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ARTICLE · 12 NOVEMBER 2025

Ctrl+Alt+Bank: Canada Reboots Open Banking With Budget 2025

McCarthy Tétrault
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Not to be missed from the federal government's release of the long awaited Budget 2025 are the new details about the government's plans for open banking in Canada.

CanadaFinance and Banking
TechLex Blog
TechLex Blog
Christine Ing
Christine Ing
Michael Scherman
Michael Scherman
Mohammed M'Hiri
Mohammed M'Hiri
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Not to be missed from the federal government's release of the long awaited Budget 2025 are the new details about the government's plans for open banking in Canada.

As we had written about (here, here, here and here), the previous federal government began laying the groundwork for open banking (also known as consumer-driven banking) with the release of the 2024 federal budget, the introduction of Canada's Consumer-Driven Banking Framework, and the enactment of the Consumer-Driven Banking Act (CDBA) in two parts. Part one received royal assent in spring 2024, establishing the foundational governance and scope of the framework but the plan stalled with the prorogation of Parliament in January 2025, leaving implementation adrift. However, with Budget 2025, the federal government has rebooted its commitment to open banking, signaling a renewed push to complete the CDBA and move the framework forward.

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