Financial Consumer Agency of Canada 2019 to 2020 Fees Report

Minister’s message

On behalf of Financial Consumer Agency of Canada (FCAC), 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.

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

The Honourable Chrystia Freeland 

Deputy Prime Minister and Minister of Finance

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 FCAC 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 FCAC’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 FCAC charges under the Access to Information Act are subject to the Service Fees Act, they are not included in this report. Information on FCAC’s access to information fees for 2019–20 can be found in our access to information report, which is posted on Access to Information and Privacy reports at Financial Consumer Agency.

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. The report also does not include other remissions.

Overall totals, by fee setting mechanism

The following table presents the total revenue, cost and remissions for all fees that FCAC 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 base, auction or both.
Fees set by act, regulation or fees notice 25,562,204 25,562,204 0
Total 25,562,204 25,562,204 0

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

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

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.

Assessments: totals for 2019–20
Fee grouping Assessments for the regulation and supervision of federally regulated financial entities.
Revenue ($) Cost ($) Remissions ($)
25,562,204 25,562,204 0

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

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

Fee grouping Assessments for the regulation and supervision of federally regulated financial entities
Fee Base Assessment for Banks and Authorized Foreign Banks
Fee-setting authority Financial Consumer Agency of Canada Act, 18(3)
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474
Year fee-setting authority was introduced 2001
Last year fee setting authority was amended 2013
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 ($) These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 4.
2019–20 total fee revenue ($) 22,704,084
Fee adjustment date The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
Adjusted fee amount in 2021–22 ($) These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 4.
Fee grouping Assessments for the regulation and supervision of federally regulated financial entities
Fee Base Assessment for Trust and Loan Companies
Fee-setting authority Financial Consumer Agency of Canada Act, 18(3)
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474
Year fee-setting authority was introduced 2001
Last year fee setting authority was amended 2013
Service standard Not applicable
Performance result Not applicable
Application of Low Materiality Fees Regulations Not subject to section 17 of the Service Fees Act
2019–20 fee amount ($) These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 5.
2019–20 total fee revenue ($) 347,765
Fee adjustment date The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
Adjusted fee amount in 2021–22 ($) These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 5.
Fee grouping Assessments for the regulation and supervision of federally regulated financial entities
Fee Base Assessment for Retail Associations
Fee-setting authority Financial Consumer Agency of Canada Act, 18(3)
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474
Year fee-setting authority was introduced 2001
Last year fee setting authority was amended 2013
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 ($) These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 6.
2019–20 total fee revenue ($) 0
Fee adjustment date The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
Adjusted fee amount in 2021–22 ($) These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 6.
Fee grouping Assessments for the regulation and supervision of federally regulated financial entities
Fee Base Assessment for Insurance Companies
Fee-setting authority Financial Consumer Agency of Canada Act, 18(3)
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474
Year fee-setting authority was introduced 2001
Last year fee setting authority was amended 2013
Service standard Not applicable
Performance result Not applicable
Application of Low Materiality Fees Regulations Not subject to section 17 of the Service Fees Act
2019–20 fee amount ($) These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 7.
2019–20 total fee revenue ($) 1,043,295
Fee adjustment date The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
Adjusted fee amount in 2021–22 ($) These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 7.
Fee grouping Assessments for the regulation and supervision of federally regulated financial entities
Fee Base Assessment for External Complaint Bodies & Payment Card Network Operators
Fee-setting authority Financial Consumer Agency of Canada Act, 18(3), 18(5.3)
Year fee-setting authority was introduced 2001
Last year fee setting authority was amended 2013
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 ($) These assessments are fees that are set and calculated based on a complex formula.
Financial Consumer Agency of Canada Act.
2019–20 total fee revenue ($) 1,467,060
Fee adjustment date The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
Adjusted fee amount in 2021–22 ($) These assessments are fees that are set and calculated based on a complex formula.
Financial Consumer Agency of Canada Act.
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