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ARTICLE · 04 APRIL 2019

2019 Federal Budget: Financial Services Highlights

Blake, Cassels & Graydon LLP
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On March 19, 2019, the Government of Canada released its 2019 budget plan (2019 Budget) before the federal election later this year.

CanadaFinance and Banking
Paul Belanger
Paul Belanger
Katie Patterson
Katie Patterson
Vladimir Shatiryan
Vladimir Shatiryan
Jacqueline Shinfield
Jacqueline Shinfield
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On March 19, 2019, the Government of Canada released its 2019 budget plan (2019 Budget) before the federal election later this year. The 2019 Budget includes several proposals that impact federally regulated financial institutions. The legislation implementing these proposals is not released yet and is expected to follow later in 2019. The key proposals are outlined below.

OPEN BANKING

The government will continue assessing the merits of developing an open banking framework in Canada that will enable consumers and businesses to authorize third-party financial service providers to access their financial transaction data. The government announced its intention to study open banking in the 2018 federal budget. A four-person Advisory Committee on Open Banking was appointed later in September 2018 to lead a two-phase consultation. As part of the first phase, the Department of Finance released a consultation paper in early 2019, which is discussed in our January 2019 Bla

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