To support you in this difficult time, we are extending the deadline for filing your 2019 Annual Information Return (AIR) by three months to June 30, 2020. We thank those who have already filed.
We are monitoring the rapidly evolving circumstances around COVID-19. We understand the normal course of business has been disrupted and business continuity plans have been activated at many workplaces, including FSRA.
FSRA continues operations and is consistently monitoring the mortgage broker sector while reviewing our work, stakeholder engagement activities and other commitments to prioritize activities. We are committed to communicating with you regularly. As we adapt to new norms, we ask for your patience and understanding where you experience delays.
Annual Information Returns
All licensed mortgage brokerages and administrators are required to complete and submit an Annual Information Return (AIR) no later than March 31 of each year (see Ontario Regulation 193/08 – Reporting Requirements for Licensees and section 29 of the Mortgage Brokerages, Lenders and Administrators Act, 2006. Recognizing the increased strain that COVID-19 has placed on many of our licensees, we have extended the filing deadline to June 30, 2020.
FSRA has made AIR filing faster and easier to complete by reducing the number of questions and streamlining the form. The AIR is designed to collect information about business practices, internal controls, and market conditions for the previous calendar year. The information is used to assist the regulator in its risk assessment and oversight of mortgage brokerages and administrators.
Mortgage brokerages and administrators that fail to file the AIR by the June 30, 2020 deadline may be subject to a summary administrative penalty of $1,000.
2018 AIR Results Summary
FSRA reviewed the data collected through the 2018 AIR and compiled a 2018 AIR Summary Results Report. This report provides a snapshot of the mortgage activities conducted by mortgage brokerages and administrators between January 1 and December 31, 2018.
How to Complete the AIR
Principal brokers and mortgage administrators complete the AIR online using Licensing Link. The AIR will be available beginning January 30, and must be completed by June 30, 2020. If a French version of the AIR form is required, please contact FSRA at 1-800-668-0128 (toll-free) or (416) 250-7250.
FSRA enforces the AIR filing requirement. All brokerages and administrators are required to complete the AIR by the deadline. Non-compliance increases FSRA’s regulatory costs and impacts the fees that all licensees pay.
Prior to filing the AIR, principal brokers and administrators are encouraged to review the following resources: