Open Banking Is Officially Coming to Canada 

November 4, 2025: Today marks a historic milestone for Canada’s financial ecosystem. In Budget 2025, the federal government reaffirmed its commitment to implementing a Consumer‑Driven Banking framework, Canada’s long-anticipated version of Open Banking. This commitment, nearly a decade in the making, signals that Canada is finally ready to move from promise to action. 

Since the first policy conversations began in 2016, progress has often felt slow and uncertain. But today, Open Finance Network Canada (OFNC) welcomes this long-awaited breakthrough as a foundational step toward financial empowerment for Canadians. 

“This is a win for consumers, small businesses, innovators and yes, even the incumbent financial sector,” said the OFNC board. “We’ve been proud to stand at the centre of this conversation since 2019, advocating for a framework that puts consumers in control of their financial data.”

What We Now Know from Budget 2025 

Budget 2025 provides the most detailed and decisive commitments to date regarding Canada’s Consumer‑Driven Banking framework (pp. 118-119). Key measures include:

- Formal transfer of oversight from the Financial Consumer Agency of Canada (FCAC) to the Bank of Canada, aligning with its broader role in payments oversight and financial system stability.

- $19.3 million in implementation funding retained by the Bank of Canada from its remittances, with previously earmarked FCAC funding of $36.9 million now cancelled.

- Introduction of a new data mobility right under the Personal Information Protection and Electronic Documents Act (PIPEDA) to enable economy-wide, consent-based data sharing.

- $25.7 million over five years (plus $5 million ongoing) allocated to CSIS and the RCMP to implement national security protections tied to the framework.

A commitment to legislate functionality for third-party write access including secure account switching and bill payments by mid-2027, coinciding with the expected maturity of Canada’s Real-Time Rail.


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