Canada Spends Logo

Explore our Budget 2026 analysis

Program directory · Office of the Superintendent of Financial Institutions Canada

Actuarial Valuation and Advice

Program code
BVO01 (OSFI)
Core responsibility
Actuarial Services
In Departmental Plans
2018-19 – 2025-26 · Appeared and later dropped

What it does

This program provides checks and balances on the future costs of the Canada Pension Plan, public sector pension arrangements and other social programs under its responsibilities. It provides a range of actuarial services, under legislation, to the Canada Pension Plan stakeholders and several federal government departments. It conducts statutory actuarial valuations of the Canada Pension Plan, Old Age Security, Employment Insurance and Canada Student Loans programs, and pension and benefits plans covering the Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, federally appointed judges, and Members of Parliament.

Source: the department's Program Inventory, via GC InfoBase.

History and lineage

First appears in GC InfoBase's actual spending by program in 2018-19. The data does not record when a program was created; it may be older than its first appearance here, which is limited by the sources (program spending starts in 2010-11, Departmental Plans in 2018-19).

2018-192019-202020-212021-222022-232023-242024-252025-262026-272027-28Actuarial Valuation and Advice 2018-19: $6.2MActuarial Valuation and Advice 2019-20: $6.7MActuarial Valuation and Advice 2020-21: $7.2MActuarial Valuation and Advice 2021-22: $8.1MActuarial Valuation and Advice 2022-23: $10MActuarial Valuation and Advice 2023-24: $11.7MActuarial Valuation and Advice 2024-25: $12.5MActuarial Valuation and Advice 2025-26: $14MActuarial Valuation and Advice 2026-27: $14.2MActuarial Valuation and Advice 2027-28: $14.8MActuarial Valuation and Advice
Bars: spending by fiscal year (dark: actual; light: actual restated on the 2017-18 program structure; outlined: the latest plan's forecast; grey: related programs). Bands: each program in the lineage over the years it has data.
ProgramRelationYears with dataActual spending over those years
Actuarial Valuation and AdviceThis program2018-19 – 2027-28$62.5M

No earlier or later program in the same department has a similar name.

Significant changes in scope and budget

Detected from the data: renames between plans, programs it appears to replace, merge with or split into (matched by name), year-over-year changes in spending of at least 25% and $5M, or in employees of at least 20% and 25 FTEs, linked budget measures, and results indicators added or dropped.

No significant changes detected.

Success criteria

The program's indicators from its department's Departmental Results Framework: the target set in each year's plan, and the result reported the following year. Source: GC InfoBase.

Historical: targets against results

Percentage of Federal Public Sector Employee Pension and Insurance Plans valuations that are deemed accurate and high quality by an independent actuarial firm.
Expected result: Accurate, high quality and timely actuarial valuation reports on federal Public Sector Employee Pension and Insurance Plans are provided to departments to assist with design, funding and administration of the plans.
100%2018-19✓ met100%2019-20✓ met100%2020-21✓ met100%2021-22✓ met100%2022-23✓ met100%2023-24✓ met100%2024-25✓ met

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2018-19100% – 100%2019100%Met
2019-20100% – 100%2020100%Met
2020-21100% – 100%2021100%Met
2021-22100% – 100%2022100%Met
2022-23100% – 100%2023100%Met
2023-24100% – 100%2024100%Met
2024-25100% – 100%2025100%Met
Percentage of members of a panel of Canadian peer actuaries that deem the Canada Pension Plan (CPP) actuarial valuation accurate and of high quality.
Expected result: Stewards of Canada’s public retirement income system and Canadians receive accurate, high quality and timely professional actuarial services and advice on Canada’s public retirement income system.
100%2020-21✓ met100%2021-22– no result100%2023-24✓ met100%2024-25– no result

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2020-21100% – 100%2021100%Met
2021-22100% – 100%2022—
The last peer review was conducted in 2020-21. The result is reported as "N/A" in the years an assessment is not conducted.
No result reported
2023-24100% – 100%2024100%
The last peer review was conducted in 2023-24. The result is reported as "N/A" in the years an assessment is not conducted.
Met
2024-25100% – 100%2025—
The last peer review was conducted in 2023-24. The result is reported as "N/A" in the years an assessment is not conducted.
No result reported
Percentage of recommendations from the previous peer review report and within the scope and influence of the Office of the Chief Actuary (OCA) that are implemented before the next peer review.
Expected result: Stewards of Canada’s public retirement income system and Canadians receive accurate, high quality and timely professional actuarial services and advice on Canada’s public retirement income system.
85%2019-20✓ met100%2022-23✓ met100%2023-24✓ met100%2024-25✓ met

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2019-20≥ 80%202085%Met
2022-23≥ 80%2023100%Met
2023-24≥ 80%2024100%
On track to reach the target before the next peer review.
Met
2024-25≥ 80%2025100%
On track to reach the target before the next peer review.
Met
Percentage of reports on actuarial valuation of the Canada Student Loans Program (CSLP) that are used by the Office of the Auditor General (OAG) as an external audit evidence for the Public Accounts of Canada.
Expected result: Accurate, high quality and timely actuarial valuation reports on Canada Student Loans Program (CSLP) and Employment Insurance (EI) are provided to inform stakeholders and Canadians of the future costs and rates for these programs.
100%2018-19✓ met100%2019-20✓ met100%2020-21✓ met100%2021-22✓ met100%2022-23✓ met100%2023-24✓ met100%2024-25✓ met

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2018-19100% – 100%2019100%Met
2019-20100% – 100%2020100%Met
2020-21100% – 100%2021100%Met
2021-22100% – 100%2022100%Met
2022-23100% – 100%2023100%Met
2023-24100% – 100%2024100%Met
2024-25100% – 100%2025100%Met
Percentage of reports that are provided to the Minister for tabling in Parliament as per statutory deadlines.
Expected result: Stewards of Canada’s public retirement income system and Canadians receive accurate, high quality and timely professional actuarial services and advice on Canada’s public retirement income system.
100%2018-19✓ met100%2019-20✓ met100%2020-21✓ met100%2021-22✓ met100%2022-23✓ met100%2023-24✓ met100%2024-25✓ met

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2018-19100% – 100%2019100%Met
2019-20100% – 100%2020100%Met
2020-21100% – 100%2021100%Met
2021-22100% – 100%2022100%Met
2022-23100% – 100%2023100%Met
2023-24100% – 100%2024100%Met
2024-25100% – 100%2025100%
All statutory reports have been provided to the Ministers as per the statutory deadlines.
Met
Use of the Office of the Chief Actuary (OCA)’s work by the Office of the Auditor General (OAG) as an independent evidence for the Public Accounts of Canada.
Expected result: Stewards of Canada’s public retirement income system and Canadians receive accurate, high quality and timely professional actuarial services and advice on Canada’s public retirement income system.
Report yearTargetDueResultStatus
2018-19Work is used2019Work is usedMet
2019-20Work is used2020Work is usedMet
2020-21Work is used2021Work is usedMet
2021-22Work is used2022Work is used.
Work is used.
Met
2022-23Work is used2023Work is usedMet
2023-24Work is used2024Work is used.Met
2024-25Work is used2025Work is used.Met

Current: the 2026-27 plan's targets

No indicators in the 2026-27 plan.

Future goals: targets due after 2026-27

No targets with a later due date.

Spending and employees: planned against actual

Spending

2018-19: $6.3M2018-19: $6.2M2018-192019-20: $6.6M2019-20: $6.7M2019-202020-21: $7.4M2020-21: $7.2M2020-212021-22: $7.6M2021-22: $8.1M2021-222022-23: $8.8M2022-23: $10M2022-232023-24: $11.9M2023-24: $11.7M2023-242024-25: $12.5M2024-25: $12.5M2024-252025-26: $14M2025-262026-27: $14.2M2026-272027-28: $14.8M2027-28
Outlined bar: planned in that year's Departmental Plan (dashed: the latest plan, for years not yet reported). Filled bar: actual.
Show the numbers
Fiscal yearPlannedActual
2018-19$6.3M$6.2M
2019-20$6.6M$6.7M
2020-21$7.4M$7.2M
2021-22$7.6M$8.1M
2022-23$8.8M$10M
2023-24$11.9M$11.7M
2024-25$12.5M$12.5M
2025-26$14M—
2026-27$14.2M*—
2027-28$14.8M*—

Employees (FTEs)

2018-19: 402018-19: 362018-192019-20: 402019-20: 342019-202020-21: 402020-21: 372020-212021-22: 412021-22: 402021-222022-23: 432022-23: 452022-232023-24: 562023-24: 512023-242024-25: 572024-25: 522024-252025-26: 582025-262026-27: 582026-272027-28: 582027-28
Outlined bar: planned in that year's Departmental Plan (dashed: the latest plan, for years not yet reported). Filled bar: actual.
Show the numbers
Fiscal yearPlannedActual
2018-194036
2019-204034
2020-214037
2021-224140
2022-234345
2023-245651
2024-255752
2025-2658—
2026-2758*—
2027-2858*—

Planned spending, plan by plan

Each row is one year's Departmental Plan and its forecast for the next three fiscal years; read a column down to see how the forecast for one year changed. The last row is what was actually spent. Click an amount for its source. Biggest changes in federal spending plans

Actual spending is from Departmental Results Reports and the Public Accounts, as published in GC InfoBase. FTEs are full-time equivalents.