File the 2014 Annual Information Return by March 31

Prepare to file the 2014 Annual Information Return (AIR)

 

File the 2014 AIR between January 22 and March 31, 2015

 
Log in to Licensing Link to complete and submit the online form in English.  If you require the form in French, please contact FSCO at 1-800-668-0128 (toll-free) or (416) 250-7250.
 

The 2014 AIR must be submitted by March 31, 2015

 
Mortgage administrators that fail to submit the AIR by March 31, 2015 may be required to pay an administrative monetary penalty of $1,000.  Non-compliance increases FSCO’s regulatory costs and impacts the fees that all licensees pay.

Even if the administrator did not do any business in 2014, the mortgage administrator is still required by law to file the 2014 AIR.

 
If the mortgage administrator did not do any business in 2014, does not have any trust account and does not have any plans to continue the mortgage administration activities, the mortgage administrator can apply to surrender the mortgage administrator licence, subject to the Superintendent’s approval. For more information, please contact FSCO by email at contactcentre@fsco.gov.on.ca.
 

Filing the AIR is a mandatory legal requirement

 
Each mortgage administrator is required to complete and submit the required AIR no later than March 31st of each year.  This is a requirement for all licensed mortgage administrators under Ontario Regulation 193/08 - Reporting Requirements for Licensees [New Window] and section 29 of the Mortgage Brokerages, Lenders and Administrators Act, 2006 [New Window] (MBLAA).
 
The AIR is designed to collect information from mortgage administrators about their business practices, internal controls and market conditions.  The information will be used to assist FSCO in its risk assessment and oversight of mortgage administrators.  The reporting period is January 1 to December 31, 2014.
 
Electronic filing (e-filing) of the AIR is mandatory in accordance with the Superintendent's Rule governing the filing of the AIR.

 
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