Fees Report - Fiscal year 2020-21
The Honourable Chrystia Freeland, P.C., M.P.
Deputy Prime Minister and Minister of Finance
© Her Majesty the Queen in Right of Canada, represented by the Minister of Finance, 2021
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
On behalf of the Office of the Superintendent of Financial Institutions (OSFI), I am pleased to present our report on fees for 2020–21.
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, the 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 am pleased to share that OSFI has transitioned to the requirements of the Service Fees Act. In 2019-20, a full review of service standards was completed and OSFI's Policy for Remission on Service Fees was implemented, in line with Treasury Board guidance, on April 1, 2021. This policy ensures full compliance with the Service Fees Act including OSFI's obligation to remit fees when standards are not met.
Peter Routledge
Superintendent
About this report
This report, which is tabled under section 20 of the Service Fees Act, including the Low‑Materiality Fees Regulations and subsection 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 2020–21.Footnote 1
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:
- Act, regulation or fees notice
- An act of Parliament delegates the fee-setting authority to a department, minister or Governor in Council.
- 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.
- Market rate or auction
- 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 fees 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 or auction, the report provides totals only. For fees set by act, regulation or fees notice, the report 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 were subject to the Service Fees Act, they are not included in this report. Information on OSFI's access to information fees for 2020–21 can be found in our access to information report, which is posted on OSFI's website.
Remissions
This report does not include remissions issued under the authority of the Service Fees Act, since this requirement took effect on April 1, 2021. Remissions issued under the Service Fees Act will be reported for the first time, as applicable, in the 2021–22 Fees Report.
The Service Fees Act requires departments to remit a fee, in part or in full, to a fee payer when a service standard is deemed not met. Under the Service Fees Act and the Directive on Charging and Special Financial Authorities, departments had to develop policies and procedures for determining:
- whether a service standard has been met
- how much of a fee will be remitted to a fee payer if a service standard is deemed not met
The OSFI remission policy and procedures were made available to the public as of April 1, 2021, and can be found on the following web page: Remission Policy.
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 2020–21, by fee-setting mechanism.
| Fee-setting mechanism | Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|---|
| Fees set by contract | 0 | 0 | Remissions do not apply to fees set by contract. |
| Fees set by either market rate or auction | 0 | 0 | 0 |
| Fees set by act, regulation or fees notice | 189,079,559 | 189,079,559 | 0 |
| Total | 189,079,559 | 189,079,559 | 0 |
Totals, by fee grouping, for fees set by act, regulation or fees notice
The following section presents, for each fee grouping, the total revenue, cost and remissions for all fees that OSFI had the authority to set in 2020–21 that are set by any of the following:
- act
- regulation
- fees notice
A fee grouping is a set of fees relating to a single business line, directorate or program that a department had the authority to set for those activities.
Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit: totals for 2020–21
Fee grouping
Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 20,238 | 20,238 | 0 |
Ministerial Approvals: totals for 2020–21
Fee grouping
Ministerial Approvals
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 291,159 | 291,159 | 0 |
Precedents / Rulings / Interpretations: totals for 2020–21
Fee grouping
Precedents / Rulings / Interpretations
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 30,645 | 30,645 | 0 |
Non-precedential Confirmations of Quality of Capital: totals for 2020–21
Fee grouping
Non-precedential Confirmations of Quality of Capital
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 53,800 | 53,800 | 0 |
Copies of Corporate Documents and Certificates of Confirmation: totals for 2020–21
Fee grouping
Copies of Corporate Documents and Certificates of Confirmation
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 114,946 | 114,946 | 0 |
Assessments for the regulation and supervision of federally regulated financial institutions: totals for 2020–21
Fee grouping
Assessments for the regulation and supervision of federally regulated financial institutions
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 181,394,011 | 181,394,011 | 0 |
Assessments for the regulation and supervision of federally registered private pension plans: totals for 2020–21
Fee grouping
Assessments for the regulation and supervision of federally registered private pension plans
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 7,174,760 | 7,174,760 | 0 |
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 2020–21 and that was set by any of the following:
- act
- regulation
- fees notice
All service standards in this report were updated effective April 1, 2021; we will report against them for the first time in the 2021–22 Fees Report.
Fee revenues are typically recognized on a percentage of completion basis (noting that, on very rare occasions, special circumstances may dictate a slightly different treatment). As a result, 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 decisioned
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
5,004
2020–21 total fee revenue ($)
0
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
5,164
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: >$151
2020–21 fee amount ($)
834
2020–21 total fee revenue ($)
3,558
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
860
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 all 4 applications approved
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
4,170
2020–21 total fee revenue ($)
16,680
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
4,304
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
No applications decisioned
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
33,358
2020–21 total fee revenue ($)
110,195
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
34,423
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 decisioned
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
33,358
2020–21 total fee revenue ($)
54,670
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
34,423
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 decisioned
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
33,358
2020–21 total fee revenue ($)
0
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
34,423
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 1 of the 2 applications approved
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
33,358
2020–21 total fee revenue ($)
106,204
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
34,423
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 decisioned
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
8,340
2020–21 total fee revenue ($)
0
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
8,606
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
No applications decisioned
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
8,340
2020–21 total fee revenue ($)
0
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
8,606
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
Service standard met for all 3 applications approved
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
8,340
2020–21 total fee revenue ($)
20,090
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
8,606
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
Service standard met for all 6 precedential capital confirmations provided
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
6,672
2020–21 total fee revenue ($)
26,557
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
6,885
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
Service standard met for all 2 rulings provided
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
4,170
2020–21 total fee revenue ($)
4,088
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
4,304
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: >$151
2020–21 fee amount ($)
4,170
2020–21 total fee revenue ($)
53,800
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
4,304
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):
- a certificate of confirmation;
- a certified copy of letters patent or of incorporation or amalgamation documents; and
- 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 694 requests processed
Application of Low-Materiality Fees Regulations
Material: >$151
2020–21 fee amount ($)
167 for up to 20 copies plus 5 for each additional copy
2020–21 total fee revenue ($)
114,946
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
173 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
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
2020–21 fee amount ($)
The fee is determined by formulas that can be found in the Assessment of Financial Institutions Regulations
2020–21 total fee revenue ($)
181,394,011
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
Not applicable
Fee grouping
Assessments for the regulation and supervision of federally regulated private pension plans
Fee
Assessment of Pension Plans Fees
Fee-setting authority
Year fee‑setting authority was introduced
1987
Last year fee-setting authority was amended
2019
Service standard
Not applicable
Performance result
Not applicable
Application of Low-Materiality Fees Regulations
Not subject to section 17 of the Service Fees Act
2020–21 fee amount ($)
The fee is determined by formulas that can be found in the Assessment of Financial Institutions Regulations
2020–21 total fee revenue ($)
7,174,760
Fee adjustment date in 2022–23
April 1, 2022
2022–23 fee amount ($)
Not applicable
Footnotes
- Footnote 1
-
All years presented in this manner refer to fiscal years.