Annual Information Returns

1. Who is required to submit an Annual Information Return?
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 2008, do I still need to submit an Annual Information Return?
5. My mortgage brokerage/administrator licence is currently suspended.  Do I still need to submit the Annual Information Return?
6. My mortgage brokerage/administrator licence was recently surrendered.  Do I still need to submit the Annual Information Return?
7. My mortgage brokerage’s/administrator’s licence was obtained after December 31, 2008.  Does my brokerage/administrator need to submit an Annual Information Return?
8. Question number four on the Annual Information Return refers to "offices open to the public" and "offices where business is transacted". Do these terms refer to branch offices, or are other business premises included?
9. Do questions 15 and 16 on the Annual Information Return for Mortgage Brokerages refer to just the mortgage brokerage, or do they extend to the brokerage's affiliates and parent company?
10. What should I do if I submitted an Annual Information Return with an error?
    
    Financial Statements
    
    
11. Who needs to submit audited financial statements?
12. When must financial statements be submitted?
13. Is a mortgage brokerage that holds a trust account also required to submit audited financial statements?
14. Where can I find the forms required to submit the financial statements?

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 principal broker.

2. When is the AIR due?

The AIR must be submitted to the Superintendent by no later than March 31st of each year, for the previous calendar year.

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

To complete the Annual Information Return (AIR), please go to Licensing Link to complete and submit the form to FSCO electronically.

4. If my mortgage brokerage did not do any business in 2008, do I still need to submit an Annual Information Return?

Yes, all mortgage brokerages and administrators must submit the Annual Information Return on an annual basis.

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

Having a suspended licence does not relieve your mortgage brokerage/administrator of its regulatory obligations, such as filing the Annual Information Return. Your mortgage brokerage/administrator is still required to complete and submit the Annual Information Return for the previous calendar year.

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

Since your mortgage brokerage/administrator licence was recently surrendered, you do not need to complete and submit the Annual Information Return for the previous calendar year.

7. My mortgage brokerage’s/administrator’s licence was obtained after December 31, 2008. Does my brokerage/administrator need to submit an Annual Information Return?

Since your mortgage brokerage/administrator licence was obtained after December 31, 2008, it does not have any mortgage business to report on for the period of January 1 to December 31, 2008. Your mortgage brokerage/administrator is therefore not required to submit an Annual Information Return for 2008.

8. Question number four on the Annual Information Return refers to "offices open to the public" and "offices where business is transacted". Do these terms 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 branch offices.  The term "offices where business is transacted" refers to collection departments, call centres, customer service centres and any other offices where business transactions are processed or administered, or business records are stored.

9. Do questions 15 and 16 on the Annual Information Return for Mortgage Brokerages refer to just the mortgage brokerage, or do they extend to the brokerage's affiliates and parent company?

Questions 15 and 16 on the Annual Information Return 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.

10. What should I do if I submitted an Annual Information Return with an error?

If you think you made an error on your Annual Information Return, please get in touch with FSCO for assistance at 416-226-7761.

Financial Statements

11. 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 no longer required to submit audited financial statements.

12. 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.

13. 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 is not required to be filed with FSCO but must be available if requested.

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

The forms will be available on the FSCO Forms web page.