House Standing Committee on Finance (May 31, 2024)
ANNEX C: Summary of recent FINA meetings

• FINA began its study of Bill C-69 (the Budget Implementation Act, 2024) on May 7. During that 6-and-a-half hour meeting, directors and directors-general from the Canada Revenue Agency and the Department of Finance provided information about Part 1 of the Act, which contains amendments to the Income Tax Act and related legislation
• FINA met a second time on May 22
• FINA met again on May 30. Gabriel Ste-Marie raised a concern about financial institutions that are provincially regulated and their participation in the open banking system under Bill C-69. Specifically, he questioned whether these institutions would essentially be required to participate in the federal framework to remain competitive.

Kirsten Fraser from Finance explained that the purpose of the framework is to ensure equal access and protection for all Canadians when transmitting their banking information. While participation is optional for credit unions, and other provincially regulated entities, the government is actively working with stakeholders, including provincial governments, to address any obstacles to participation.

Due to a connectivity issue, this segment was cut short, and Ste-Marie requested written answers promptly, as the committee was preparing for clause-by-clause consideration of the bill. Fraser agreed to provide the necessary information.