Ontario Annual Information Return e-filing is here!
In this issue:
Retirement
- Ontario Annual Information Return e-filing is here!
Retirement
Ontario Annual Information Return e-filing is here!
By Darren Klorfine
Buck Consultants is up and running to provide electronic e-filing for Ontario Annual Information Returns (AIRs).
The Financial Services Commission of Ontario (FSCO) has launched a new AIR electronic filing procedure through their online portal. Pension plan administrators now have the option of submitting their AIRs electronically instead of paying for couriers or using snail mail.
Typewriters??
When I started at Buck in 1995 after university, I couldn’t understand why AIRs needed to be typed (or in some case handwritten – can you imagine?) on original paper forms issued by FSCO. At the time I thought – why isn’t there an electronic template used? Here I am 15 years later and I still see the occasional use of a typewriter – yeah, you read that right – a typewriter to complete Ontario AIR filings. I suspect that actuarial students are even more astonished today than I was back then.
In the past, the Superintendent of FSCO required that these filings be done on their original paper forms, and has rejected any electronic template solutions until now. AIR e-filing is a long-awaited “green” solution that can be used today.
Unfortunately we can’t retire the typewriter just yet: the Pension Benefits Guarantee Fund (PBGF) Assessment Certificate is still a paper-only filing. Only the AIR can be e-filed on an optional basis for 2009 filings. Since the PBGF filings include fee payment and an actuary’s signature, it isn’t too surprising that FSCO is trying e-filing with AIRs first.
Now for the technical details…
In order to take advantage of the AIR e-filing option, a special XML formatted file must be prepared and uploaded to FSCO’s online portal. Extensible Markup Language, or XML, is a set of rules for encoding documents electronically. Plan administrators can e-file the XML document themselves if they have the technical savvy or have a service provider create the file. Alternatively, a company such as Buck could e-file an AIR on their behalf.
Buck’s electronic template creates the required e-filing document. We have worked closely with FSCO to test our software. We are proud to lay claim to being the first consulting firm to offer the e-filing option. As a result of being first out of the gate, we helped FSCO test and iron out the kinks in their online validation filing process.
What’s next?
Getting our clients on board is now a top priority. While e-filing is optional for 2009 filings, we suspect that it is only a matter of time before e-filing becomes mandatory. It also seems likely that FSCO is gearing up to eventually streamline all annual filings to their online portal. This means that the Investment Information Summary (IIS) and PBGF Assessment Certificates should be next up in the filing years to come.
So, we suspect it’s almost time to retire the old typewriter and for all plan administrators to become familiar with FSCO’s online portal. All you’ll need is a valid login ID. After that, why not take advantage of Buck’s specialized AIR e-file software?
Please contact me if you are interested in taking advantage of this environmentally friendly solution.
