Financial Consumer Agency of Canada 2020 to 2021 Fees Report
Minister’s message
On behalf of Financial Consumer Agency of Canada (FCAC), 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.
I will continue to lead my department’s transition to the reporting regime provided under the Service Fees Act.
The Honourable Chrystia Freeland P.C., M.P.
Deputy Prime Minister and Minister of Finance
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 FCAC 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 FCAC’s authority.
The information covers fees subject to the Service Fees Act.
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 FCAC charges under the Access to Information Act were subject to the Service Fees Act, they are not included in this report. Information on FCAC’s access to information fees for 2020–21 can be found in our access to information report, which is posted on our Webpage: Access to Information and Privacy reports at Financial Consumer Agency.
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, which will be published in 2022–23.
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
At the time of this report being tabled, FCAC is not subject to the requirements pursuant to section 7 of the Service Fees Act and its related instruments and therefore it does not have a remission policy.
No other remissions related to fees were issued by FCAC since it did not have or seek other authorities to remit.
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 2020–21, by fee setting mechanism.
| Fee setting mechanism | Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|---|
| Fees set by contract | 0 | 0 | Remissions do not apply to fees set by contract. |
| Fees set by market-rate or auction | 0 | 0 | 0 |
| Fees set by act, regulation or fees notice | 29,164,486 | 29,164,486 | 0 |
| Total | 29,164,486 | 29,164,486 | 0 |
Totals, by fee grouping, for fees set by act, regulation or fees notice
The following section presents, for each fee grouping, the total revenue, cost and remissions for all fees that FCAC had the authority to set in 2020–21 that are set by any of the following:
- act
- regulation
A fee grouping is a set of fees relating to a single business line, directorate or program that a department had the authority to set for those activities.
| Fee grouping | ||
|---|---|---|
| Assessments for the regulation and supervision of federally regulated financial entities. | ||
| Revenue ($) | Cost ($) | Remissions ($) |
| 29,164,486 | 29,164,486 | 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 2020–21 and that was set by any of the following:
- act
- regulation
Fee grouping
Assessments for the regulation and supervision of federally regulated financial entities
Fee
Assessment for Banks and Authorized Foreign Banks
Fee-setting authority
Year fee-setting authority wasintroduced
2001
Last year fee‑setting authority was amended
2020
Service standard
Assessments are not subject to section 4 to 7 of the Service Fees Act
Performance result
Assessments are not subject to section 4 to 7 of the Service Fees Act
Application of Low‑Materiality Fees Regulations
Assessments are not subject to section 17 of the Service Fees Act
2020–21 fee amount ($)
These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 4
2020–21 total fee revenue ($)
26,188,560
Fee adjustment date in 2022–23
The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2022–23 fee amount ($)
These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 4
Fee grouping
Assessments for the regulation and supervision of federally regulated financial entities
Fee
Assessment for Trust and Loan Companies
Fee-setting authority
Year fee-setting authority wasintroduced
2001
Last year fee‑setting authority was amended
2020
Service standard
Assessments are not subject to section 4 to 7 of the Service Fees Act
Performance result
Assessments are not subject to section 4 to 7 of the Service Fees Act
Application of Low‑Materiality Fees Regulations
Assessments are not subject to section 17 of the Service Fees Act
2020–21 fee amount ($)
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
2020–21 total fee revenue ($)
401,528
Fee adjustment date in 2022–23
The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2022–23 fee amount ($)
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
Fee grouping
Assessments for the regulation and supervision of federally regulated financial entities
Fee
Assessment for Retail Associations
Fee-setting authority
Year fee-setting authority wasintroduced
2001
Last year fee‑setting authority was amended
2020
Service standard
Assessments are not subject to section 4 to 7 of the Service Fees Act
Performance result
Assessments are not subject to section 4 to 7 of the Service Fees Act
Application of Low‑Materiality Fees Regulations
Assessments are not subject to section 17 of the Service Fees Act
2020–21 fee amount ($)
These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 6
2020–21 total fee revenue ($)
0
Fee adjustment date in 2022–23
The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2022–23 fee amount ($)
These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations.
Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations SOR/2001-474, section 6
Fee grouping
Assessments for the regulation and supervision of federally regulated financial entities
Fee
Assessment for Insurance Companies
Fee-setting authority
Year fee-setting authority wasintroduced
2001
Last year fee‑setting authority was amended
2020
Service standard
Assessments are not subject to section 4 to 7 of the Service Fees Act
Performance result
Assessments are not subject to section 4 to 7 of the Service Fees Act
Application of Low‑Materiality Fees Regulations
Assessments are not subject to section 17 of the Service Fees Act
2020–21 fee amount ($)
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
2020–21 total fee revenue ($)
624,600
Fee adjustment date in 2022–23
The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2022–23 fee amount ($)
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
Fee grouping
Assessments for the regulation and supervision of federally regulated financial entities
Fee
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 wasintroduced
2001
Last year fee‑setting authority was amended
2020
Service standard
Assessments are not subject to section 4 to 7 of the Service Fees Act
Performance result
Assessments are not subject to section 4 to 7 of the Service Fees Act
Application of Low‑Materiality Fees Regulations
Assessments are not subject to section 17 of the Service Fees Act
2020–21 fee amount ($)
These assessments are fees that are set by a complex formula.
Financial Consumer Agency of Canada Act
2020–21 total fee revenue ($)
1,949,798
Fee adjustment date in 2022–23
The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2022–23 fee amount ($)
These assessments are fees that are set by a complex formula.
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