Canada: Budget Implementation Act establishing framework to share financial data was passed by House of Commons

On 26 February 2026, the House of Commons passed Bill C-15, the Budget Implementation Act. Division 9 of Part 5 would enact the Consumer-Driven Banking Act. The Act would apply to federally regulated banks, accredited federal and provincial financial institutions, registered payment service providers, and other accredited entities participating in the consumer-driven banking framework. The Act would establish a framework allowing individuals and businesses to share financial data with authorised entities. The framework would cover data from deposit accounts, investment accounts, payment products, credit facilities, mortgages, and other regulated financial products, while excluding commercially enhanced derived data. Participating entities would be required to share consumer data upon instruction, comply with technical standards, implement security safeguards, and report data breaches to the Bank of Canada. Where a breach poses a material risk to a consumer’s financial, identity, reputational, or physical safety, the consumer would be required to be notified. The Act would require explicit and annually renewed consent, free from coercion or misrepresentation, and would permit withdrawal of consent at any time. Entities would be required to confirm authentication, consent validity, and product scope prior to sharing data, and to provide consumer dashboards ensuring transparency and control. Participating entities would also be required to publicly display their accreditation status, maintain accessible information policies, implement safeguards against security threats including foreign interference, and comply with record-keeping and accreditation fee requirements. The Bank of Canada would be empowered to request information to verify compliance.