Financial Consumer Agency of Canada 2023 to 2024 Fees Report
© His Majesty the King in Right of Canada, represented by the Minister of Finance, 2024
Catalogue No. FC2-6E-PDF
ISSN 2562-4326
This document is available on the Government of Canada website at www.canada.ca.
This document is available in alternative formats upon request.
Minister’s message
I am pleased to present the Financial Consumer Agency of Canada’s (FCAC) 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.
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, 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 the Financial Consumer Agency of Canada (FCAC) had the authority to charge in fiscal year 2023–24.
The report covers fees that are exempted from 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. FCAC did not have fees set by contract, market rate, or auction.
Fees charged by FCAC under the Access to Information Act are not subject to the Service Fees Act and are not included in this report. Information on FCAC’s access to information fees can be found in our annual report to Parliament on the administration of the Access to Information Act (FCAC Access to Information and Privacy reports).
Remissions
In 2023–24, FCAC was not subject to the requirements in section 7 of the Service Fees Act and had no authority to remit, so this report does not include remission amounts.
Overall totals, by fee-setting mechanism
The following table presents the total revenue, cost, and remissions for all fees FCAC had the authority to charge in 2023–24, by fee-setting mechanism.
| Fee-setting mechanism | Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|---|
| Fees set by act, regulation, or fees notice | 48,481,653 | 48,481,653 | These fees were not subject to remissions. |
Totals, by fee grouping, for fees set by act, regulation, or fees notice
A fee grouping is a set of fees relating to a single business line, directorate, or program that a department had the authority to charge for those activities.
This section presents, for each fee grouping, the total revenue, cost, and remissions for all fees FCAC had the authority to charge in 2023–24 that are set by the following:
- act
- regulation
| Revenue ($) | Cost ($) | Remissions ($) |
|---|---|---|
| 48,481,653 | 48,481,653 | These fees were not subject to remissions. |
Details on each fee set by act, regulation, or fees notice
This section provides detailed information on each fee FCAC had the authority to charge in 2023–24 and that was set by 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
- 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
2023
Service standard
Not subject to a service standard requirement of the Service Fees Act
Performance result
Not subject to a service standard requirement, pursuant to the Service Fees Act
Application of Low Materiality Fees Regulations
Not subject to the Service Fees Act
2023–24 fee amount ($)
These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations:
2023–24 total fee revenue ($)
44,906,962
2023–24 total remissions issued for the fee ($)
This fee was not subject to remissions
Fee adjustment date in 2025–26
The Commissioner shall, before December 31 of each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2025–26 fee amount ($)
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:
Fee grouping
Assessments for the regulation and supervision of federally regulated financial entities
Fee
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
2023
Service standard
Not subject to a service standard requirement of the Service Fees Act
Performance result
Not subject to a service standard requirement, pursuant to the Service Fees Act
Application of Low Materiality Fees Regulations
Not subject to the Service Fees Act
2023–24 fee amount ($)
These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations:
2023–24 total fee revenue ($)
834,524
2023–24 total remissions issued for the fee ($)
This fee was not subject to remissions
Fee adjustment date in 2025–26
The Commissioner shall, before December 31 of each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2025–26 fee amount ($)
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:
Fee grouping
Assessments for the regulation and supervision of federally regulated financial entities
Fee
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
2023
Service standard
Not subject to a service standard requirement of the Service Fees Act
Performance result
Not subject to a service standard requirement, pursuant to the Service Fees Act
Application of Low Materiality Fees Regulations
Not subject to the Service Fees Act
2023–24 fee amount ($)
These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations:
2023–24 total fee revenue ($)
0
2023–24 total remissions issued for the fee ($)
This fee was not subject to remissions
Fee adjustment date in 2025–26
The Commissioner shall, before December 31 of each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2025–26 fee amount ($)
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:
Fee grouping
Assessments for the regulation and supervision of federally regulated financial entities
Fee
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
2023
Service standard
Not subject to a service standard requirement of the Service Fees Act
Performance result
Not subject to a service standard requirement, pursuant to the Service Fees Act
Application of Low Materiality Fees Regulations
Not subject to the Service Fees Act
2023–24 fee amount ($)
These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations:
2023–24 total fee revenue ($)
468,353
2023–24 total remissions issued for the fee ($)
This fee was not subject to remissions
Fee adjustment date in 2025–26
The Commissioner shall, before December 31 of each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2025–26 fee amount ($)
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:
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 was introduced
2001
Last year fee setting authority was amended
2023
Service standard
Not subject to a service standard requirement of the Service Fees Act
Performance result
Not subject to a service standard requirement, pursuant to the Service Fees Act
Application of Low Materiality Fees Regulations
Not subject to the Service Fees Act
2023–24 fee amount ($)
These assessments are fees that are set and calculated based on a complex formula for which the application and definition can be found in the following regulations:
Financial Consumer Agency of Canada Act
2023–24 total fee revenue ($)
2,271,814
2023–24 total remissions issued for the fee ($)
This fee was not subject to remissions
Fee adjustment date in 2025–26
The Commissioner shall, before December 31 of each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year
2025–26 fee amount ($)
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:
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