Office of the Superintendent of Financial Institutions Fees Report Fiscal year 2023–24
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, 2024
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
I am pleased to present Office of the Superintendent of Financial Institutions (OSFI)’s report on fees for 2023–24.
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 2023-24.
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 4.2.9 of the Treasury Board Directive on Charging and Special Financial Authorities, contains information about the fees OSFI had the authority to charge in fiscal year 2023–24.
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 inherent 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 comes from an act of Parliament or a regulation, and the minister, department or Governor in Council has no control in determining 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.
Fees charged by OSFI under the Access to Information Act are not subject to the Service Fees Act and are not included in this report. Information on OSFI’s access to information fees can be found in our annual report to Parliament on the administration of the Access to Information Act on OSFI’s website.
Remissions
In 2023–24, 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 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 2023–24, OSFI had authority to also issue remissions under its enabling legislation. These remissions may have been for reasons other than not meeting a service standard.
The authority to remit is delegated in Office of the Superintendent of Financial institutions Act, Section 37.1 (1).
The other sections of this report provide detailed amounts for OSFI’s remissions for 2023–24.
Overall totals, by fee-setting mechanism
The following table presents the total revenue, cost and remissions for all fees OSFI had the authority to charge in 2023–24, by fee-setting mechanism.
| Fee-setting mechanism | Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|---|
| Fees set by act, regulation or fees notice | 293,129,529.31 | 293,129,529.31 | 0 |
Totals, by fee grouping, for fees set by act, regulation or fees notice
A fee grouping is a set of fees relating to a single business line, directorate or program that a department had the authority to charge for those activities.
This section presents, for each fee grouping, the total revenue, cost and remissions for all fees OSFI had the authority to charge in 2023–24 that are set by the following:
- act
- regulation
- fees notice
Historically, some fee revenues were recognized on a percentage of completion basis. On April 1, 2022, OSFI adopted the amendments to Canadian Public Sector Accounting Standards (PSAS) Section 3400, Revenue (“Section 3400”) prospectively. Fee revenues are now recognized when the case is deemed complete. Some fees completed in a given year may have arisen in a previous year at the old fee rate. Additionally, there may be cases that formally closed in 2023-24 where the revenue was fully recognized in a prior year under the old revenue recognition methodology. For these reasons, the 2023-24 total fee revenue may not be equal to the number of cases processed (or approved) multiplied by the individual fee amount. Applications processed refers to applications completed with a decision rendered.
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 23,839.08 | 23,839.08 | 0 |
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 52,805.42 | 52,805.42 | 0 |
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 0 | 0 | 0 |
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 45,935.24 | 45,935.24 | 0 |
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 143,751.52 | 143,751.52 | These fees were not subject to remissions. |
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 285,307,103.11 | 285,307,103.11 | 0 |
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 7,556,094.94 | 7,556,094.94 | 0 |
Details on each fee set by act, regulation or fees notice
This section provides detailed information on each fee OSFI had the authority to charge in 2023–24 and that was set by the following:
- act
- regulation
- fees notice
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
Processed within 60 calendar days of receipt
Performance result
No applications decisioned
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
5,515.15
2023–24 total fee revenue ($)
0
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
5,913.28
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 6 applications decisioned (100%)
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
918.48
2023–24 total fee revenue ($)
5,452.40
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
984.78
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 (>$151)
2023–24 fee amount ($)
4,596.67
2023–24 total fee revenue ($)
18,386.68
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
4,928.49
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
Processed within 90 calendar days of receipt
Performance result
No applications decisioned
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
36,763.76
2023–24 total fee revenue ($)
0
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
39,417.67
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
Service standard met for 3 application decisioned (100%)
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
36,763.76
2023–24 total fee revenue ($)
34,423.00
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
39,417.67
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 (>$151)
2023–24 fee amount ($)
36,763.76
2023–24 total fee revenue ($)
0
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
39,417.67
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
Service standard met for 2 applications decisioned (100%)
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
36,763.76
2023–24 total fee revenue ($)
0
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
39,417.67
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 (>$151)
2023–24 fee amount ($)
9,191.21
2023–24 total fee revenue ($)
0
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
9,854.70
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 1 application decisioned (100%)
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
9,191.21
2023–24 total fee revenue ($)
18,382.42
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
9,854.70
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 wasintroduced
1999
Last year fee‑setting authority was amended
2008
Service standard
Processed within 90 calendar days of receipt
Performance result
Service standard met for 1 application decisioned (100%)
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
9,191.21
2023–24 total fee revenue ($)
0
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
9,854.70
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 wasintroduced
1999
Last year fee‑setting authority was amended
2008
Service standard
Processed within 180 calendar days of receipt
Performance result
No applications decisioned
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
7,353.18
2023–24 total fee revenue ($)
0
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
7,883.99
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 wasintroduced
1999
Last year fee‑setting authority was amended
2008
Service standard
Processed within 180 calendar days of receipt
Performance result
No applications decisioned
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
4,596.67
2023–24 total fee revenue ($)
0
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
4,928.49
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 wasintroduced
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 15 confirmations decisioned (100%)
(5 of these fees to be collected in 2024-2025)
Application of Low‑Materiality Fees Regulations
Material (>$151)
2023–24 fee amount ($)
4,596.67
2023–24 total fee revenue ($)
45,935.24
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
4,928.49
Fee grouping
Copies of Corporate Documents and Certificates of Confirmation
Fee
S2-10 Copies of any one of the following corporate documents (per request and per body corporate):
- a certificate of confirmation;
- a certified copy of letters patent or of incorporation or amalgamation documents; and
- the corporate history of a body corporate
Fee-setting authority
- OSFI Act
- Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 SOR/2002-337
Year fee-setting authority was introduced
1999
Last year fee‑setting authority was amended
2008
Service standard
Processed within 2 business days of receipt
Performance result
Service standard met for 795 of the 795 corporate documents processed (100%)
Application of Low‑Materiality Fees Regulations
- Low-materiality (photocopy)
2023–24 fee amount ($)
184.76 for up to 20 copies plus 5 for each additional copy
2023–24 total fee revenue ($)
143,751.52
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
Not applicable
2025–26 fee amount ($)
184.76 for up to 20 copies plus 5 for each additional copy
Fee grouping
Assessments for the regulation and supervision of federally regulated financial institutions
Fee
Assessment of Financial Institutions Fees
Fee-setting authority
Year fee-setting authority wasintroduced
1987
Last year fee‑setting authority was amended
2017
Service standard
Not subject to service standard requirement
Performance result
Not subject to service standard requirement
Application of Low‑Materiality Fees Regulations
Not subject to section 17 of the Service Fees Act
2023–24 fee amount ($)
The fees are determined by formulas that can be found in the Assessment of Financial Institutions Regulations, 2017
2023–24 total fee revenue ($)
285,307,103.11
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
The fees are determined by formulas that can be found in the Assessment of Financial Institutions Regulations, 2017
Fee grouping
Assessments for the regulation and supervision of federally regulated private pension plans
Fee
Assessment of Pension Plans Fees
Fee-setting authority
Year fee-setting authority wasintroduced
1987
Last year fee‑setting authority was amended
2019
Service standard
Not subject to service standard requirement
Performance result
Not subject to service standard requirement
Application of Low‑Materiality Fees Regulations
Not subject to section 17 of the Service Fees Act
2023–24 fee amount ($)
The fees are determined by formulas that can be found in the Assessment of Pension Plans Regulations
2023–24 total fee revenue ($)
7,556,094.94
2023–24 total remissions issued for the fee ($)
0
Fee adjustment date in 2025–26
April 1, 2025
2025–26 fee amount ($)
The fees are determined by formulas that can be found in the Assessment of Pension Plans Regulations.