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Table 1 Demographic assumptions
	2024-2025	2048-2049	2023-2024	2047-2048
	Current report		Previous report
Base population	CPP31st^{Table 1 Footnote a}	CPP31st	CPP31st	CPP31st
Enrolment rate (15 to 64)	7.3%	7.0%	7.1%	6.9%
Loan uptake rate	51.5%	50.8%	48.1%	49.8%
Table 1 Footnotes Table 1 Footnote a 31st Actuarial Report on the Canada Pension Plan as at 31 December 2021 Return to table 1 footnote a referrer

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The countercyclical buffer aims to ensure that banking sector capital requirements take account of the macro-financial environment in which institutions operate. It will be deployed when excess aggregate credit growth is judged to be associated with a build-up of system-wide risk to ensure the banking system has a buffer of capital to protect it against future potential losses. [Basel Framework, RBC 30.7]
The countercyclical buffer regime consists, in Canada, of the following elements:
1. OSFI, in consultation with its Senior Advisory Committee^{Footnote 14} (SAC) partners, will monitor credit growth and other indicators^{Footnote 15} that may signal a build-up of system-wide risks^{Footnote 16} and make an assessment of whether credit growth is excessive and is leading to the build-up of system-wide risks. Based on this assessment, a countercyclical buffer requirement, ranging from 0% to 2.5% of total risk-weighted assets,^{Footnote 17} will be put in place when circumstances warrant. This requirement will be released when OSFI, in consultation with its SAC partners, assesses that system-wide risks have dissipated or crystallized.
2. Institutions with private sector credit exposures outside Canada will look at the geographic location of those exposures and calculate their consolidated countercyclical buffer requirement as a weighted average of the countercyclical buffers that are being applied in jurisdictions to which they have credit exposures.
3. The countercyclical buffer to which the institution is subject will be implemented by way of an extension of the capital conservation buffer described in section 1.7.1. Institutions will be subject to restrictions on distributions of earnings if they breach the extended buffer.
[Basel Framework, RBC 30.8]
Institutions must meet the countercyclical buffer with CET1. Consistent with the capital conservation buffer, the CET1 ratio in this context includes amounts used to meet the 4.5% minimum CET1 requirement, but excludes any additional CET1 needed to meet the 6% Tier 1 and 8% Total Capital requirements as well as D-SIBs' minimum 21.5% TLAC requirement. [Basel Framework, RBC 30.17]

Table 6 provides the minimum capital conservation ratios an institution must meet at various levels of the CET1 capital ratio.^{Footnote 18} [Basel Framework, RBC 30.17]

Table 6: Individual institution minimum capital conservation standards
CET1	Minimum Capital Conservation Ratios (expressed as a percentage of earnings)
Within first quartile of buffer	100%
Within second quartile of buffer	80%
Within third quartile of buffer	60%
Within fourth quartile of buffer	40%
Above top of buffer	0%

The consolidated countercyclical buffer will be a weighted average of the buffers deployed in Canada and across BCBS member jurisdictions and selected non-member jurisdictions^{Footnote 19} to which the institution has private sector credit exposures. [Basel Framework, RBC 30.14]
Institutions will look at the geographic location of their private sector credit exposures and calculate their consolidated countercyclical buffer as a weighted average of the buffers that are being applied in each jurisdiction to which they have such exposures. The buffer that will apply to an institution will thus reflect the geographic composition of its portfolio of private sector credit exposures.^{Footnote 20} [Basel Framework, RBC 30.13]
The weighting applied to the buffer in place in each jurisdiction will be the institution's credit risk RWA that relates to private sector credit exposures in that jurisdiction divided by the institution's credit risk RWA that relates to private sector credit exposures across all jurisdictions.^{Footnote 21} [Basel Framework, RBC 30.14]
Institutions will be subject to a consolidated countercyclical buffer that varies between 0%, where no jurisdiction in which the institution has private sector credit exposures has activated a buffer, and 2.5% of total RWA.^{Footnote 22} The consolidated countercyclical buffer applies to consolidated total RWA (including credit, market, and operational risk) as used in the calculation of all risk-based capital ratios, consistent with it being an extension of the capital conservation buffer. [Basel Framework, RBC 30.12 FAQ1]
Private sector credit exposures in this context refers to exposures to private sector counterparties which attract a credit risk capital charge in the banking book or a risk-weighted equivalent market risk charge for banks' exposures in the trading book as described in Chapter 9.
1. If the SA is applied, the risk-weighted equivalent market risk capital charge for default risk is described in section 9.5.
2. If the IMA is applied, the risk-weighted equivalent market risk capital charge for default risk is described in section 9.6.
[Basel Framework, RBC 30.13 FAQ1]
When considering the jurisdiction to which a private sector credit exposure relates, institutions should use an ultimate risk basis. Ultimate risk refers to the jurisdiction where the final risk lies^{Footnote 23} as opposed to the jurisdiction of the immediate counterparties or where the exposure is booked. [Basel Framework, RBC 30.14]
The decision to activate, increase, decrease or release the countercyclical buffer will be formally communicated. The Superintendent may exempt groups of institutions, other than D-SIBs and foreign bank subsidiaries in Canada, from the countercyclical buffer requirements if the application would not meet the stated objectives of the countercyclical buffer.^{Footnote 24} ^{Footnote 25} The scope of application and the rationale would be described in the OSFI communication. To give institutions time to adjust to a buffer level, OSFI will pre-announce its decision, to activate or raise the level of the countercyclical buffer, by up to 12 months but no less than 6 months. Conversely, decisions to release the countercyclical buffer will normally take effect immediately. Institutions with foreign exposures are expected to match host jurisdictions' implementation timelines unless the announcement period is shorter than 6 months in which case compliance will only be required 6 months after the host's announcement.^{Footnote 26} [Basel Framework, RBC 30.11]
The maximum countercyclical buffer relating to foreign private sector credit exposures will be 2.5% of total RWAs.^{Footnote 27} Jurisdictions may choose to implement a buffer in excess of 2.5%, if deemed appropriate in their national context; in such cases the international reciprocity provisions will not apply to the additional amounts. In addition, institutions are not expected to replicate sectoral buffers or similar measures adopted by foreign jurisdictions that depart from the internationally agreed countercyclical buffer. [Basel Framework, RBC 30.9]
Institutions must ensure that their countercyclical buffer is calculated and publicly disclosed with at least the same frequency as their minimum capital requirements. In addition, when disclosing their buffers, if any, institutions must also disclose the geographic breakdown of their private sector credit exposures used in the calculation of the buffer. [Basel Framework, RBC 30.19]

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Consultation status: Closed

Consultation closed February 18, 2026. We'll keep this draft on the site until the final guideline is released.

To review the version of this guideline currently in effect, please visit Capital Adequacy Requirements (CAR) (2026) – Chapter 3 – Operational Risk.

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Annex 3-2: Detailed Loss Event Type Classification

[Basel Framework OPE 25.17]

Event-Type Category (Level 1)	Categories (Level 2)	Activity Examples (Level 3)
Internal fraud Definition: Losses due to acts of a type intended to defraud, misappropriate property or circumvent regulations, the law or company policy, excluding diversity/ discrimination events, which involves at least one internal party	Unauthorized Activity	Transactions not reported (intentional) Transaction type unauthorized (w/monetary loss) Mismarking of position (intentional)
	Theft and Fraud	Fraud / credit fraud / worthless deposits Theft / extortion / embezzlement / robbery Misappropriation of assets Malicious destruction of assets Forgery Check kiting Smuggling Account take-over / impersonation / etc. Tax non-compliance / evasion (wilful) Bribes / kickbacks Insider trading (not on firm's account)
External fraud Definition: Losses due to acts of a type intended to defraud, misappropriate property or circumvent the law, by a third party	Theft and Fraud	Theft/Robbery Forgery Check kiting
	Systems Security	Hacking damage Theft of information (w/monetary loss)
Employment Practices and Workplace Safety Definition: Losses arising from acts inconsistent with employment, health or safety laws or agreements, from payment of personal injury claims, or from diversity / discrimination events	Employee Relations	Compensation, benefit, termination issues Organized labour activity
	Safe Environment	General liability (slip and fall, etc.) Employee health and safety rules events Workers compensation
	Diversity and Discrimination	All discrimination types
Clients, Products and Business Practices Definition: Losses arising from an unintentional or negligent failure to meet a professional obligation to specific clients (including fiduciary and suitability requirements), or from the nature or design of a product.	Suitability, Disclosure and Fiduciary	Fiduciary breaches / guideline violations Suitability / disclosure issues (KYC, etc.) Retail customer disclosure violations Breach of privacy Aggressive sales Account churning Misuse of confidential information Lender liability
	Improper Business or Market Practices	Antitrust Improper trade / market practices Market manipulation Insider trading (on firm's account) Unlicensed activity Money laundering
	Product Flaws	Product defects (unauthorized, etc.) Model errors
	Selection, Sponsorship and Exposure	Failure to investigate client per guidelines Exceeding client exposure limits
	Advisory Activities	Disputes over performance of advisory activities
Damage to Physical Assets Definition: Losses arising from loss or damage to physical assets from natural disaster or other events.	Disasters and other events	Natural disaster losses Human losses from external sources (terrorism, vandalism)
Business disruption and system failures Definition: Losses arising from disruption of business or system failures	Systems	Hardware Software Telecommunications Utility outage / disruptions
Execution, Delivery and Process Management Definition: Losses from failed transaction processing or process management, from relations with trade counterparties and vendors	Transaction Capture, Execution and Maintenance	Miscommunication Data entry, maintenance or loading error Missed deadline or responsibility Model / system misoperation Accounting error / entity attribution error Other task misperformance Delivery failure Collateral management failure Reference Data Maintenance
	Monitoring and Reporting	Failed mandatory reporting obligation Inaccurate external report (loss incurred)
	Customer Intake and Documentation	Client permissions / disclaimers missing Legal documents missing / incomplete
	Customer / Client Account Management	Unapproved access given to accounts Incorrect client records (loss incurred) Negligent loss or damage of client assets
	Trade counterparties	Non-client counterparty misperformance Miscellaneous non-client counterparty disputes
	Vendors and suppliers	Outsourcing Vendor disputes

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Amendment control log
Amendment number	Effective reporting date	Description
1	2007 Q4	New
2	2008 Q1	Instructions: Add: Footnotes 1, 4 and 16 Wording “if not tranched” Clarification of Undrawn commitments Note under Repo-style Transaction Note under Other off-balance sheet Wording “and Other rated” Additional instructions under Schedule 3 – Capital Elements Additional instructions under Columns for “Before CRM” Additional instructions under third paragraph Additional instructions under Section D – Early Amortization Additional instructions under Treatment of Guarantees Additional instructions under Columns for “Before CRM” Additional instructions under Columns for “After CRM” Additional instructions under Schedule 35 – Credit Risk-weighted Assets Additional instructions under Footnote 7 Additional instructions under Schedule 36 – PD/LGD Approach for IRB Equity Additional instructions under Section B – Securitization exposures subject to ratings-based or internal assessment approach Section C – Advanced Measurement Approach Additional instructions under Schedule 44 – Gross Exposures by Original Obligor and by Ultimate Guarantor Additional instructions under Credit Risk section Additional instructions under Scope of the approach Additional instructions under Timing Delete: Instructions under Exposure Classification and Credit Risk Mitigation (CRM) Wording (e.g. 1.06) Wording “using the substitution approach for guarantees” Wording “CAR” Change: SMEs (treated as Other Retail) changed to SBEs (treated as Other Retail) Reference to Guideline A-3 The level of the scaling factor will be incorporated into the guidelines changed to The level of the scaling factor is 1.06 Wording Decrease in net exposure changed to Adjustment to net exposure Modified instructions under Columns for “Adjustments for CRM” One decimal place to two decimal places under (ii) Internal Model Method
3	2009 Q1	Instructions: Add: Purpose; Statutory; Application; Publication; Contact Person; Reporting Dates; Where to Submit Instructions for BCAR Short Form Additional instructions under Schedule 4 – Allowance for Impairment Instructions for Market-based Approaches Reference to section 3.6 Additional instructions under (i) Current Exposure Method Additional instructions under (ii) Internal Model Method Change: Modified instructions for clarity under Schedule 35 – Credit Risk-weighted Assets Modified instructions under Sections A and B – Basic Indicator and Standardized Approached Annex instructions modified re implementation date and references
4	2010 Q1	Instructions: Add: Additional instructions under Residential Mortgage re Reverse Mortgages Additional “ * ” under Undrawn commitments and related instructions below table Additional instructions under Schedule 3, first paragraph Additional instructions under Risk-weighted Assets Additional instructions under Expected Loss Amount Additional instructions under Risk-weighted Assets Additional instructions under Expected Loss Amount Instructions for Unrealized gains on derivatives Additional instructions under Footnote 9 Change: Modified instructions under Undrawn commitments Modified instructions under Schedule 3, second paragraph Instructions modified under Guaranteed Exposure, by Ultimate Guarantor Delete: Last sentence from the first paragraph under Sections A and B - Basic Indicator and Standardized Approaches
5	2011 Q1	Instructions: Multiple changes were made to the instructions to accommodate IFRS. Change: Page references updated Instructions modified in regards to Banking versus Trading Book Add: Instructions to accommodate separate reporting of securitization exposures Instructions regarding introduction of Stressed Value at Risk components
6	2012 Q1	Instructions: Add: Additional instructions under BCAR Short Form Additional instructions under Schedule 2 – Summary of Risk-weighted Assets Instructions under IRB Methodology – Eligible Allowance Instructions under IRB Methodology – Expected Loss Amount Additional instructions under Credit Risk-weighted Assets under IRB Approach - General Methodology Footnote 4 Instructions under Wholesale IRB Exposures not subject to Double Default Framework Instructions under Columns for “Before CRM” Memo Item for AIRB-approved Institutions using LGD Adjustment to Reflect Guarantees Memo Item for Institutions using LGD Adjustment to Reflect Guarantees Instructions under Schedule 36 - General Methodology Instructions under Section B - General Methodology Instructions for Sections C and D Change: Instructions modified under Corporate Exposure Class Instructions modified under Past Due Loans and Defaulted Exposures Instructions modified under Banking Versus Trading Book Instructions modified under Schedule 3 – Capital Elements Instructions modified under Excess allowance Instructions modified under Schedule 14 & 37 - General Methodology FIRB and AIRB Exposures Subject to Double Default Framework changed to Wholesale IRB Exposures Subject to Double Default Framework Instructions under Columns for “Adjustments for CRM” Instructions under Schedule 29 Instructions under Unallocated accrued interest and other miscellaneous receivables Instructions under Schedule 39 Instructions under Section A References under Section A – Internal Model Requirements Instructions under Incremental Risk Charge Instructions under Modelled Comprehensive Risk Measure References under Section B – Standardized Approach Requirements Instructions for Sections B(ii)(a) to B(ii)(c) Delete: Footnote 1 ‘Pre’ Q1 2012 related instructions under Section B Reference to Schedules 15 to 21 Instructions under Section B - Securitization exposures subject to ratings-based or internal assessment approach Schedule 42 (Pre Q1 2012 instructions) Annex - Interim Approach to Reporting
7	2013 Q1	Instructions: Change: Updated all CAR guideline references Instructions under Basis of Measurement and Reporting Units Instructions under Repo-style Transaction Instructions under OTC Derivatives Instructions under Asses to Capital Multiple Instructions under Schedule 3 – Capital Elements Instructions under Schedule 4 – Allowance for Impairment: Capital Treatment and General Methodology General allowance changes to collective allowance Specific allowances changes to individual allowances Instructions under Schedule 14 – General Methodology Instructions and title for Section A – Select originator securitization exposures Instructions under Section C Instructions under Redistribution of exposures for guarantees and credit derivatives Instructions under Schedule 37 – General Methodology Instructions under Section C – Unrated Exposures – non IAA Instructions under Summary Section Instructions under Unsettled non-DvP trades Instructions under Section A – All Derivatives – Notional Principal Amount Section B – OTC Derivatives changes to Section B – Counterparty Credit Risk Exposure for Default Risk Capital Requirements Instructions under Section B – General Methodology Instructions under (ii) Internal Model Method Instructions under Section B(ii) Interest Rate Position Specific Risk – Tranched products & hedges Instructions under Instructions for Sections B(ii)(a) to B(ii)(c) during the interim treatment period from Q1 2012 to Q4 2013 Instructions under Instructions for Sections B(ii)(a) to B(ii)(c) to take effect Q1 2014 (after the interim treatment period ends) Instructions under Section C – Total Minimum Capital Charge for Market Risk (not including deductions) Instructions under Section D – Valuation Adjustments for Less Liquid Positions Instructions under Section C – Advanced Measurement Approach Instructions under Adjustment to reflect differences in balance sheet exposure amounts resulting from measurement bases used for accounting purposes Delete: One sentence under General Instructions Addback of select 50/50 securitization deductions Instructions under Schedule 36 – General Methodology Add: 1A Ratios, Capital, and Risk-weighted Assets on Transitional Basis 3A Qualifying Capital Issued Out of Subsidiaries Basis of Basel III Calculations Schedule 1A – Ratios, Capital and Risk-weighted Assets on Transitional Basis Credit or market risk-weighted assets calculated on the deducted portion of non-significant investments in financials Section A – Calculation of Total Capital Section B – Calculation of Basel III deduction for investments in the capital of banking; financial and insurance entities where the reporting FI does not have a significant investment in the entity Section C – Calculation of Basel III deduction for significant investments in common equity; deferred tax assets arising from temporary differences; and mortgage servicing rights Section D – Phase-out of non-qualifying capital instruments Section E – Memo Items Schedule 3A – Qualifying Capital Issued Out of Subsidiaries Instructions under Net collective allowance allocated to standardized and IRB portfolios Instructions under IRB Methodology – Eligible Allowance Instructions under Columns for “Before CRM” Instructions under Weighted Ave. Maturity Instructions under Weighted Ave. Maturity of credit protection Section C – Credit Valuation Adjustments (CVA) on Bilateral OTC Derivatives Section D – Exposures to Qualifying Central Counterparties Section E – Default Fund Contributions to Non-Qualifying Central Counterparties Instructions under Schedule 40 – Derivative Contracts Instructions under (i) Current Exposure Method Deducted portion of non-significant investments in financials AOCI, CCP, CETI and CVA under Abbreviations
8	2014 Q1	Instructions: Change: Instructions under BCAR Short Form Instructions under Basis of Measurement and Reporting Units Instructions under Schedule 1A – Ratios, Capital and Risk-weighted Assets on Transitional Basis – Section B Instructions under Adjustment to IRB risk-weighted assets for scaling factor Instructions under Section D – Phase-out of non-qualifying capital instruments Instructions under footnote 13 Instructions under Section B – Counterparty Credit Risk Exposure for Default Risk Capital Requirements – (i) Current Exposure Method, and (ii) Internal Model Method Instructions under Section B(ii)(a) Non-correlation Trading Portfolios - Net position – summation of net long and absolute value of net short positions Instructions under Section B(ii)(c) Basket Credit Default Swaps Add: Instructions under Section 1 - Adjustment (to risk-weighted assets) for floor Instructions under Section 2 – Credit valuation adjustment grandfathering phase-in Footnotes 4 and 9 Instructions under Section B – Calculation of Basel III deduction for investments in the capital of banking, financial and insurance entities where the reporting FI does not have a significant investment in the entity Instructions under Redistribution of exposures for guarantees and credit derivatives Instructions under Memo Item for AIRB-approved Institutions using LGD Adjustment to Reflect Guarantees Instructions for Adjustments to gross balances to reflect balance sheet assets Instructions under Section C – Credit Valuation Adjustments (CVA) on Bilateral OTC Derivatives Instructions under Multiplier Level Instructions under Section A(ii) Stressed Value at Risk Component Delete: Footnote 4 “Note:….” under Section C Paragraph under “Unrated” - Section B(ii)(a) Non-correlation Trading Portfolios - Net position – summation of net long and absolute value of net short positions Instructions for Sections B(ii)(a) to B(ii)(c) to take effect Q1 2014 (after the interim treatment period ends)
9	2015 Q1	Instructions: Add: Additional instructions under Schedule 1 - Ratio Calculations Additional instructions under Schedule 3 ‑ Capital Elements Additional instructions under Schedule 4 ‑ Allowance for Impairment: Capital Treatment Change: Instructions replaced under Schedule 1 - Assets to Capital Multiple Page number references updated Datapoint address reference updated Instructions updated under Section D – Valuation Adjustments for Less Liquid Positions Instructions under Schedule 45 - General Methodology
10	2017 Q1	Instructions: Change: Instructions under Purpose Email address regarding BCAR short form notification Instructions under Basis of Measurement and Reporting Units Instructions under Calculation versus Reporting Detail Instructions under Credit Risk and Schedule Completion Instructions under Residential Mortgage Schedule 1 – Ratio and Assets to Capital Multiple Calculations changes to Schedule 1 – Ratio Calculations Instructions under Credit valuation adjustment grandfathering phase-in Instructions under Schedule 3 – Capital Elements Instructions under Schedule 4, General Methodology Instructions under Notional Principal Amount, and Gross exposure (Exposure at Default) before CRM Instructions under Redistribution of exposures for guarantees and credit derivatives Instructions under Schedule 35, General Methodology Delete: All references to paragraph numbers Assets to Capital Multiple Add: Cooperative retail associations under General Instructions Memo item: Institution’s own internal capital targets Instructions under Redistribution of net exposures for guarantees & credit derivatives, and collateral Schedule 12 – Banking Book Equity under the Standardized Approach Schedules 30 to 31 – Credit Risk weighted Assets under the IRB Approach for Retail Residential Mortgage and HELOC Equity investment in funds Instructions under (ii) Internal Model Method Schedule 46 – Countercyclical Buffer Abbreviation CCyB
11	2018 Q1	Instructions: Add: Instructions under Purpose Instructions under General Instructions Instructions under Exposure Classification and Credit Risk Mitigation (CRM) Instructions under Banking Versus Trading Book Instructions for 80% Threshold calculation for IRB banks Instructions under Schedule 3 – Capital and TLAC Elements Instructions under Section A – Calculation of Total Capital and TLAC Available Instructions under Section B – Calculation of Basel III deduction for investments in the capital of banking, financial and insurance entities where the reporting FI does not have a significant investment in the entity Instructions under Schedules 5 to 13 – Credit Risk-weighted Assets under the Standardized Approach Instructions under Increase in Exposure for Guarantees, Credit Derivatives Instructions under Redistribution of exposures for guarantees and credit derivatives Schedules 22A, 26, 30 and 31 – Credit Risk weighted Assets under the IRB Approach for Insured Retail Residential Mortgage, HELOC Schedules 22, 26, 30, 32 and 34 – Credit Risk weighted Assets under the IRB Approach for Insured exposures subject to DLGD floor Instructions under Schedule 35 – Credit Risk-weighted Assets under the IRB Approach for Equity Instructions under Section B - (i) Current Exposure Method Schedule 40A – Derivative Contracts Footnotes 14, 15 and 16 RWA for guaranteed exposure, by Ultimate Guarantor Instructions under CCyB add-on rate (M46) Instructions under Weighted buffer add-on (M47) SA-CCR Standardized approach to counterparty credit risk Change: Instructions under Schedule 1 – Ratio Calculations Instructions under Contact Person Instructions under Calculation versus Reporting Detail Schedule 3 – Capital Elements changes to Schedule 3 – Capital and TLAC Elements Section A – Calculation of Total Capital changes to Section A – Calculation of Total Capital and TLAC Available Wording change under Schedules 14 and 37 – Securitization – Credit Risk Treatment Wording change under Schedule 14 – Standardized Approach for Securitization – Credit Risk Treatment Schedules 30 to 31 – Credit Risk weighted Assets under the IRB Approach for Retail Residential Mortgage and HELOC changes to Schedules 30, 31, 32 and 34 – Credit Risk weighted Assets under the IRB Approach for Retail Residential Mortgage, HELOC, Other Retail and SBE treated as Other Retail Wording change under Summary Section Wording changes under Schedule 45 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet Delete/Change: Under BCAR short form, schedule 1A has been deleted and schedule 3 is renamed to Capital and TLAC Elements Instructions under Schedule 4 – Allowance for Impairment: Capital Treatment Delete: Schedule 1A – Ratios, Capital and Risk-weighted Assets on Transitional Basis Wording under Section E – Memo items Return Template: Change: Collective allowance to Stage 1 and 2 allowances under Schedules 1, 3, 4, 5-12, 14, 37, 38, 41 and 45 Individual allowance to Stage 3 allowance under Schedules 1, 3, 4, 5-12, 14, 37, 38, 41 and 45 Add: TLAC ratios under Schedules 1 and 3 TLAC holdings/instruments (multiple DPAs added) under Schedules 1 and 3 Membership shares and Other qualifying CET1 instruments for Federal credit unions under Schedule 3 Memo items under Schedules 9, 22A, 26, 30, 31, 32 and 34 Breakdown of drawn/undrawn exposures under Schedules 35 and 45 Column “Other contracts” under Schedule 40 Schedule 40A Columns (K-N) “RWA for guaranteed exposure, by ultimate guarantor” under Schedule 44 Delete: Schedule 1A DPA 1574 under Schedule 3
12	2019 Q1	Instructions: Delete: Instructions under Basis of Basel III Calculations Instructions under Credit valuation adjustment grandfathering phase-in Section D – Early Amortization under Schedule 37 Section B – (i) Current Exposure Method under Schedule 40 Schedule 40A – Derivative Contracts Add: Instructions under 80% Threshold calculation for IRB banks (ii) Risk-weighted assets Schedule 2A – Summary of risk-weighted assets under the capital floor Instructions for Transitional arrangements Section B – SEC-IRBA Exposures under Schedule 37 Redistribution of net exposures for guarantees & credit derivatives, and collateral under Schedule 37 – Section C Adjustment to net exposure for collateral under the comprehensive approach under Schedule 37 – Section C Weighted Average Maturity under Schedule 37 – Section C Right of use asset under Schedule 38 Instructions under Schedule 38 - Section D – Exposures to Qualifying Central Counterparties Instructions under Schedule 40 - Section A – All Derivatives – Notional Principal Amount Section B - (i) Standardized Approach for counterparty credit risk under Schedule 40 Section A(iii) Risks not in VaR Component under Schedule 42 Change: Instructions under Schedule 1 – Ratio Calculations Instructions under Schedule 4 - IRB Methodology – Eligible Allowance (including partial write-offs) Instructions under Schedule 4 - Net Stage 1 and Stage 2 allowance allocated to standardized and IRB portfolios Instructions under Schedules 5 to 13 - Columns for “Before CRM” Instructions under Schedule 14 – Standardized Approach for Securitization – Credit Risk Treatment Instructions under Schedules 14 and 37 – Securitization – Credit Risk Treatment Schedule 37 – IRB Approach for Securitization – Credit Risk Treatment to Schedule 37 – Securitization exposures subject to IRB approval – Credit Risk Treatment and related instructions Section B – Securitization exposures subject to ratings-based or internal assessment approach to Section C – Securitization exposures subject to the internal assessment approach (IAA) and related instructions Section C – Unrated Exposures – non IAA to Section D – Exposures subject to caps based on K_IRB Instructions under Schedule 37 - Memo items Instructions under Schedule 40 - Section B – General Methodology Instructions under Schedule 41 - Securitization Exposures Return Template: Change: Wording under rows 6, 7, 8, 32, 33, 34, 37, 38, 39, 48 under Schedule 1 DPAs 1188, 1012 and 1016 moved to Schedule 2A under Schedule 1 Wording under row 74 under Schedule 2 Calculation reference updated under column (M47) under Schedule 46 Add: DPAs 1200, 1201 and 1202 under Schedule 1 Schedule 2A Line 716 under Drawn (501) under Schedule 9 Right of use asset (row 27) under Schedule 38 Footnote (v) under Schedule 38 Trade Exposure and Default Fund – Where RWA cap is binding (rows 137-140) under Schedule 38 DPA 7506 under Schedule 42 Delete: DPAs 1169, 1170, 1171, 1172, 1173, 1174, 1775, 1776, 1177, 1010, 1011, 1013, 1014 and 1016 under Schedule 1 DPAs 1473, 1474, 1475, 1476, 1477, 1478 and 1479 under Schedule 2 DPA 1730 under Schedule 3 References under DPAs 1731 and 1732 under Schedule 3 Columns (M2) and (M5) greyed out under the OTC Derivatives (504) lines under Schedules 22A, 22B, 23A, 23B, 24A, 24B, 25A, 25B, 26, 27, 28, 32 and 34 Sub-heading “Risk-Sensitive Waterfall Approach” under Section D under Schedule 38 Column “Gross Exposure” under Section D under Schedule 38 Alternative Approach (rows 142-156) under Schedule 38 Columns “Risk Weight” and “Risk-weighted Assets” greyed out under rows 126 and 127 under Schedule 38 Removal of each of the sections under IMM for “collateral is not reflected in EAD” as this was for the Shortcut method which is no longer permitted under Schedule 40 DPA 4801 under Schedule 40 Schedule 40A Add/Delete: Implementation of the revised securitization framework: Breakdown into STC, non-STC and resecuritization under Schedules 14, 37 and 41 As a result of the implementation of SA-CCR, removal of current DPAs for precious metal and other commodities and addition of new DPAs for commodities in the section A under Schedule 40
13	2020 Q1	Instructions: Delete: Instructions under Schedule 1 – Ratio Calculations Instructions under Schedules 14 and 37 - Transitional arrangements Section C – Advanced Measurement Approach under Schedule 43 Add: Instructions under Schedule 3 – Capital and TLAC Elements Instructions under Schedule 4 - Net Stage 1 and Stage 2 allowance allocated to standardized and IRB portfolios Instructions under Schedule 4 - IRB Methodology – Eligible Allowance (including partial write-offs) Instructions under Schedule 40 – Section B - (i) Standardized Approach for counterparty credit risk Footnote 13 Instructions under Schedule 44 - RWA for guaranteed exposure, by Ultimate Guarantor Change: Wording under footnotes 9 and 10 Instructions under Schedule 2A – Summary of risk-weighted assets under the capital floor Instructions under Schedule 43 – General Methodology Return Template: Delete: DPA 1456 under Schedule 2 DPA 3101 under Schedule 14 DPA 5613 under Schedule 37 All DPAs under “Section C – Advanced Measurement Approach” greyed out under Schedule 43 Add: DPA 1198 under Schedule 2A Memo: Capital floor credit risk-weighted assets by ultimate guarantor (16 DPAs) under Schedule 2A DPA 1501 under Schedule 3 Memo: Internal allocation of Stage 1 and Stage 2 allowance (69 DPAs) under Schedule 4 Column “Incomplete acquisitions and dispositions” under Memo Item and footnote * under Schedule 38 Column “RWA for Exposure Not Guaranteed” under Schedule 44 DPA 8929 under Schedule 45 Change:** Risk weight under row 61 under Schedule 37 Wording under rows 19, 22, 25, 50 and 53 under Schedule 41 Wording under DPA 8927 under Schedule 45
14	2020 Q4	Instructions: Add: Memo item 2: Capital ratios without Expected Credit Loss (ECL) Transitional Arrangements under Schedule 1 ECL Transitional Arrangements under Schedule 4 Section E – Summary under Schedule 14 Section F – Memo items under Schedule 14 Change: Instructions under Schedule 4 - General Methodology Instructions under Schedules 14 and 37 – Securitization – Credit Risk Treatment Instructions under Schedule 37 – General Methodology Summary Section changed to Section E – Summary under Schedule 37 and related instructions Memo items changed to Section F – Memo items under Schedule 37 and related instructions Return Template: Add: Memo item – Capital ratios without Expected Credit Loss (ECL) Transitional Arrangements under Schedule 1 DPAs 1503 and 1504 under Schedule 3 ECL Transitional Arrangements under Schedule 4 Change: Output Floor to Capital Floor under Schedule 2A Wording under DPAs 1612 and 1613 under Schedule 3 All line references updated under Schedule 3 Wording under DPA 2602 under Schedule 4 Wording under DPA 3704 under Schedule 37 Delete: DPAs 4758 and 4759 under Schedule 37
15	2021 Q4	Instructions: Change: Instructions under Schedule 42 - Section A(iii) Risks not in VaR Component Return Template: No changes made
16	2023 Q2	A comprehensive review of the BCAR instructions and return template was performed in 2021/22. Significant changes have been made to the Q2 2023 BCAR return template and instructions. All readers are encouraged to completely review the 2023 edition.
17	2024 Q2	Instructions: Add: for Residential Real Estate and Residential Real Estate Exposures under 2023 BCAR Exposure Class Crypto-asset Exposures Instructions for Section A – Calculation of Total Capital and TLAC Available under Schedule 20.010 PMI Backstops under 40 Series Schedules Junior Liens 1.25 Multiplier under 40 Series Schedules BA-CBA, DRC, IMA, PMI, RRAO and SA-CVA under Abbreviations Change: Instructions under Schedule 10.030 – Summary of Capital Floor RWAs Instructions for Schedule 80.010 – Credit Valuation Adjustments (CVA) Risk-Weighted Assets Instructions for Schedule 90.010 – Market Risk Delete: Instructions for Market Risk section under Schedule 10.070 Instructions for Memo Item for Institutions using LGD Adjustment to Reflect Guarantees under Schedules 50.160 to 50.210 VaR under Abbreviations Return Template: Add: DPAs 10525, 10526 and 10527 under Schedule 10.050 DPAs 10892 to 10908 under Schedule 10.080 DPAs 17000 to 17014 under Schedule 10.090 DPAs 12607, 12608 and 12609 under Schedule 20.030 85% Unrated (759) Risk weight under Schedules 40.100 and 70.010 DPAs 13983 and 13984 under Schedule 40.120 Drawn (501) Risk weight – 55% PMI Backstop (811), 77% PMI Backstop (812), 88% PMI Backstop (813), 154% PMI Backstop (816), 165% PMI Backstop (817), 187% PMI Backstop (818) and Junior Liens 1.25 Multiplier (820) under Schedule 40.190 Undrawn Commitments (502) Risk weight – 44% PMI Backstop (795) to 220% PMI Backstop (787), 55% PMI Backstop (811), 77% PMI Backstop (812), 88% PMI Backstop (813), 154% PMI Backstop (816), 165% PMI Backstop (817), 187% PMI Backstop (818) and Junior Liens 1.25 Multiplier (820) under Schedule 40.190 Drawn (501) Risk weight – 55% PMI Backstop (811), 77% PMI Backstop (812), 88% PMI Backstop (813), 154% PMI Backstop (816), 165% PMI Backstop (817), 187% PMI Backstop (818) and Junior Liens 1.25 Multiplier (820) under Schedule 40.200 Undrawn Commitments (502) Risk weight – 44% PMI Backstop (795) to 330% PMI Backstop (787), 55% PMI Backstop (811), 77% PMI Backstop (812), 88% PMI Backstop (813), 154% PMI Backstop (816), 165% PMI Backstop (817), 187% PMI Backstop (818) and Junior Liens 1.25 Multiplier (820) under Schedule 40.200 Drawn (501) Risk weight –77% PMI Backstop (812), 99% PMI Backstop (814), 132% PMI Backstop (815), 165% PMI Backstop (817), 231% PMI Backstop (819) and Junior Liens 1.25 Multiplier (820) under Schedules 40.210, 40.220, 40.220a and 40.220b Undrawn Commitments (502) Risk weight – 66% PMI Backstop (798) to 330% PMI Backstop (791), 77% PMI Backstop (812), 99% PMI Backstop (814), 132% PMI Backstop (815), 165% PMI Backstop (817), 231% PMI Backstop (819) and Junior Liens 1.25 Multiplier (820) under Schedules 40.210, 40.220, 40.220a and 40.220b Drawn (501) and Undrawn Commitments (502) Risk weight – Junior Liens 1.25 Multiplier (820) under Schedules 40.230 and 40.240 300% (821) Risk weight under Schedule 40.250 Change: Incremental Risk Weight Multiplier to Risk Weight 105% under Schedule 10.090 Reference for DPAs 1692 and 1634 updated under Schedule 20.010 Reference for DPA 1998 under Schedule 20.030 Unshaded the 0% Rated (801) Risk-weighted Assets (M7) under Schedules 40.010 and 40.020 Unshaded cell 0% Rated (801) National Principal Amount (M12) for Undrawn Commitments, OTC Derivatives and Other off-balance sheet under Schedule 40.030 Memo item for AIRB Institutions using PD substitution for Insured mortgages moved from Schedule 50.010 to 50.020 Memo item for AIRB Institutions using PD substitution for Insured mortgages – DLGD floor moved from Schedule 50.010 to 50.020 Existing information/DPAs on Schedules 80.010 and 90.010 deleted and replaced with all new information/DPAs Delete:** DPAs 10184 and 10185 under Schedule 10.020 DPAs 10367 and 10431 under Schedule 10.030 Drawn (501) Risk weight - 330% PMI Backstop (791) under Schedule 40.190 Drawn (501) Risk weight – 44% PMI Backstop (795) under Schedules 40.210, 40.220, 40.220a and 40.220b Drawn (501) Risk weight – 44% PMI Backstop (795), 66% PMI Backstop (798), 110% PMI Backstop (807), 220% PMI Backstop (787) and 330% PMI Backstop (791) under Schedules 40.230 and 40.240
18	2025 Q1	Instructions: Change: Instructions under Contact Person Exposure calculations under General Instructions Instructions under Schedule 10.010, Ratio Calculations Instructions under Schedule 10.030, Summary of Capital Floor RWAs Delete: Last paragraph under Schedule 90.010, Section D Return Template: Add: Countries Armenia, Chile, Czech Republic, Denmark and Philippines under Schedules 10.040 and 10.041 New DPA 16462 under Schedule 20.010 50% Base Unrated (822) for Drawn (501), Undrawn Commitments (502), Repo-style Transactions (503), OTC Derivatives (504) and Other off-balance sheet (505) under Schedules 40.040 and 40.060 44% PMI Backstop (795), 66% PMI Backstop (798), 110% PMI Backstop (807), 220% PMI Backstop (787) and 330% PMI Backstop (791) under Undrawn Commitments (502) under Schedule 40.060 20% Short-term rated (766), 50% Short-term rated (767). 100% Short-term rated (824) and 150% Short-term rated (768) under Schedules 40.070, 40.080, 40.090 and 40.100 OTC Derivatives (504) under Schedule 40.180 Total (500) under Memo Item for IRB Institutions Using LGD Adjustment to Reflect Guarantees under Schedule 50.020 New DPA 16128 under Schedule 80.010 New sections High Correlation Scenario, Medium Correlation Scenario and Low Correlation Scenario under Schedule 90.010 Delete: Country Russia under Schedules 10.040 and 10.041 DPAs 15620 to 15659 under Schedule 10.060 Change: Label for DPA 1586 under Schedule 20.010 Formula for DPA 13212 under Schedule 30.010 Sub-title Capital requirements for netting sets carved out that use reduced BA-CBA changes to Capital requirements for netting sets carved out that use full BA-CBA under Schedule 80.010 Formula for DPA 16124 under Schedule 80.010 Labels General interest rate risk (GIRR) changes to General interest rate risk (GIRR): non-IRT under Sections B and C under Schedule 90.010 Formula for DPAs 16320 and 16420 under Schedule 90.010
19	2026 Q1	Instructions: Add: A breakdown of corporate exposures by size was added Clarification on how to distinguish and report Board-approved versus management-level capital targets was added under Schedule 10.010 – Ratio Calculations Guidance was added on aligning blank, zero, and non-zero values between schedules 30.010 to 90.010 and the corresponding DPAs in summary schedules 10.020 or 10.030 Descriptions on Schedule 10.100 – Summary of Crypto-asset Exposures was added An obsolete paragraph regarding the interim approach to cryptoassets was removed Clarification on breakdowns of securitization exposures into synthetic and traditional was added under Schedule 60.010 and Schedule 60.020 Crypto risk(Group 2a) was added under Section B(i) – Sensitivities-based method under Schedule 90.010 Clarification on the requirement to report additional SA capital charges for FVA hedges not exempt from the market risk framework was added under Schedule 90.010 Change: Statement was added confirming the capital floor will remain at 67.5% until further notice, with at least two years’ advance notice before any future increase Detailed list of line items from schedule 10.020 to be excluded from the calculation of private sector credit exposures was added, replacing the previous general exclusions. A reference paragraph 274, CAR Chapter 4 was updated Clarification was added that the IRB threshold in section 6.5.2.3 applies when 95% or more of underlying exposures are IRB, rather than strictly 95% A reference to CAR, Chapter 6, section 6.2.1.12 was updated to section 6.2.1.13 Paragraph references to CAR, Chapter 9 were updated Delete: Reference to DPA 1532 on Schedule 20.00 was deleted under Schdeule 10.070 Return Template: Add: DPAs 17240 & 17241 to schedule 10.020 Breakdown of institution's own internal capital and TLAC targets into its board and management targets under Schedule 10.010 A new schedule was added - Summary of Crypto-asset Exposures under Schedule 10.100 Schedule 10.100 was updated to reflect the October 29th, 2025 Group 2 crypto-asset exposure limit increase Placeholders were added under Schedule 20.010 Adjusted Common Equity Tier 1 Capital after Allocated, Individual, and Basket Threshold Deductions was added under Schedule 20.010 Breakdowns of Subtotal - Senior and Non-senior non-STC transactions were added under Schedule 60.010 A breakdown of the Total rated exposures was added under Schedule 60.010 Breakdowns of Subtotal- non-STC transactions and Subtotal-Resecuritization transactions were added (Panel C(i)) under Schedule 60.010 Originator synthetic transaction for other unrated exposures was added under Schedule 60.010 A breakdown of Total unrated exposures was added under Schedule 60.010 Originator synthetic transactions for Senior exposures measured under the look-through approach was added under Schedule 60.010 Originator synthetic transactions for Exposures measured under the overall cap was added under Schedule 60.010 A breakdown of the Total exposures subject to risk weight caps was added under Schedule 60.010 A table for originator senior synthetic transactions was added under Schedule 60.020 A table for originator non-senior synthetic transactions was added under Schedule 60.020 A line for originator synthetic transactions under model risk add-on RWA was added under Schedule 60.020 A breakdown of subtotal-SEC-IRBA exposures was added under Schedule 60.020 A breakdown of subtotal-IAA exposures under non-senior Non-STC transactions was added under Schedule 60.020 Lines for originator synthetic transactions and investor synthetic transactions were added under Schedule 60.020 RWAs for securitized assets - measured under SEC-IRBA/SEC-IAA were added under Schedule 60.020 A new column for Crypto contracts was added under Schedule 70.030 Lines for crypto-asset risk were added under Schedule 90.010 A line for 'SA capital charge for Funding Valuation Adjustments hedges of the funding spread that are not exempt' was added under Schedule 90.010 Change: Description for DPA 8381 was revised under Schedule 30.010 Footnote - description was revised under Schedule 30.010 Footnote - description was revised under Schedule 90.010

BUG-0016 figcaption being stripped from figure.

Example:

An institution acquired a business two years ago (i.e. at the beginning of Year 9 in Schedule B(i)). Year 9 and Year 10 in the institution's BI calculation already include income and expenses of the acquired business, since it was consolidated into the institution starting in Year 9. For Year 8, the acquired business was not consolidated into the institution's P3 and M4 Return, and therefore income from the acquired business is not included in the calculation of the BI for Year 8.

In this case, the institution should include an Adjustment for Mergers and Acquisitions by calculating a BI using actual financial data of the acquired business for Year 8, and zeros for Years 9 and 10.

For example, if the acquired business had $100MM of interest income, $80MM of interest expense and $2MM in Dividend Income in Year 8, and $2B in interest-earning assets at the end of Year 8, the ILDC to calculate the BI for the purposes of the Adjustment for Mergers and Acquisitions, should be calculated as follows.

$MM	Year 8	Year 9	Year 10	3-Year Average
Interest-Earning Assets	2,000,000	0	0	666,667
2.25% of 3-year average of Interest-Earning Assets	no data	no data	no data	15,000
Interest Income	100,000	0	0	no data
Interest Expense	80,000	0	0	no data
Absolute Value of Net Interest Income	20,000	0	0	6,667
Dividend Income	2,000	0	0	667
Interest, Lease and Dividend Component (ILDC)	no data	no data	no data	7,334

BUG-0017 lists being stripped from footnote dd.

BCAR Exposure Class	CAR Guideline Reference
Sovereigns and Central Banks	Sections 4.1.1 and 5.2.1(ii)
Public Service Entities (PSEs)	Sections 4.1.2 and 5.2.1(iii)
Multilateral Development Banks (MDBs)	Sections 4.1.3 and 5.2.1(ii)
Banks (excluding Covered Bonds)	Section 4.1.4 and 5.2.1(iv)
Covered Bonds	Sections 4.1.5 and 5.2.1(iv)
Corporate^{Banking Book Exposure Classes - Table footnote *}	Sections 4.1.7 and 5.2.1(i)
Specialized Lending	Sections 4.1.7 and 5.2.1(i)
Subordinated Debt, Equity and Other Capital Instruments	Section 4.1.8 and 5.2.1(iv)
Regulatory Retail	Sections 4.1.9 and 5.2.1(v)
Non-regulatory Retail	Sections 4.1.9 and 5.2.1(v)
Residential Real Estate^{Banking Book Exposure Classes - Table footnote **}	Sections 4.1.11 and 5.2.1(v)
Residential Real Estate Exposures that do not meet expectations related to B-20^{Banking Book Exposure Classes - Table footnote **}	Sections 4.1.11 and 5.2.1(v)
Commercial Real Estate (CRE)	Sections 4.1.12 and 5.2.1(i) An exposure secured by any immovable property that is not residential real estate. Subcategories: General CRE – an exposure secured by any immovable property that is not residential real estate. These exposures do not meet the criteria of income-producing CRE and land acquisition, development and construction (ADC). Income-Producing CRE – CRE where the prospects for servicing the loan materially depend on the cash flows generated by the property securing the loan, rather than on the capacity of the borrower to service the debt from other sources, and the land ADC criteria are not applicable.
Land acquisition, development and construction (ADC)	Sections 4.1.13 and 5.2.1(i)
Reverse Mortgages	Section 4.1.14
Mortgage-Backed Securities (MBS)	Section 4.1.15
Other credit risk-weighted assets	Section 4.1.23
Equity Investments in Funds	Section 4.1.22 and 5.2.2(iii)
Banking Book Exposure Classes - Table footnotes Banking Book Exposure Classes - Table footnote * Corporate exposure includes: Large Corporate (annual revenues > $750MM) – which include exposures to U.S. Government Sponsored Enterprises (GSEs); Mid-sized ($75MM <= annual revenues <=$750MM); SMEs treated as Corporate (annual revenues < $75MM); and Securities Firms and Other Financial Institutions Treated as Corporate (annual revenues > $75MM). Return to Banking Book Exposure Classes - Table footnote * referrer Banking Book Exposure Classes - Table footnote Real estate exposures held by wholesale borrowers, even if secured by principal residences, are not eligible for the treatment of residential real estate and should be treated as Commercial Real Estate. Such exposures should be reported in schedule 40.230 or 40.240 (or schedule 50.260 or 50.270 for IRB) depending on whether or not repayment is materially dependent on cash flows generated by property, respectively. Return to Banking Book Exposure Classes - Table footnote referrer

BUG-0018-19 definition lists in td's

Amendment control log
Amendment number	Effective reporting date	Page number	Description
1	Q4 2000	1	Add: Section 600 of the Bank Act (applies to Foreign Bank Branches) Change: Section 523 of the Bank Act is now Section 628
2	Q4 2005	2, 3	Delete: Country Risk Allowances
3	Q4 2007	2, 4	Change: On-Balance Sheet to Recognized Off-Balance Sheet to Unrecognized
4	Q4 2008	2	Change: The return template copy has been deleted from these instructions and has been posted as a separate item on OSFI's website
4	Q4 2008	2, 3	Change: Balance Sheet Asset references
5	Q4 2010	Instructions:
		3	Add: (a)(i) Amortizing/traditional under 4. Mortgage Loans (a)(ii) Reverse mortgages under 4. Mortgage Loans
		Return Template:
		3	Add: 4(a)(i) and (ii)
6	Q4 2012	Instructions:
		2	Change: Group allowances changes to collective allowances
		Return Template:
		1	Change: Group allowances changes to collective allowances
7	Q1 2018	Instructions:
7	Q1 2018	2	Change: Instructions under General Instructions

BUG-20 - 21 List class exploding to p tags + Headings and sections being stripped

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