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Annual Information Returns

Each mortgage brokerage and administrator is required to complete and submit an Annual Information Return (AIR) no later than March 31st of each year. This is a reporting requirement for all licensed mortgage brokerages and administrators under Ontario Regulation 193/08 - Reporting Requirements for Licensees and section 29 [New Window] of the Mortgage Brokerages, Lenders and Administrators Act, 2006
 
The AIR is designed to collect information from mortgage brokerages and administrators about their business practices, internal controls, and market conditions for the previous calendar year. The information is used to assist the Financial Services Commission of Ontario (FSCO) in its risk assessment and oversight of mortgage brokerages and administrators. 
 
Electronic filing (e-filing) of the AIR is mandatory in accordance with the Superintendent's Rule governing the filing of the AIR. This rule formalizes the Superintendent’s existing e-filing practice which was implemented in 2009, using FSCO’s Licensing Link web portal.
 
Mortgage brokerages and administrators that failed to submit an AIR via Licensing Link by March 31st due date may be required to pay an administrative monetary penalty of $1000.
 

2012 AIR Compliance Rate

 
In 2011, 9 per cent of brokerages and administrators failed to comply with this filing requirement (i.e., they filed after the March 31, 2012 deadline, or not at all).  As a result, FSCO took enforcement action, such as imposing $1000 administrative monetary penalties.   
 

2011 AIR Summary Results

 
FSCO has reviewed the data collected through the 2011 AIR from a majority of mortgage brokerages and administrators and compiled a 2011 AIR Summary Results [PDF Document] Size: ## kb report. This report provides a snapshot of the mortgage activities conducted by mortgage brokerages and administrators between January 1 and December 31, 2011.
 
 

How to Complete the AIR

 
Principal brokers and mortgage administrators should visit Licensing Link between January 20 and March 31 to fill out the online form in English.  If a French version of the AIR form is required, please contact FSCO at 1-800-668-0128 (toll-free) or (416) 250-7250.
 
FSCO enforces the AIR requirement; all brokerages and administrators need to ensure they complete the AIR by the deadline.  Non-compliance increases FSCO’s regulatory costs and impacts the fees that all licensees pay. 
 

Helpful Resources

Prior to filing the AIR, principal brokers and administrators are encouraged to review the following resources: