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ARTICLE · 17 NOVEMBER 2025

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Torys On Budget 2025: Supporting Innovation In Financial Services

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Technology-led innovation in the Canadian financial sector is transforming the way Canadians access and use financial products and services.

CanadaFinance and Banking
Brigitte Goulard
Brigitte Goulard
Mohammed Muraj
Mohammed Muraj
Marissa Daniels
Marissa Daniels
James Flynn
James Flynn
Hailey Schnier
Hailey Schnier
Peter Aziz
Peter Aziz
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Technology-led innovation in the Canadian financial sector is transforming the way Canadians access and use financial products and services. In the 2025 Budget (the Budget), the federal government (the government) reaffirmed its objective to modernize Canada's payment systems by committing to launch Canada's Real-Time Rail in 2026 and to implement two new legislative frameworks: one governing consumer-driven banking and the other governing fiat-backed stablecoins. 

Advancing the consumer-driven banking framework

While many anticipated that the government would announce its intention to introduce legislation to complete the Consumer-Driven Banking Act (CDBA), the Budget contained several surprising announcements with respect to its plans to move forward with the CDBA's implementation and oversight.

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