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Frequently Asked Questions on Annual Information Returns (AIR) and Financial Statements FAQ

Index of questions

Annual Information Returns

  1. Who is required to submit an Annual Information Return (AIR)?
  2. When is the AIR due?
  3. Where can I find the forms required to submit the AIR?
  4. If my mortgage brokerage did not do any business in 2013, do I still need to submit an AIR?
  5. My mortgage brokerage/administrator licence is currently suspended.  Do I still need to submit the AIR?
  6. My mortgage brokerage/administrator licence was recently surrendered.  Do I still need to submit the AIR?
  7. My mortgage brokerage’s/administrator’s licence was obtained after December 31, 2013.  Does my brokerage/administrator need to submit an AIR?
  8. Question number five on the AIR refers to "offices open to the public". Does this term refer to branch offices, or are other business premises included?
  9. Do questions 27 and 29 on the AIR for Mortgage Brokerages refer to just the mortgage brokerage, or do they extend to the brokerage's affiliates and parent company?

Financial Statements

  1. Who needs to submit audited financial statements?
  2. When must financial statements be submitted?
  3. Is a mortgage brokerage that holds a trust account also required to submit audited financial statements?
  4. Where can I find the forms required to submit the financial statements?

Answers

 

Annual Information Returns

1. Who is required to submit an Annual Information Return?

All licensed mortgage brokerages and mortgage administrators are required to submit an annual information return (AIR) to the Superintendent. The AIR must be filed electronically and may only be completed by the brokerage's principal broker (in the case of a mortgage brokerage) and by the person having appropriate authority with the administrator (in the case of an mortgage administrator).

 

2. When is the AIR due?

The AIR must be submitted to the Superintendent using Licensing Link no later than March 31st of each year, for the previous calendar year, in accordance with requirement under Ontario Regulation 193/08 – Reporting Requirements for Licensees [New Window].

 

3. Where can I find the forms required to submit the AIR?

To complete the AIR form in English, please go to Licensing Link on the FSCO website to find, complete and submit the form to FSCO electronically.

 

If a French version of the AIR form is required, please contact FSCO at 1-800-668-0128 (toll-free) or (416) 250-7250.

 

4. If my mortgage brokerage/administrator did not do any business in 2013, do I still need to submit an AIR?

Yes, all mortgage brokerages and administrators must submit the AIR on an annual basis for the previous calendar year.

 

5. My mortgage brokerage/administrator licence is currently suspended. Do I still need to submit the AIR?

Yes, having a suspended licence does not relieve your mortgage brokerage/administrator of its regulatory obligations, such as filing the AIR. Your mortgage brokerage/administrator is still required to complete and submit the AIR for the previous calendar year, by March 31st.

 

6. My mortgage brokerage/administrator licence was recently surrendered. Do I still need to submit the AIR?

No, since your mortgage brokerage/administrator licence was recently surrendered, you do not need to complete and submit the AIR for the previous calendar year.

 

7. My mortgage brokerage’s/administrator’s licence was obtained after December 31, 2013. Does my brokerage/administrator need to submit an AIR?

No, since your mortgage brokerage/administrator licence was obtained after December 31, 2013, it does not have any mortgage business to report on for the period of January 1 to December 31, 2013. Your mortgage brokerage/administrator is therefore not required to submit an AIR for 2013. However, it will have to submit an AIR in 2015 with respect to 2014 business.

 

 

8. Question number five on the 2013 AIR refers to "offices open to the public". Does this term refer to branch offices, or are other business premises included?

The term "offices open to the public" refers to any offices where the mortgage brokerage or administrator may have contact with the public.  This includes branches and any other offices. 

 

9. Do questions 27 and 29 on the 2013 AIR for Mortgage Brokerages refer to just the mortgage brokerage, or do they extend to the brokerage's affiliates and parent company?

Questions 27 and 29 on the AIR for Mortgage Brokerages refer to complaints made to the Financial Services Commission of Ontario (FSCO) about the mortgage brokerage or charges brought under the name of the licensed mortgage brokerage. These questions do not apply to complaints or charges against any companies affiliated with the brokerage, or to the brokerage's parent company. 

 

Financial Statements

10. Who needs to submit audited financial statements?

Only mortgage administrators are required to submit audited financial statements. Mortgage brokerages, whether or not they have a trust account, are not required to submit audited financial statements.

 

11. When must financial statements be submitted?

Mortgage administrators are required to submit audited financial statements within 90 days of the end of their fiscal year.

 

12. Is a mortgage brokerage that holds a trust account also required to submit audited financial statements?

No. Only mortgage administrators are required to file audited financial statements. 

 

A mortgage brokerage that is required to prepare monthly reconciliation statements during the fiscal year must also prepare an annual reconciliation statement for that year within 90 days of the fiscal year end. The annual reconciliation statement must summarize the contents of each monthly reconciliation statement.

 

The annual reconciliation statement is not required to be filed with FSCO but must be available if requested.

 

13. Where can I find the forms required to submit the financial statements?

The forms are available on the Mortgage Brokering Forms page.​

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