Ottawa is home to the Office of the Superintendent of Financial Institutions (OSFI), the federal regulator that oversees more than 350 financial institutions and 1,200 private pension plans for employees in federally regulated industries. Six months after the rest of the federal public service tabled its spending priorities, OSFI still hasn't released its 2026-27 departmental plan, a key transparency document.
What A Departmental Plan Is
Departmental plans are spending documents that describe the priorities, programs and resource needs of each federal government organization over a three-year period. Treasury Board President Shafqat Ali tabled departmental plans for 91 other departments and agencies on March 13. OSFI's has yet to appear.
Why It Matters
Treasury Board Secretary Bill Matthews said the documents are "absolutely a key document to understanding the requests made by each department." Without OSFI's plan, Ottawa-based watchdogs, MPs and the public have no formal accounting of how the regulator intends to spend its budget or staff its operations over the coming three years.
Promises Made, Promises Delayed
This isn't the first time OSFI has said the document was on its way. Back in May, a Department of Finance spokesperson said release of OSFI's departmental plan would be "forthcoming." That was four months ago. On September 16, just two days before this report, a Finance spokesperson repeated the message, saying OSFI "remains compliant with its reporting obligations" and that the 2026-27 plan "will therefore be tabled in due course." No date has been given for either.
Job Cuts Continue Regardless
While the transparency document sits unreleased, OSFI's downsizing has continued on schedule. The regulator has committed to cutting 82 positions by March 31, 2027. Headcount already dropped by 65 employees, from 1,256 in 2025 to 1,191 in 2026. Those numbers are public. The plan that would explain how remaining staff and resources are being allocated is not.
What Happens Next
Parliament returns for its fall sitting on Monday, September 21, giving MPs an opportunity to press the government on the outstanding document once the House is back in session.
Earlier This Month
Ottawa's federal workplace has been under scrutiny lately. ottown reported that a shortage of desks and workstations has kept the city's public servants from a full four-day-a-week return to office (ottown's earlier report), and that Ottawa's federal GCcoworking sites are set to close on Sept. 30, with those desks reassigned elsewhere (ottown's earlier report).
For now, OSFI's departmental plan remains outstanding, six months after the rest of the federal government's did the rounds, with no firm date attached to its arrival.
Sources: Ottawa Citizen (via Yahoo News Canada syndication)
