Minimum Capital Test (2026) - Letter
Information
Table of contents
Today, the Office of the Superintendent of Financial Institutions is publishing the final Minimum Capital Test (MCT) 2026 guideline, along with other related documents. The final MCT 2026 guideline will come into effect on January 1, 2026.
Key revisions to the MCT 2026 guideline include:
- Simplification of unexpired coverage formula
- Update to regulatory adjustments to net assets available for insurance receivables
- Update to capital confirmation requirements for user fees
- Minor adjustments and clarifications to apply the framework accurately
OSFI will host an information session on December 5, the OSFI Industry Day to provide more details to stakeholders and offer opportunities for dialogue and discussion.
Below is a list of the documents included in the publication:
- final MCT 2026 guideline
- PC4 quarterly return
- PC4 regulatory return instructions
- PC4 validation rules
We released draft versions of the above documents for public consultation on May 22, 2025. Please refer to the Consultation Summaries for comments received from the public consultation and our responses to the comments.
Should you have any questions, please contact MCT-TCM@osfi-bsif.gc.ca.