Fees Report - Fiscal year 2019-20

Publication type
Fees report
Date

The Honourable Chrystia Freeland, P.C., M.P.
Minister of Finance

© Her Majesty the Queen in Right of Canada, represented by the Minister of Finance, 2020

Catalogue No. IN3-34E-PDF

ISSN 2562-1734

This document is available on the Government of Canada website at www.canada.ca

This document is available in alternative formats upon request.

 

Table of contents

    Superintendent's message

    Jeremy Rudin

    On behalf of the Office of the Superintendent of Financial Institution (OSFI), I am pleased to present our report on fees for 2019-20.

    The Service Fees Act provides a modern legislative framework that enables cost-effective delivery of services and, through better reporting to Parliament, improves transparency and oversight.

    This year’s report continues to provide detail on each fee, such as the type and rate of adjustment, the service standard and the performance result. This information provides context on each fee, in the spirit of open and transparent fee management.

    I will continue to lead OSFI’s transition to the reporting regime provided under the Service Fees Act.

    Jeremy Rudin
    Superintendent

    About this report

    This report, which is tabled under section 20 of the Service Fees Act and section 4.2.8 of the Directive on Charging and Special Financial Authorities, contains information about the fees that OSFI had the authority to set in 2019–20.

    Government of Canada departments may set fees for services, licences, permits, products, the use of facilities; for other authorizations of rights or privileges; or to recover, in whole or in part, costs incurred in relation to a regulatory scheme.

    For reporting purposes, fees must be categorized under the following three fee setting mechanisms:

    1. Act, regulation or fees notice
      • An act of Parliament delegates the fee setting authority to a department, minister or Governor in Council.
    2. Contract
      • Ministers have the authority to enter into contracts, which are usually negotiated between the minister and an individual or organization, and which cover fees and other terms and conditions. In some cases, that authority may also be provided by an act of Parliament.
    3. Market-rate or auction or both
      • The authority to set these fees is pursuant to an act of Parliament or regulation, and the minister, department or Governor in Council has no control over the fee amount.

    This report contains information about all fees that are under OSFI’s authority, including any that are collected by another department.

    The information covers fees that are subject to the Service Fees Act.

    For fees set by contract, fees set by market-rate, auction or both, the report provides totals only. For fees set by act, regulation or fees notice, it provides totals for fee groupings, as well as detailed information for each fee.

    Although the fees that OSFI charges under the Access to Information Act are subject to the Service Fees Act, they are not included in this report. Information on OSFI’s access to information fees for 2019–20 can be found in our access to information report, which is posted on OSFI’s website.

    Remissions

    A remission is a partial or full return of a fee to a fee payer who paid for a service for which a department deemed that the service standard was not met.

    Under the Service Fees Act, departments must develop policies for determining whether a service standard has been met and for determining how much of a fee will be remitted to a fee payer if a service standard is not met. This requirement will not take effect until April 1, 2021, so this report does not include remissions issued under the Service Fees Act. It does, however, include remissions issued under OSFI’s enabling legislation.

    Overall totals, by fee setting mechanism

    The following table presents the total revenue, cost and remissions for all fees that OSFI had the authority to set in 2019–20, by fee setting mechanism.

    Overall totals for 2019–20, by fee setting mechanism
    Fee setting
    mechanism
    Revenue ($) Cost ($) Remissions ($)
    Fees set by
    contract
    0 0 Remissions do not apply to
    fees set by contract.
    Fees set by
    market-rate,
    auction or both
    0 0 Remissions do not apply to
    fees set by market-rate,
    auction or both
    Fees set by act,
    regulation or fees
    notice
    178,078,609 178,078,609 0
    Total 178,078,609 178,078,609 0

    Totals, by fee grouping, for fees set by act, regulation or fees notice

    The following tables present, for each fee grouping, the total revenue, cost and remissions for all fees that OSFI had the authority to set in 2019–20 that are set by any of the following:

    • act
    • regulation
    • fees notice

    A fee grouping is a grouping of all the fees that a department has the authority to set for activities relating to a single business line, directorate or program.

    Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit: totals for 2019–20
    Fee grouping Superintendent Non-deemed Approvals except Deposit and
    Trust Agreements and Letters of Credit
    Revenue ($) Cost ($) Remissions ($)
    19,624 19,624 Not applicable
    Ministerial Approvals: totals for 2019–20
    Fee grouping Ministerial Approvals
    Revenue ($) Cost ($) Remissions ($)
    218,044 218,044 Not applicable
    Precedents / Rulings / Interpretations: totals for 2019–20
    Fee grouping Precedents / Rulings / Interpretations
    Revenue ($) Cost ($) Remissions ($)
    0 0 Not applicable
    Non-precedential Confirmations of Quality of Capital: totals for 2019–20
    Fee grouping Non-precedential Confirmations of Quality of Capital
    Revenue ($) Cost ($) Remissions ($)
    39,663 39,663 Not applicable
    Copies of Corporate Documents and Certificates of Confirmation: totals for 2019–20
    Fee grouping Copies of Corporate Documents and Certificates of Confirmation
    Revenue ($) Cost ($) Remissions ($)
    115,292 115,292 Not applicable
    Assessments for the regulation and supervision of federally regulated financial institutions: totals for 2019–20
    Fee grouping Assessments for the regulation and supervision of federally
    regulated financial institutions
    Revenue ($) Cost ($) Remissions ($)
    171,040,196 171,040,196 Not applicable
    Assessments for the regulation and supervision of federally registered private pension plans: totals for 2019–20
    Fee grouping Assessments for the regulation and supervision of federally
    registered private pension plans
    Revenue ($) Cost ($) Remissions ($)
    6,645,790 6,645,790 Not applicable

    Details on each fee set by act, regulation or fees notice

    This section provides detailed information on each fee that OSFI had the authority to set in 2019–20 and that was set by any of the following:

    • act
    • regulation
    • fees notice

    All service standards in this report will be updated by April 1, 2021 to ensure compliance with the Service Fees Act.Footnote 1

    Fee revenues are recognized on a percentage of completion basis.  For this reason, the 2019-20 total fee revenue will not necessarily be equal to the number of cases processed (or approved) multiplied by the individual fee amount.  Applications processed refers to applications completed with a decision rendered.

    Fee grouping Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit
    Fee S1-21 Approval to maintain a representative office of a foreign bank
    Fee-setting authority Office of the Superintendent of Financial Institutions (OSFI) Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee‑setting authority was amended 2008
    Service standard 90% will be processed in less than 60 calendar days of receipt
    Performance result No applications
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 4,906
    2019–20 total fee revenue ($) 0
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 4,994
    Fee grouping Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit
    Fee S1-40 Reservation of a name
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 90% will be processed in less than 60 calendar days of receipt
    Performance result Service standard met for all 4 applications approved
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 818
    2019–20 total fee revenue ($) 3,272
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 832
    Fee grouping Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit
    Fee S2-02 Accreditation of a provincial reinsurer
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 90% will be processed in less than 60 calendar days of receipt
    Performance result Service standard met for 2 of the 4 applications approved
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 4,088
    2019–20 total fee revenue ($) 16,352
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 4,162
    Fee grouping Ministerial Approvals
    Fee S1-01 Letters patent of incorporation
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 80% will be processed in less than 90 calendar days of receipt
    Performance result Service standard met for all 2 applications processed
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 32,704
    2019–20 total fee revenue ($) 117,926
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 33,291
    Fee grouping Ministerial Approvals
    Fee S1-02 Letters patent of continuance
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 80% will be processed in less than 90 calendar days of receipt
    Performance result No applications processed
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 32,704
    2019–20 total fee revenue ($) 1,090
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 33,291
    Fee grouping Ministerial Approvals
    Fee S1-03 Order permitting a foreign bank to carry on banking business in Canada
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 80% will be processed in less than 90 calendar days of receipt
    Performance result No applications
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 32,704
    2019–20 total fee revenue ($) 0
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 33,291
    Fee grouping Ministerial Approvals
    Fee S1-04 Order approving the insuring in Canada of risks by a foreign body corporate
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 80% will be processed in less than 90 calendar days of receipt
    Performance result Service standard met for all 2 applications processed
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 32,704
    2019–20 total fee revenue ($) 82,676
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 33,291
    Fee grouping Ministerial Approvals
    Fee S1-14 Exemption from material banking group status
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 80% will be processed in less than 90 calendar days of receipt
    Performance result No applications
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 8,176
    2019–20 total fee revenue ($) 0
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 8,323
    Fee grouping Ministerial Approvals
    Fee S1-15 Approval for a foreign bank or entity associated with a foreign bank to have a financial establishment in Canada
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 80% will be processed in less than 90 calendar days of receipt
    Performance result Service standard met for all 2 applications processed
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 8,176
    2019–20 total fee revenue ($) 8,176
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 8,323
    Fee grouping Ministerial Approvals
    Fee S1-16 Approval for a foreign bank or entity associated with a foreign bank in respect of investments and activities in Canada
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 80% will be processed in less than 90 calendar days of receipt
    Performance result No applications processed
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 8,176
    2019–20 total fee revenue ($) 8,176
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 8,323
    Fee grouping Precedents / Rulings / Interpretations
    Fee S2-01 Written, precedent-setting ruling relating to the quality of capital
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 80% will be processed in less than 180 calendar days of receipt
    Performance result No precedential capital confirmations provided
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 6,541
    2019–20 total fee revenue ($) 0
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 6,659
    Fee grouping Precedents / Rulings / Interpretations
    Fee S2-03 Written interpretation of Acts, regulations, guidelines or rulings
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 80% will be processed in less than 180 calendar days of receipt
    Performance result No rulings provided
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 4,088
    2019–20 total fee revenue ($) 0
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 4,162
    Fee grouping Non-precedential Confirmations of Quality of Capital
    Fee S2-04 Written, non-precedent-setting confirmation of quality of capital
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 90% will be processed in less than 60 calendar days of receipt
    Performance result Service standard met for all 21 confirmations processed
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 4,088
    2019–20 total fee revenue ($) 39,663
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 4,162
    Fee grouping Copies of Corporate Documents and Certificates of Confirmation
    Fee S2-10 Copies of any one of the following corporate documents (per request and per body corporate):
    1. a certificate of confirmation;
    2. a certified copy of letters patent or of incorporation or amalgamation documents; and
    3. the corporate history of a body corporate
    Fee-setting authority OSFI Act
    Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
    Year fee-setting authority was introduced 1999
    Last year fee-setting authority was amended 2008
    Service standard 90% will be processed within 2 business days of receipt
    Performance result Service standard met for all 703 requests processed
    Application of Low-Materiality Fees Regulations Material (>$151)
    2019–20 fee amount ($) 164 for up to 20 copies plus 5 for each additional copy
    2019–20 total fee revenue ($) 115,292
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) 167 for up to 20 copies plus 5 for each additional copy
    Fee grouping Assessments for the regulation and supervision of federally regulated financial institutions
    Fee Assessment of Financial Institutions Fees
    Fee-setting authority OSFI Act
    Assessment of Financial Institutions Regulations
    Year fee-setting authority was introduced 1987
    Last year fee-setting authority was amended 2017
    Service standard Not applicable
    Performance result Not applicable
    Application of Low-Materiality Fees Regulations Not subject to section 17 of the Service Fees Act
    2019–20 fee amount ($) The fees are determined by formulas that can be found in the Assessment of Financial Institutions Regulations
    2019–20 total fee revenue ($) 171,040,196
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) Not applicable
    Fee grouping Assessments for the regulation and supervision of federally regulated private pension plans
    Fee Assessment of Pension Plans Fees
    Fee-setting authority OSFI Act
    Assessment of Pension Plans Regulations
    Year fee-setting authority was introduced 1987
    Last year fee-setting authority was amended 2019
    Service standard Not applicable
    Performance result Not applicable
    Application of Low-Materiality Fees Regulations Not subject to section 17 of the Service Fees Act
    2019–20 fee amount ($) The fee is determined by formulas that can be found in the Assessment of Pension Plans Regulations
    2019–20 total fee revenue ($) 6,645,790
    Fee adjustment date April 1, 2021
    Adjusted fee amount in 2021–22 ($) Not applicable

    Footnotes

    Footnote 1

    While the standards were reviewed and updated in 2019-20, the revised standards will not be in effect until OSFI’s new Remission Policy is implemented on April 1, 2021.

    Return to footnote 1