity Superintendent deemed
    • Section 471(1) of the Bank Act
    • Section 471(2) of the Bank Act
    • Section 933(1) of the Bank Act
    • Section 456(1) of the Trust and Loan Companies Act
    • Section 456(2) of the Trust and Loan Companies Act
    • Section 498(1) of the Insurance Companies Act
    • Section 498(2)of the Insurance Companies Act
    • Section 557(1)of the Insurance Companies Act
    • Section 557(2)of the Insurance Companies Act
    • Section 974(1)of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Approval of asset transactions with a related party or of arrangements applying to such transactions Superintendent deemed
    • Section 494(3) of the Bank Act
    • Section 494(4) of the Bank Act
    • Section 482(3) of the Trust and Loan Companies Act
    • Section 482(4) of the Trust and Loan Companies Act
    • Section 527(3) of the Insurance Companies Act
    • Section 527(4) of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Consent for purchase or redemption of shares or membership shares Superintendent deemed
    • Section 71 of the Bank Act
    • Section 715 of the Bank Act
    • Section 74 of the Trust and Loan Companies Act
    • Section 75 of the Insurance Companies Act
    • Section 754 of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Approval of special resolution for reduction of stated capital Superintendent deemed
    • Section 75 of the Bank Act
    • Section 718 of the Bank Act
    • Section 78 of the Trust and Loan Companies Act
    • Section 79 of the Insurance Companies Act
    • Section 757 of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Approval of amendment to by-laws to change name Superintendent deemed
    • Section 217(3) of the Bank Act
    • Section 222(3) of the Trust and Loan Companies Act
    • Section 238(3) of the Insurance Companies Act
    • Section 544.1 of the Insurance Companies Act
    • Section 851(3) of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Approval for the issuance of shares or other securities in consideration for property Superintendent deemed
    • Section 65 of the Bank Act
    • Section 80 of the Bank Act
    • Section 709 of the Bank Act
    • Section 723 of the Bank Act
    • Section 68 of the Trust and Loan Companies Act
    • Section 83 of the Trust and Loan Companies Act
    • Section 69 of the Insurance Companies Act
    • Section 84 of the Insurance Companies Act
    • Section 748 of the Insurance Companies Act
    • Section 762 of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Extension of the deadline to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity Superintendent deemed
    • Section 471(3) of the Bank Act
    • Section 472(4) of the Bank Act
    • Section 473(4) of the Bank Act
    • Section 934(3) of the Bank Act
    • Section 935(3) of the Bank Act
    • Section 456(3)
      of the Trust and Loan Companies Act
    • Section 457(4)
      of the Trust and Loan Companies Act
    • Section 458(4) of the Trust and Loan Companies Act
    • Section 498(3) of the Insurance Companies Act
    • Section 499(4) of the Insurance Companies Act
    • Section 500(4) of the Insurance Companies Act
    • Section 557(3) of the Insurance Companies Act
    • Section 558(4) of the Insurance Companies Act
    • Section 559(4) of the Insurance Companies Act
    • Section 974(2) of the Insurance Companies Act
    • Section 975(3) of the Insurance Companies Act
    • Section 976(3) of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Approval of an acquisition or a transfer of assets in excess of 10% of the total value of assets Superintendent deemed
    • Section 482 of the Bank Act
    • Section 944 of the Bank Act
    • Section 470 of the Trust and Loan Companies Act
    • Section 512 of the Insurance Companies Act
    • Section 569 of the Insurance Companies Act
    • Section 987 of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Approval of an acquisition or a transfer of assets in excess of 5% of the total value of assets from a related party that is not a federal financial institution Superintendent deemed
    • Section 495.3 of the Bank Act
    • Section 483.3 of the Trust and Loan Companies Act
    • Section 528.3 of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Approval to be reinsured by a related party that is not a company or foreign company Superintendent deemed
    • Section 523 of the Insurance Companies Act
    • Section 597(1) of the Insurance Companies Act
    Within 30 calendar days of receipt N/A
    Written, non-precedent-setting confirmation of quality of capital Quality of capital N/A Within 60 calendar days of receipt 4,596.67
    Written, precedent-setting ruling relating to the quality of capital Quality of capital N/A Within 180 calendar days of receipt 7,353.18

    Copies of any one of the following corporate documents (per request and per body corporate):

    • a certificate of confirmation;
    • a certified copy of letters patent or of incorporation or amalgamation documents; and
    • the corporate history of a body corporate
    Copies and certificates N/A Within 2 business days of receipt 184.76 for up to 20 copies plus 5 for each additional copy
    Approval to maintain a representative office of a foreign bank Superintendent non-deemed
    • Section 522 of the Bank Act
    Within 60 calendar days of receipt 5,515.15
    Reservation of a name Superintendent non-deemed
    • Section 43 of the Bank Act
    • Section 697 of the Bank Act
    • Section 45 of the Trust and Loan Companies Act
    • Section 45 of the Insurance Companies Act
    • Section 734 of the Insurance Companies Act
    Within 60 calendar days of receipt 918.48
    Accreditation of a provincial reinsurer Superintendent non-deemed N/A Within 60 calendar days of receipt 4,596.67
    Written interpretation of acts, regulations, guidelines or rulings Rulings and interpretations N/A Within 180 calendar days of receipt 4,596.67

    Service standards for high-volume regulatory authorizations

    We publish our service standard performance for high-volume regulatory authorizations to increase transparency. Only one of our services (insurance institution Form 298 approval) is currently a high-volume regulatory authorization. 

    Service standards for Form 298 approval

    When insurance institutions submit a Form 298 request, we aim to provide a decision within 3 business days. It may take longer than that if we need more information or if the request is more complex than usual. 

    See instructions for completing Form 298.

    Performance results

    Our performance target is to achieve our service standard at least 80% of the time. We have exceeded this target in past fiscal years. We met our service standard of providing a decision within 3 business days:

    • 94% of the time in 2020-21
    • 97% of the time in 2021-22
    • 99% of the time in 2022-23