Financial Consumer Agency of Canada Act

Marginal note:Commissioner to ascertain expenses

• 18 (1) The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year for or in connection with the administration of this Act and the consumer provisions, and the amounts of any prescribed categories of those expenses in relation to any prescribed group of financial institutions.

• Marginal note:Amount conclusive

  (2) The amounts ascertained under subsection (1) are final and conclusive for the purposes of this section.

• Marginal note:Assessment

  (3) As soon as possible after ascertaining the amounts under subsection (1), the Commissioner shall assess a portion of the total amount of expenses against each financial institution to the extent and in the manner that the Governor in Council may, by regulation, prescribe.

• Marginal note:Exception

  (3.1) No assessment is to be made in respect of

  • (a) a company to which the Insurance Companies Act applies that was exempt from the application of paragraphs 165(2)(f) and (g) and sections 479 to 489.2 of that Act during the entire fiscal year to which the assessment relates; or

  • (b) a foreign company to which that Act applies that was exempt from the application of sections 598 to 607.1 of that Act during the entire fiscal year to which the assessment relates.

• Marginal note:Interim assessment

  (4) The Commissioner may, during each fiscal year, prepare an interim assessment against any financial institution.

• Marginal note:Assessment is binding

  (5) Every assessment and interim assessment is final and conclusive and binding on the financial institution against which it is made.

• Marginal note:Recovery

  (6) Every assessment and interim assessment constitutes a debt due to Her Majesty, is immediately payable and may be recovered as a debt in any court of competent jurisdiction.

• Marginal note:Interest

  (7) Interest may be charged on the unpaid amount of an assessment or interim assessment at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus 2%.