On April 16, Deputy Prime Minister and Finance Minister Chrystia Freeland announced its spending plan for the year, including an update on the progress of the Canadian Open Banking Framework. Referred to as Consumer-Driven Banking, the government says it will introduce legislation in two phases: the first will be tabled in the Spring and will include key elements of the framework, such as governance, scope, criteria and process for the technical standard. The remaining elements of the framework would likely be legislated in the second Budget Implementation Act in the Fall of 2024. 

Additional details relating to the framework were announced in a memo released by the Department of Finance. For an overview of the memo, please see here or below.