SEDAR+ Fee Increase 2025: System Fees to Rise 60% This November
- Melissa Strle
- 6 minutes ago
- 3 min read
If your company files on SEDAR+, it’s time to prepare for the SEDAR+ fee increase 2025, a significant adjustment approved by the Canadian Securities Administrators (CSA). The five-year plan will raise SEDAR+ system fees, with the first and largest jump taking effect on November 28, 2025.
"System fees are set to rise by about 60% this November. This is the largest single-year jump since SEDAR+ launched."
Fees for filings such as annual financial statements, annual information forms (AIFs), and prospectuses will rise by approximately 60%, followed by annual increases of 3–4% through 2029.
The increase is intended to help the CSA keep up with rising costs for technology, IT staff, and cybersecurity.
For your company, this change goes beyond a simple administrative update. It will affect how you budget for filings, plan compliance activities, and manage year-end reporting.
Below, we outline what’s changing, why it’s happening, and the steps your team should take to prepare.
Breaking Down the 2025 SEDAR+ Fee Increase
A significant cost increase is coming for SEDAR+ filers. Starting November 28, 2025, system fees will rise by approximately 60%. This is the first and largest jump under the CSA’s new five-year fee plan.
Key Changes at a Glance
The increases apply to all filing types that include a system fee, such as annual financial statements, AIFs, and prospectuses. Smaller annual increases of 3–4% will follow through 2029.
Initial 60% Fee Jump: The largest increase takes effect in November 2025.
Annual Fee Escalations: Smaller annual increases of roughly 3–4% will apply each year through 2029.
No New Fee Types: The increases apply only to existing fees. The flat, per-filing model remains in place.
WKSI Integration: Fees related to the new Well-Known Seasoned Issuer (WKSI) shelf prospectus regime will be added to the schedule at the same time.
These changes stem from amendments to Multilateral Instrument 13-102 – System Fees, which the Canadian Securities Administrators (CSA) finalized on July 10, 2025. The increase is intended to help the CSA keep up with rising costs for technology, IT staff, and cybersecurity.
A Look at the New Numbers
Here is a sample of what filers can expect to pay for system fees on or after November 28, 2025:
Annual Financial Statements (non-investment fund): $1,224
Annual Information Form (AIF) (non-investment fund): $688
Long-Form Prospectus (preliminary or final): $1,520
These figures illustrate the tangible impact of the 60% hike across common filing categories.
"According to the CSA, 95% of filers will see an increase of less than $2,500 in 2025, while 85% will see less than $1,000."
— Canadian Securities Administrators (CSA)
Behind the Hike: The CSA's Rationale
The CSA says the fee increase is needed because the cost of running and maintaining Canada’s national filing systems has outpaced current revenues.
When the simplified flat-fee model launched with SEDAR+ in 2023, revenue dropped by about 18% compared with the previous structure. From 2021 to 2024, IT labour costs also climbed 35–45%, adding pressure to operating budgets. In addition, maintaining and improving cybersecurity across both SEDAR+ and the National Registration Database (NRD) continues to drive up costs.
The Real-World Impact and What Filers Are Saying
The CSA describes this increase as a necessary cost-recovery step, but there are a few important points for filers to keep in mind.
Separate from Regulatory Fees: These system fees are in addition to any provincial or territorial regulatory fees your company already pays, meaning your overall filing costs will rise.
System Performance Concerns: Several commenters questioned the timing of the increase, noting that SEDAR+ still has performance issues such as slow searches and usability challenges that have not been fully resolved.
Limited Revisions: The CSA received feedback from four commenters but made no major changes to the proposal, showing that it intends to move forward largely as planned.
Your Action Plan: What to Do Before November 28
With the deadline approaching, it’s important to plan ahead and take a few key steps.
This change marks more than a fee adjustment. It's a sign of where Canada’s capital markets infrastructure is heading. For smaller issuers, even modest increases may have an impact, while larger filers will need to plan for rising ongoing costs. Over time, these regular adjustments will become part of the new normal for using SEDAR+.
The best approach is to plan early, stay informed, and keep your teams aligned. With preparation, your company can manage the transition smoothly and continue to navigate Canada’s regulatory landscape with confidence.
