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 — excluding the expenses incurred in connection with the objects described in subsection 3(3) — and the amounts of any prescribed categories of those expenses in relation to any prescribed group of financial institutions and external complaints bodies.

• Marginal note:Commissioner to ascertain expenses — direction

  (1.1) After the publication of a notice under subsection 5.1(5), the Commissioner shall ascertain the amount of expenses that the Agency incurred in complying with the direction.

• Marginal note:Amount conclusive

  (2) The amounts ascertained under subsections (1) and (1.1) are final and conclusive for the purposes of this section.

• Marginal note:Assessment

  (3) As soon as possible after ascertaining the amounts under subsections (1) and (1.1), the Commissioner shall assess a portion of the total amount of expenses against each financial institution and external complaints body 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 or external complaints body.

• Marginal note:Assessment for financial literacy

  (4.1) The Commissioner may, during a fiscal year, impose an assessment against any financial institution to cover some or all of the expenses related to initiatives to strengthen the financial literacy of Canadians.

• Marginal note:Assessment is binding

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

• Marginal note:Commissioner to ascertain expenses — payment card network operators

  (5.1) The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year in connection with the objects described in paragraphs 3(3)(a), (b) and (d).

• Marginal note:Amount conclusive

  (5.2) The amount ascertained under subsection (5.1) is final and conclusive for the purposes of this section.

• Marginal note:Assessment

  (5.3) As soon as possible after ascertaining the amount under subsection (5.1), the Commissioner shall assess a portion of the total amount of expenses against each payment card network operator to the extent and in the manner that may be prescribed.

• Marginal note:Interim assessment

  (5.4) The Commissioner may, during each fiscal year, prepare an interim assessment against any payment card network operator.

• Marginal note:Assessment is binding

  (5.5) Every assessment and interim assessment is final and conclusive and binding on the payment card network operator 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%.