‘Budget 2025 introduces some of the most ambitious, pro-competition measures Canada has seen in a generation to improve affordability. More choice means lower prices and that’s what this budget delivers,’ Finance Minister François-Philippe Champagne said on Nov. 6 at the MaRS Discovery District. / TWITTER PHOTO

Finance Minister François-Philippe Champagne says Canada is moving to “give more choices to consumers” and “put consumers at the heart” of the country’s financial system through new measures on open banking, data mobility and a federal framework for stablecoins.

Speaking at MaRS Discovery District on Thursday, Champagne said, “Open banking will be key. I’m comparing that with the G7 — we have a bit of catch up to do, but the Canadian stable coin, I think we’re going to be ahead.”

He described the 2025 federal budget as “really an investment budget,” adding that “allowing people to switch between financial institutions more easily, increasing transparency” and “making the financial system even stronger in Canada” were among his top goals.

Champagne said the government would be making legislative changes to allow new data mobility rights in Canada. “This is empowering. When you say you want consumers to take control — Canadians have control,” he said.

The minister announced that the Bank of Canada will supervise the open banking sector as Canada moves toward implementation. “We will accelerate the next phase of open banking by legislating the ability to direct action such as switching accounts or making bill payments by mid-2027,” he said. “I think this is a big thing for all of you, and certainly is going to be welcomed by the community.”

Champagne confirmed that legislation on open banking would be introduced through the upcoming budget implementation act, with “2026” targeted for the first phase and “2027, more.”

He said his goal was to “do it smart, do it safe and do it with a view to make sure that we could be a model for other jurisdictions,” adding that “Canada is going to lead.”

He also emphasized that the federal framework for stablecoins would “provide certainty.” He said the government wants to "be ahead of the curve" on this front and is working with trusted institutions to make it happen.

Champagne tied these financial reforms to broader themes of competition and innovation. “Competition is central to productivity, innovation, affordability,” he said. “We need to double down. This is not the time to offer the best, but to work for a better future together.”

He also stressed the need for “regulatory certainty, stability, predictability, rule of law,” noting that these are “the fundamental pillars of attracting investments.”

Champagne told innovators in the room: “Let’s seize the moment. Let’s make Canada the innovation superpower that we want and supercharge growth in our country.”

Financial sector innovation from Budget 2025:

Next steps in the government’s plan to support innovation in the financial sector include implementing new legislative frameworks to allow responsible innovation to flourish.

Budget 2025 announces the government’s commitment to advancing open banking by introducing legislation to complete the Consumer-Driven Banking Act, and provide a data-mobility right in the Personal Information Protection and Electronic Documents Act to facilitate economy-wide data sharing.

Budget 2025 announces the government’s intention to delegate oversight of the Consumer-Driven Banking Act to the Bank of Canada, building on its oversight activities of payment service providers. The Bank of Canada will retain up to $19.3 million over two years on a cash basis from its remittances to the Consolidated Revenue Fund to support implementation. The remaining funding that had been previously allocated to the Financial Consumer Agency of Canada in the 2024 Fall Economic Statement will not be spent, amounting to $36.9 million over two years.

Budget 2025 proposes to provide $25.7 million over five years, beginning in 2025-26, and $5 million ongoing, for the Canadian Security Intelligence Service and the Royal Canadian Mounted Police to support national security safeguards in the Consumer-Driven Banking Act.

Budget 2025 further announces that the government will accelerate the next phase of consumer-driven banking, including legislating the ability to direct actions, such as switching accounts or making bill payments, or “write access,” by mid-2027, once Canada’s Real-Time-Rail project is live and in widespread use.

Budget 2025 reaffirms the government’s support for the launch of Canada’s nation-building payments infrastructure, the Real-Time-Rail, in 2026. This payments system will enable money to move instantly between accounts, eliminating wait times and enabling innovative new use-cases for payments.

Budget 2025 also announces the government’s intention to introduce legislation to regulate the issuance of fiat-backed stablecoins in Canada.

◦ This legislation will require issuers to maintain and manage adequate asset reserves, establish redemption policies, implement risk management frameworks, and protect the sensitive and personal information of Canadians. The legislation will also include national security safeguards to support the integrity of the framework so that fiat-backed stablecoins are safe and secure for consumers and businesses to use.

◦ To administer the relevant legislation, the Bank of Canada will retain $10 million over two years, starting in 2026-27, from its remittances to the Consolidated Revenue Fund. Administrative costs in subsequent years are projected to be $5 million per year and will be offset from stablecoin issuers regulated under the Act.

◦ Related amendments to the Retail Payment Activities Act will also be made to enable the regulation of payment service providers that carry out payment functions using prescribed stablecoins.

The government will also explore options and work with the private sector to encourage the adoption of artificial intelligence in the financial sector in ways that advance innovation and build trust in its use.