Open Banking in Canada

Canada has been developing its approach to open banking since 2018, when the Department of Finance established an Advisory Committee on Open Banking. The committee's 2021 final report recommended a consumer-directed finance framework with strong privacy protections and a governance body.

The legal basis for consumer-driven banking was first established through the 2024 Budget Implementation Act, which enacted an initial Consumer-Driven Banking Act. This was significantly expanded by Budget 2025 legislation (Bill C-15), which received Royal Assent in March 2026. Oversight of participants has been assigned to the Bank of Canada — a shift from earlier plans that centred on the Financial Consumer Agency of Canada (FCAC), which now provides consumer-facing guidance. The framework is expected to cover deposit accounts, credit products, and payment services.

Canada's six largest banks (RBC, TD, BMO, Scotiabank, CIBC and National Bank) are mandatory participants, while credit unions and smaller institutions may opt in. Implementation is planned in phases — read access (account information) first, followed by write access such as payment initiation — though final go-live timing had not been confirmed as of 2026. The FDX standard, which originated partly from Canadian institutions, is widely used, and Canada's approach draws on both the UK and US models while balancing innovation with consumer protection in a concentrated banking market.