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ARTICLE · 23 APRIL 2024

Embracing Innovation, Managing Risk: How Budget 2024 May Affect Financial Services And Technology In Canada

Gowling WLG
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Building upon the Government of Canada's 2023 Fall Economic Statement (FES 2023) released on Nov. 21, 2023, we are looking ahead to Budget 2024, scheduled for April 16, 2024.

CanadaFinance and Banking
Alana Scotchmer
Alana Scotchmer
Parna Sabet-Stephenson
Parna Sabet-Stephenson
Adam Garetson
Adam Garetson
Naïm Antaki
Naïm Antaki
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Building upon the Government of Canada's 2023 Fall Economic Statement (FES 2023) released on Nov. 21, 2023, we are looking ahead to Budget 2024, scheduled for April 16, 2024. We expect the federal government to continue to focus on innovation and the safety and integrity of Canada's financial sector in the evolving risk environment. In this article, we predict developments to watch for in Budget 2024 that may affect the financial services and technology sectors in Canada.

Consumer-driven banking

After much anticipation, Ottawa is set to unveil its consumer-driven banking (and otherwise referred to as "open banking") framework in Budget 2024. We expect that the framework will be accompanied with timelines for implementation, with legislation to be introduced in the fall in connection with the second budget implementation act (more on this framework here).

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