Notice of changes to minimum base assessments

Information
Publication type
Letter
Date
Sector
Banks,
Foreign Bank Branches,
Trust and Loan Companies,
Life Insurance and Fraternal Companies,
Property and Casualty Companies
Table of contents

To: All federally regulated financial institutions

Pursuant to Section 3(2) of the Assessment of Financial Institutions Regulations, 2017, the minimum base assessments applicable to federally regulated financial institutions will be adjusted as follows for the 2023/24 fiscal year (April 1, 2023 – March 31, 2024):

Institution type 2023/24
minimum assessment
2022/23
minimum assessment
  1. a society or a foreign fraternal benefit society
$2,360 $2,210
  1. an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) of the Bank Act;
  2. a trust and loan company whose activities are restricted to carrying on any of the fiduciary activities referred to in section 412 of the Trust and Loan Companies Act and any ancillary activities;
  3. a cooperative credit association;
  4. a company, a provincial company or a foreign company to which the Insurance Companies Act applies
$17,670 $16,540
  1. a bank;
  2. an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the Bank Act;
  3. a trust and loan company not referred to in c) above;
  4. a retail association.
$35,350 $33,100

The adjustments are due to the change in the Consumer Price IndexAs published by Statistics Canada, under the authority of the <a href="https://laws-lois.justice.gc.ca/eng/acts/s-19/FullText.html" rel="external">Statistics Act</a> from 2021 to 2022. Any questions on the change can be directed to Melvin Green, Manager, Financial Reporting and Systems (Melvin.Green@osfi-bsif.gc.ca or 613-614-2134).

Yours truly,

Michelle Doucet
Chief Operating Officer