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.

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, 2024
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	38,381.37
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	38,381.37
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	38,381.37
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	38,381.37
Exemption from material banking group status	Minister	Section 508(3) of the Bank Act	Within 90 calendar days of receipt	9,595.62
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	9,595.62
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	9,595.62
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	4,798.92
Written, precedent-setting ruling relating to the quality of capital	Quality of capital	N/A	Within 180 calendar days of receipt	7,676.72
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. This fee is exempt from adjustment.
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	5,757.82
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	958.89
Accreditation of a provincial reinsurer	Superintendent non-deemed	N/A	Within 60 calendar days of receipt	4,798.92
Written interpretation of acts, regulations, guidelines or rulings	Rulings and interpretations	N/A	Within 180 calendar days of receipt	4,798.92

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

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