More than six years ago, the government announced in the 2018 federal budget its intention to design and implement an open finance regime in Canada.
By including a diverse array of financial accounts—from savings and chequing accounts to investment products and loans—it ensures that the benefits of open finance are extensive and inclusive. This approach is not only progressive, but also practical, as it acknowledges the complex financial needs of today’s consumers and SMEs. However, there is a crucial need to expand the scope of this framework to explicitly include SME accounts.
Budget Finance Policy
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