Office of the Superintendent of Financial Institutions Fees Report Fiscal year 2021–22
The Honourable Chrystia Freeland, P.C., M.P.
Deputy Prime Minister and Minister of Finance
© His Majesty the King in Right of Canada, represented by the Minister of Finance, 2022
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 2021–22.
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 context on each fee, in the spirit of open and transparent fee management. Details include the fee type, the rate of adjustment, the service standard and the performance result.
OSFI is funded through assessments on the financial institutions and private pension plans that it supervises and regulates as well as a user-pay program for legislative approvals and other select services. The user-pay program charges a standard fee for each service based on estimated costs for that type of service. The fees are adjusted annually in accordance with the Service Fees Act.
These fees represent less than 1% of OSFI’s total revenue. The remainder of OSFI’s costs are recovered through the aforementioned assessments, which are set at an amount to fully recover OSFI’s expenses after amounts recovered through the user-pay program.
The total fees (i.e., assessments and user-pay program charges) are consistent with OSFI’s estimates at the beginning of the year and OSFI recovered all its costs for 2021–22.
Peter Routledge
Superintendent
About this report
This report, which is tabled under section 20 of the Service Fees Act, the Low-Materiality Fees Regulations, and subsection 4.2.8 of the Treasury Board Directive on Charging and Special Financial Authorities, contains information about the fees OSFI had the authority to set in fiscal year 2021–22.Footnote 1
The report covers fees that are subject to the Service Fees Act.
For reporting purposes, fees are categorized by fee-setting mechanism. There are three mechanisms:
- Act, regulation or fees notice
- The authority to set these fees is delegated to a department, minister or Governor in Council pursuant to an act of Parliament.
- 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 a regulation, and the minister, department or Governor in Council has no control over the fee amount.
For fees set by act, regulation or fees notice, the report provides totals for fee groupings, as well as detailed information for each fee. OSFI did not have fees set by contract, market rate or auction.
Although the fees 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 2021–22 is in our annual report to Parliament on the administration of the Access to Information Act on OSFI's website.
Remissions
In 2021–22, OSFI was subject to the requirements to issue remissions under section 7 of the Service Fees Act and subsection 4.2.4 of the Treasury Board Directive on Charging and Special Financial Authorities to remit a fee, in whole or in part, to a fee payer when a service standard was deemed not met. OSFI’s remission policy and procedures, pursuant to the Service Fees Act, are on the following web page: Policy for Remission of Service Fees.
In 2021–22, OSFI may also issue remissions under its enabling legislation for reasons other than not meeting a service standard. OSFI’s remission policy is on the following web page: Policy for Remission of Service fees.
Remissions totalling $1,336 will be issued in 2022-23 for instances where the service standard was not met in 2021-2022. The subsequent sections of this report provide more detailed information on OSFI’s overall remissions for 2021–22.
Overall totals, by fee-setting mechanism
The following table presents the total revenue, cost and remissions for all fees OSFI had the authority to set in 2021–22, by fee-setting mechanism.
| Fee-setting mechanism | Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|---|
| Fees set by act, regulation or fees notice | 199,287,068 | 199,287,068 | 0 |
Totals, by fee grouping, for fees set by act, regulation or 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.
This section presents, for each fee grouping, the total revenue, cost and remissions for all fees OSFI had the authority to set in 2021–22 that are set by the following:
- act
- regulation
- fees notice
Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit: totals for 2021–22
Fee grouping
Superintendent Non-deemed Approvals except Deposit and Trust Agreements and Letters of Credit
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 23,088 | 23,088 | 0 |
Ministerial Approvals: totals for 2021–22
Fee grouping
Ministerial Approvals
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 130,540 | 130,540 | 0 |
Precedents / Rulings / Interpretations: totals for 2021–22
Fee grouping
Precedents / Rulings / Interpretations
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 0 | 0 | 0 |
Non-precedential Confirmations of Quality of Capital: totals for 2021–22
Fee grouping
Non-precedential Confirmations of Quality of Capital
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 25,024 | 25,024 | 0 |
Copies of Corporate Documents and Certificates of Confirmation: totals for 2021–22
Fee grouping
Copies of Corporate Documents and Certificates of Confirmation
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 145,160 | 145,160 | 0 |
Assessments for the regulation and supervision of federally regulated financial institutions: totals for 2021–22
Fee grouping
Assessments for the regulation and supervision of federally regulated financial institutions
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 191,612,041 | 191,612,041 | 0 |
Assessments for the regulation and supervision of federally registered private pension plans: totals for 2021–22
Fee grouping
Assessments for the regulation and supervision of federally registered private pension plans
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 7,351,215 | 7,351,215 | 0 |
Details on each fee set by act, regulation or fees notice
This section provides detailed information on each fee the OSFI had the authority to set in 2021–22 and that was set by the following:
- act
- regulation
- fees notice
Fee revenues are recognized on a percentage of completion basis. For this reason, the 2021–22 total fee revenue will not necessarily be equal to the number of cases processed (or approved) multiplied by the individual fee amount. Also, due to the proximity to year end, when some applications were processed not all fees were yet received in 2021–22. These fees will be collected in 2022-2023. Applications processed refers to applications completed with a decision rendered.
Fee grouping 1
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
Processed within 60 calendar days of receipt
Performance result
No applications decisioned
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
4,994
2021–22 total fee revenue ($)
0
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
5,515.15
Fee grouping 2
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
Processed within 60 calendar days of receipt
Performance result
Service standard met for all 9 applications decisioned (100%)
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
832
2021–22 total fee revenue ($)
6,440
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
918.48
Fee grouping 3
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
Processed within 60 calendar days of receipt
Performance result
Service standard met for all 4 applications decisioned (100%)
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
4,162
2021–22 total fee revenue ($)
16,648
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
4,596.67
Fee grouping 4
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
Processed within 90 calendar days of receipt
Performance result
Service standard met for all 2 applications decisioned (100%)
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
33,291
2021–22 total fee revenue ($)
59,438
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
36,763.76
Fee grouping 5
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
Processed within 90 calendar days of receipt
Performance result
No applications decisioned
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
33,291
2021–22 total fee revenue ($)
33,291
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
36,763.67
Fee grouping 6
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
Processed within 90 calendar days of receipt
Performance result
No applications decisioned
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
33,291
2021–22 total fee revenue ($)
0
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
36,763.67
Fee grouping 7
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
Processed within 90 calendar days of receipt
Performance result
No applications decisioned
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
33,291
2021–22 total fee revenue ($)
29,488
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
36,763.67
Fee grouping 8
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
Processed within 90 calendar days of receipt
Performance result
No applications decisioned
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
8,323
2021–22 total fee revenue ($)
0
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
9,191.20
Fee grouping 9
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
Processed within 90 calendar days of receipt
Performance result
Service standard met for all 2 applications decisioned (100%)
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
8,323
2021–22 total fee revenue ($)
8,323
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
9,191.20
Fee grouping 10
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
Processed within 90 calendar days of receipt
Performance result
No applications decisioned
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
8,323
2021–22 total fee revenue ($)
0
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
9,191.20
Fee grouping 11
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
Processed within 180 calendar days of receipt
Performance result
Service standard met for all 5 precedential capital confirmations provided
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
6,659
2021–22 total fee revenue ($)
0 (fees for these 5 cases to be collected in 2022-2023)
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
7,353.18
Fee grouping 12
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
Processed within 180 calendar days of receipt
Performance result
No rulings or interpretations provided
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
4,162
2021–22 total fee revenue ($)
0
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
4,596.67
Fee grouping 13
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
Processed within 60 calendar days of receipt
Performance result
Service standard met for all 29 confirmations decisioned (100%)
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
4,162
2021–22 total fee revenue ($)
25,024 (fees for 23 of these fees to be collected in 2022-2023)
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
4,596.67
Fee grouping 14
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
Processed within 2 business days of receipt
Performance result
Service standard met for 879 of the 887 corporate documents processed (99%)
Application of Low-Materiality Fees Regulations
Material (>$151)
2021–22 fee amount ($)
167 for up to 20 copies plus 5 for each additional copy
2021–22 total fee revenue ($)
145,160
2021–22 total remissions issued for the fee ($)
Remissions of $1,336 for the 8 cases where the standard was not met will be issued in 2022-2023
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
184.76 for up to 20 copies plus 5 for each additional copy
Fee grouping 15
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 subject to service standard requirement
Performance result
Not subject to service standard requirement
Application of Low-Materiality Fees Regulations
Not subject to section 17 of the Service Fees Act
2021–22 fee amount ($)
The fees are determined by formulas that can be found in the Assessment of Financial Institutions Regulations, 2017
2021–22 total fee revenue ($)
191,612,041
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
The fees are determined by formulas that can be found in the Assessment of Financial Institutions Regulations, 2017
Fee grouping 16
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 subject to service standard requirement
Performance result
Not subject to service standard requirement
Application of Low-Materiality Fees Regulations
Not subject to section 17 of the Service Fees Act
2021–22 fee amount ($)
The fees are determined by formulas that can be found in the Assessment of Pension Plans Regulations
2021–22 total fee revenue ($)
7,351,215
2021–22 total remissions issued for the fee ($)
0
Fee adjustment date in 2023–24
April 1, 2023
2023–24 fee amount ($)
The fees are determined by formulas that can be found in the Assessment of Pension Plans Regulations
Footnotes
- Footnote 1
-
All years presented in this manner refer to fiscal years.