FSRA is reminding mortgage administrators to submit their Annual Financial Filings (AFFs) on time every year, and that filings must be accurate and complete.
The deadline to submit your AFF is 90 days after the end of your fiscal year
Mortgage administrators who do not submit complete AFFs by the deadline may be subject to enforcement action from FSRA.
FSRA takes late and non-filing seriously, and may impose administrative monetary penalties and/or take escalated enforcement action against a licence where non-compliance is not adequately addressed.
Read on to better understand your responsibilities around AFFs.
A complete Annual Financial Filing must include the following components:
- audited Financial Statements
- auditor’s report on internal control deficiencies regarding financial reporting, prepared in accordance with Canadian Auditing Standard 265 (Management Letter)
- reasonable Assurance Report on Compliance
What you need to do now
- confirm when your fiscal year ends to determine your deadline
- engage your auditor early enough to complete the required work on time
- review and confirm that all required financial statements and auditor reports are complete before submission
- keep an eye on filing requirements as they may change over time
Why filings matter
Timely, accurate and complete AFFs help FSRA assess risks, identify potential consumer harm, and support risk-based supervision.
Your filing also demonstrates that you're meeting your financial and compliance obligations.
Remember, late or incomplete filings can expose your business to potential enforcement or regulatory action. This may include administrative monetary penalties or action against your licence.