ARCHIVED - Office of the Superintendent of Financial Institutions Canada

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Table 3: Sources of Respendable and Non-Respendable Revenue

This table identifies revenues by program activity received from sources both internal and external to the government. For 2007-2008, OSFI’s total revenues were $90.5 million, including non-respendable revenue of $374 thousand for the collection of Late and Erroneous Filing Penalties. The respendable revenues are largely comprised of asset- or premium-based industry assessments, surcharge assessments to staged institutions, and user fees for specific services related to Regulatory Approvals. The majority of cost-recovered services in Regulation and Supervision of Federally Regulated Financial Institutions relates to implementing the internal ratings-based approach of the New Basel Capital Accord.

Respendable Revenues

The increase in respendable revenues in 2007-2008 from the previous year is largely due to increases in Base Assessment revenue and increases in Pension Fee Revenue. The 2007-2008 Pension Fee rate was $24.00 per member, 45% higher than the 2006-2007 rate. This rate increase was required in order to recover an accumulated deficit from the last 3 years as a result of directing incremental resources to problem pension plans.

($ thousands)	Actual 2005-2006	Actual 2006-2007	2007‑2008
			Main Estimates	Planned Revenues	Total Authorities	Actual
(1) Regulation and Supervision of Federally Regulated Financial Institutions
Base Assessments	67,726	60,375	70,489	70,489	70,489	70,080
User Fees and Charges	6,268	3,588	2,147	2,147	2,147	3,226
Cost-Recovered Services	3,515	4,248	3,278	3,278	3,278	3,403
(2) Regulation and Supervision of Federally Regulated Private Pension Plans
Pension Plan Fees	3,809	5,281	6,513	6,513	6,513	7,220
(3) International Assistance
Base Assessments	-	93	519	519	519	-
Cost-Recovered Services	1,378	1,610	1,507	1,507	1,507	1,582
(4) Office of the Chief Actuary
User Fees and Charges	96	145	35	35	35	21
Cost-Recovered Services	3,993	3,919	5,247	5,247	5,247	4,527
Total Respendable Revenues	86,784	79,259	89,735	89,735	89,735	90,059

 

Non-Respendable Revenues

The non-respendable revenues are all related to late and erroneous filing penalties. Effective 2002-2003, OSFI began collecting late and erroneous filing penalties from financial institutions that submit late and/or erroneous financial and corporate returns. On August 31, 2005 the Administrative Monetary Penalties (OSFI) Regulations came into force. These Regulations implement an administrative monetary penalties regime pursuant to which the Superintendent can impose penalties in respect of specific violations, as designated in the schedule to the Regulations. These Regulations incorporate the late and erroneous filing penalty regime and replace the Filing Penalties (OSFI) Regulations.These penalties are billed quarterly, collected and remitted to the Consolidated Revenue Fund. By regulation, OSFI cannot use these funds to reduce the amount that it assesses the industry in respect of its operating costs.

($ thousands)	Actual 2005- 2006	Actual 2006- 2007	2007-2008
			Main Estimates	Planned Revenues	Total Authorities	Actual
Regulation and Supervision of Federally Regulated Financial Institutions
Filing Penalties	805	227	450	450	450	374
Total Non-Respendable Revenues	805	227	450	450	450	374

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