2025-26 Financial Statements
The 2025-26 Financial Statements forms are provided in the Education Finance Information System (EFIS).
Reference Materials
The ministry is providing reference materials which highlight changes to the 2025-26 Financial Statements and the 2026-27 Revised Estimates, as well as provide updates in other areas, including:
- 2025-2026 Notes to the Financial Statements
- Appendix H Reporting Reminders
School boards can review the reference materials by logging in to EFIS and navigating to the Training Material task list within the S2526FIS application.
Important Data Reporting in Various Systems and Cut-Off Dates
Ontario School Information System (OnSIS) Enrolment Data Refresh and Cut-Off
OnSIS enrolment data for regular day school is loaded directly into EFIS on a daily basis. Any changes made in OnSIS before 6:00 p.m. will be refreshed in EFIS by noon of the next business day. This refresh process will continue until October 1, 2026, using September 30, 2026, OnSIS data as of 6:00 p.m. School boards are advised to review their enrolment information in EFIS and make any corrections in OnSIS before the cut-off date. If a school board makes changes to OnSIS data after the cut-off, they can contact a member of the EFIS team to re-open the link and refresh the loaded enrolment from OnSIS at any time.
Note that enrolment for summer school and continuing education is required to be entered manually in Schedule 12 of EFIS due to challenges with aligning the OnSIS reporting timeline with EFIS deadlines. Data entered in EFIS should agree with what the school board has reported in OnSIS. Once the OnSIS data is reviewed by the OnSIS data team, the ministry’s finance officer will follow-up with school boards for all variances between OnSIS and EFIS, as needed. Please note that some adjustments may have a grant impact on the 2025-26 financial statements.
VFA Facility Expenditures Data Refresh and Cut-Off
The reported expenditures in VFA Facility will be automatically loaded into EFIS daily until October 9, 2026, and upon request after that date. Projects will need to be archived to ensure successful transfer to EFIS.
Submission of Financial Reports
The Remedy Payments template is now available in the File Download Portal (FDP) under the 2025-26 Financial Statements folder.
The Annual Audit Committee Report is a survey located on the SharePoint site at School Board Financial Reports.
All reports are due by November 13, 2026.
Putting Students First Act (PSFA) Remedy Payments (Appendix Q)
School boards are required to report back to the ministry the payment details and the total value of any eligible outstanding payments processed between September 1, 2025 and August 31, 2026 based on the Transfer Payment Agreement for Bill 115 remedy, in Appendix Q of EFIS to receive funding, if applicable. Payments to Ontario Secondary School Teachers Federation (OSSTF) and Canadian Union of Public Employees (CUPE) employees are no longer eligible for reporting during this period, as the deadlines for making these payments have already passed.
This is the final year for school boards to report any eligible payments made to Principals and Vice-Principals (PVP), Other Non-Union, Ontario Council of Educational Workers (OCEW) and Education Workers Alliance of Ontario (EWAO) employees.
The latest date by which the payments could be made for these four unions are as follows:
- PVP: October 4, 2025
- Other Non-Union: November 16, 2025
- OCEW: February 15, 2026
- EWAO: February 28, 2026
Annual Audit Committee Report
Under Ontario Regulation 361/10, Audit Committees, school boards are required to report in SharePoint the following:
- a summary of the work performed by the regional internal audit team (RIAT) for the 2025-26 school year;
- a summary of the work the RIAT is expected to perform during the school year as per their annual/multi-year audit plan and;
- any enrolment audits planned by the RIAT for the 2026-27 school year, if applicable.
This annual reporting by district school boards informs the ministry on the use of RIAT funding allocations and allows for better coordination of enrolment audits of school boards.
Financial Statements
School boards are required to submit their Financial Statements to the ministry through EFIS, and submit the following documents to the SharePoint site at School Board Financial Reports:
| Item | Naming convention |
|---|---|
From the active EFIS submission (in PDF):
|
DSB#_DSB Name_2025-2026 FS Supporting Docs |
| The audited financial statements, including the auditor’s report and the notes (in PDF) | DSB#_DSB Name_2025-2026 Audited FS |
| PSFA Remedy payments template, if applicable | DSB#_DSB Name_Outstanding Remedy Payments Report.xlsx |
| Annual Audit Committee Report | Please complete the survey on the SharePoint site |
For the PDF files from the active EFIS submission, only the Certificate from the Director of Education requires the Director of Education’s signature.
A one-page printable version of the instructions is available here. Please note that links to other locations in the instructions will not work in the one-page instructions document.
The due date for submission of EFIS and all supporting documents is November 13, 2026.
Due to the timing of board of trustees’ meetings, the ministry understands that the published financial statements, notes to the financial statements and auditor’s report may not be finalized by November 13, 2026. In these instances, these three documents may be submitted after November 13, 2026, but no later than December 4, 2026. If any financial information changes as a result of the board meeting, school boards must resubmit the EFIS forms by December 4, 2026.
School boards are required to follow the illustrative notes to the financial statements when preparing their audited financial statements, unless, in consultation with their auditor, a different note better reflects the unique circumstances of the school board. Please note that it is important to follow the naming conventions noted above when submitting each of the supporting documents to the SharePoint site.
Late Submissions
It is important that school boards meet the due dates above as the information is needed for the interim reporting in the provincial budget. If the school board is unable to meet the reporting deadline due to extenuating circumstances, please contact your ministry financial analyst to discuss the need for an extension to the due date.
If the submission is not received by the due date (or extended due date, if applicable), the ministry may implement cash flow withholding until the submission is received. The cash withholding amount is equal to a 50% reduction in the school board’s regular cash flow. Upon submission of the Financial Statements, the ministry will revert back to the normal monthly payment process and will include in the monthly payment the total amount withheld up to that point.