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ARTICLE · 21 APRIL 2021

Budget 2021's Impact On The Canadian Financial Sector

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On April 19, Parliament tabled the federal budget (Budget 2021), which included a number of measures to be introduced affecting financial institutions.

CanadaFinance and Banking
Blair Keefe
Blair Keefe
Brigitte Goulard
Brigitte Goulard
Peter Aziz
Peter Aziz
Eli Monas
Eli Monas
Marissa Daniels
Marissa Daniels
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On April 19, Parliament tabled the federal budget (Budget 2021), which included a number of measures to be introduced affecting financial institutions.

What you need to know

Budget 2021 contains a number of proposals pertinent to financial institutions, including to:

  • modernize the unclaimed assets regime;
  • clarify that the right to cancel certain contracts with a bank under the proposed bank consumer protection framework does not apply in respect of large businesses;
  • implement a new retail payments oversight framework;
  • engage in a consultation with stakeholders regarding credit card fees, pricing and rewards;
  • extend the sunset date in the federal financial institution statutes to 2025; and

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