On May 2, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, introduced Bill C-69, An Act to Implement certain provisions of the budget, tabled in Parliament on April 16, 2024. CCUA will continue to review this expansive document in greater detail; however, a few provisions related to payments and financial services stand out: 

Housing 

• Increasing the home buyers’ plan withdrawal limit from $35,000 to $60,000 and deferring the repayment period by three additional years. (pp. 86-87) 
• Amending the Underused Housing Tax Act and the Underused Housing Tax Regulations by, among other things, (a) eliminating filing requirements for certain owners; (b) reducing minimum penalties for failing to file a return; and (c) introducing a new exemption for residential properties held as a place of residence or lodging for employees. (pp. 480-491) 
• Amending the Budget Implementation Act, 2022, No. 1 to delay the repeal of the Prohibition on the Purchase of Residential Property by Non-Canadians Act for two years. (pp. 495) 

Consumer-Driven Banking 

• Enacting the Consumer-Driven Banking Act, which establishes a consumer-driven framework for individuals and small businesses to safely and securely share their data with the participating entities of their choice. It also makes related amendments to the Financial Consumer Agency of Canada Act to establish the position of Senior Deputy Commissioner for Consumer-Driven Banking who is responsible for consumer-driven banking matters and to provide for, among other things, the supervision of participating entities. (pp. 516-537) 

Criminal Interest Rate 

• Amending the Criminal Code to broaden the criminal interest rate offence to prohibit a person from offering to enter into an agreement or arrangement to receive interest at a criminal rate and from advertising an offer to enter into an agreement or arrangement that provides for the receipt of interest at a criminal rate. It also repeals the provision that requires the consent of the Attorney General prior to commencing proceedings related to the offence. (pp 586-589) 

• Amending section 61 of An Act for the Substantive Equality of Canada’s Official Languages in order to add a reference to subsections 18(1.‍1) and (1.‍2) of the Use of French in Federally Regulated Private Businesses Act in subsection 19(1) of that Act, which An Act for the Substantive Equality of Canada’s Official Languages enacts. (p. 550) 

Diversity Disclosure 

• Amending the Trust and Loan Companies Act, the Bank Act and the Insurance Companies Act to require certain financial institutions to make available information respecting diversity among directors and members of senior management. (pp. 648-651) 

Financial Sector Review Extension 

• Amending the Trust and Loan Companies Act, the Bank Act and the Insurance Companies Act to extend the period during which federal financial institutions governed by those Acts may carry on business. (pp. 651-652) 

Other 

• Amending the Bank Act to, among other things, clarify the definitions “deposit-type instrument” and “principal-protected note”. (p. 537-538) 
• Amending the Canada Labour Code to, among other things, set out certain employer obligations relating to policies respecting work-related communication and clarify certain employee rights and employer obligations relating to terminations of employment. It also includes transitional provisions. (pp. 543-549)