Canadians to benefit from enhanced free and low-cost bank accounts later this year Français
By December 1, 2025, Canadians will benefit from modernized no-cost and low-cost accounts costing no more than $4 per month.
Going forward, under these accounts, Canadians will have access to 50% more debit transactions per month, including widely used transaction types such as electronic fund transfers (e.g. Interac e-Transfers®). More groups will also be eligible for an account costing $0 per month, including newcomers to Canada in their first year, plus at least one of the following groups, to be selected by each signatory:
Indigenous peoples
Canadians receiving social assistance payments from select provincial or territorial programs
individuals with a valid Disability Tax Credit Certificate and/or their supporting family member
Financial institutions that have signed on to the Commitment will prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and will train staff about these account options.
Canadians can currently get low-cost and no-cost accounts from nine signatories under the original 2014 Low-cost and No-cost Accounts Commitment.
The Financial Consumer Agency of Canda (FCAC) will monitor the implementation of the modernized Commitment by signatories and will supervise their compliance with all its obligations.
In Budget 2024, the government announced its intention to secure a new commitment from financial institutions for enhanced free and affordable bank accounts, recognizing that Canadians' banking needs have changed with the increase in online banking.
Quotes
"Every Canadian deserves access to affordable, modern banking. That's why we worked with the FCAC to strengthen the commitment by financial institutions on free and low-cost bank accounts – more transactions, fewer fees and better access. This is a clear step toward fairer, lower-cost banking for all."
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue
"The Financial Consumer Agency of Canada puts the rights and interests of Canadians first. I am pleased that more Canadians will benefit from modern and affordable bank account options that include more transactions, offered by more financial institutions, to more groups. Having 13 signatories commit to offering modernized low-cost and no-cost accounts is good news for financial consumers. I encourage other financial institutions to join the Commitment and extend these benefits to even more Canadians."
Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada
Quick facts
The Financial Consumer Agency of Canada's (FCAC) mandate is to supervise the compliance of federally regulated financial entities, including banks, with their legislative obligations, codes of conduct and public commitments and to strengthen the financial literacy of Canadians.
The following federally regulated financial institutions have signed on to the modernized Commitment so far:
Alterna Bank
BMO
CIBC
Hana Bank Canada
ICICI Bank
Industrial Commercial Bank of China
Innovation Federal Credit Union
Laurentian Bank
National Bank
Royal Bank of Canada
Scotiabank
Tangerine Bank
TD Bank
FCAC supported the development of the modernized Commitment based on research and consultations with Canadians, stakeholders and industry. This work underlined the need to update the Commitment to reflect consumers' evolving banking needs and to support financially vulnerable Canadians, while recognizing the importance of innovation and competition in the financial marketplace.
FCAC encourages Canadians to shop around for banking products and services that meet their needs. FCAC provides useful and unbiased resources to help consumers make informed financial decisions, including a Bank Account Comparison Tool and information about:
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Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Ex-fighter jet pilot Stephen Fuhr is on a mission to change how we arm the military
OTTAWA – Not that long ago, former air force fighter pilot Stephen Fuhr was just one among many voices in Canada complaining about the way the federal government makes big defence purchasing decisions. At no point, he said, did it occur to him that he would wind up in his current position – as the prime minister's point person for fixing Canada's sclerotic military procurement system. 'I find it very ironic that I was one of many that complained … why does it take so long?' said Fuhr, 59, in an interview with The Canadian Press. Fuhr knows first hand how the state of Canada's military procurement system feels to people on the ground – how byzantine government rules make vital equipment purchases move at molasses speed, leaving soldiers and pilots without the tools they need to fight a modern conflict. The once-prominent critic of former prime minister Stephen Harper government's management of defence – notably the original F-35 stealth fighter procurement process – is stepping up to change how the system works. Prime Minister Mark Carney named Fuhr secretary of state for defence procurement on May 13, giving him a new, narrowly focused junior role in cabinet. The Carney government's focus on reforming defence procurement is happening as new threats emerge on the world stage – and as Canada and other NATO allies come under heavy pressure from U.S. President Donald Trump to ramp up defence spending by a staggering amount. Canada is also looking for ways to bolster its domestic defence industry and partner more with Europe as it pivots away from a more isolationist and protectionist United States. For the first time in a long time, the military is a core government priority. 'I feel good about it,' Fuhr said. 'Canadians are supportive of us being more involved in defence spending. There's a big opportunity for our industries and businesses in defence and being able to pull our weight on the world stage with our defence relationships.' It's also a moment of uncertainty – for Carney's government, for Canada and the world. Fuhr's background in the air force trained him to prepare for the unexpected. On Sept. 11, 2001, when terrorists hijacked airliners and crashed them into major U.S. buildings, Fuhr was in Inuvik, where he was flying a CF-18 on force-projection exercises. He spent the security crisis patrolling the Arctic skies as events unfolded south of the border, then was sent to CFB Comox on Vancouver Island, where he was kept on alert until Canada relaxed its air defence posture. 'It was pretty surreal,' he said. 'In the moment, we don't know if there's more. We just know these airplanes are coming and they have to land somewhere.' He was in the Royal Canadian Air Force for two decades and at one point was in charge of overseeing all of Canada's CF-18 Hornets. Formerly a conservative-inclined voter, he made the jump into federal politics with the Liberals a decade ago after becoming frustrated with the contentious F-35 purchase. Fuhr warned that the cost of the deal was doomed to explode and that the process had gone awry. He was right: the budget for the F-35 purchase has since ballooned and Ottawa is conducting a review of the project in response to the Trump administration's trade chaos. Still, Fuhr shrugs off the idea that he would chime in with his opinions about the F-35 at the cabinet table. 'My strong opinions are 10 years old, and a lot has changed in 10 years,' the Kelowna MP said. But he could end up helping to decide how the next big-ticket items roll out. Carney made numerous defence commitments in the spring election. One of them was a promise to establish a new defence procurement agency to speed up equipment purchases for the military, and that agency falls under Fuhr's mandate. The party's election platform pledged legislative changes to 'expand risk-based approaches' to purchasing approvals, 'centralize expertise from across government' and 'streamline the way we buy equipment for the military.' Canada's military has suffered from peacetime budget woes under governments of various stripes since the Cold War ended. Major items of military equipment are nearing the end of their usable lifespan and new purchases are moving slowly through a risk-averse and slow-moving bureaucracy. For the past half century, military purchasing decisions tended to involve multiple government departments. Carney's plan for this new agency would create one main point of contact, as in wartime. 'We're trapped outside the technology cycle, which is a really difficult place to be, and we have to get it done faster. It has to be more organized. It has to be easier for industry,' Fuhr said. Canada, in other words, is pushing for a military comeback. Fuhr is fresh off of a comeback of his own. He became a Liberal MP in 2015, when he rallied support from unlikely corners like the local Green Party, whose candidate stepped down to endorse Fuhr. A former chair of the House of Commons defence committee, he's been around the political block. But he was defeated in 2019 by Conservative Tracy Gray. He didn't run in 2021 but returned to the ballot in April, and this time he defeated Gray. This isn't the first time the government has tried to reform procurement. It's also not the first time there's been a cabinet-level position tied to procurement. The Harper government tapped Julian Fantino as associate minister of defence to overhaul procurement, and Justin Trudeau's Liberals promised multiple defence procurement reforms in the 2015 and 2019 elections. Neither government moved the needle much – and both failed to spend enough to address the Canadian Armed Forces equipment gap. Fuhr insisted it's different this time. 'If it was ever going to happen, it's going to happen now,' he said. He said Canada has to make a major 'lift' to meet its alliance defence commitments and Carney 'wants to get it done.' When asked what he brings to the role, Fuhr pointed not to his time in the air but to his work on the ground with the military and his family's aerospace business, SkyTrac Systems, which they eventually sold. 'I know what it's like for industry to try and get involved in defence procurement because I lived that life for a while,' he said. 'I bring a well-rounded skill set, not just I flew airplanes.' Fuhr might be out of the military but he can't stay out of the skies. Monday Mornings The latest local business news and a lookahead to the coming week. Right up until he decided to run for office again, he was testing and certifying pilots on instrument ratings, ensuring they can fly by instruments alone. The retired air force major in his spare time flies a Vans RV8, an kit-built two-seater aircraft he purchased several years ago. The small, low-wing recreational craft is painted to look like a fighter jet – he even has a shark mouth painted on the nose of the plane. He may not have much time to get up in the air this summer. He'll be in and out of meetings with officials drafting up blueprints for the new procurement agency, sorting out its size and scope. This report by The Canadian Press was first published June 6, 2025.
Japan Forward
5 hours ago
- Japan Forward
Japan to Import Canadian LNG in Bid to Diversify Energy Supply
このページを 日本語 で読む Amid rising geopolitical tensions, especially in the Middle East, Japan has received some welcome news on the energy front. Mitsubishi Corporation is preparing to begin importing liquefied natural gas (LNG) from Canada. These shipments will be primarily destined for the Japanese market. This will be the first major delivery of Canadian LNG to Japan, which currently depends on Australia and Malaysia for over half of its LNG imports. With limited domestic energy resources, Japan has been actively working to diversify its LNG supply. Australia, its largest supplier, is projected to face production declines in the coming years. This highlights the need for more stable and reliable sources. Canadian LNG, backed by geographic proximity and political stability, presents a strong alternative. It could play a key role in strengthening Japan's energy security. LNG is natural gas that has been cooled to a liquid state, reducing its volume to about one-600th and making it much easier to transport by sea. Japan does produce some natural gas domestically, mainly in areas like Niigata and Chiba, but this supply falls far short of meeting national demand. Like oil, Japan relies almost entirely on imports for its natural gas. With delays in restarting nuclear power plants, Japan remains heavily dependent on thermal power, which generates around 70% of the country's electricity. Gas-fired power plants are the largest contributors. Compared to other fossil fuels, natural gas produces less CO₂, making it a relatively cleaner option. Because of its key role in electricity generation, any disruption in LNG supply could have serious consequences for the economy and daily life. In fiscal 2024, Japan imported 65.87 million tons of LNG, making it the world's second-largest importer after China. A tanker carrying LNG docking at a pier. (File photo) The new LNG supply will come from the LNG Canada project in British Columbia, a facility developed with investment from Mitsubishi Corporation, Shell, and other partners. Natural gas is extracted inland and transported via a 670-kilometer pipeline to the coast. There, it is liquefied and shipped overseas by tanker. The project represents a total investment of about $14 billion USD and has an annual production capacity of 14 million tons. Mitsubishi holds a 15% stake, giving it rights to around 2.1 million tons per year. If all of that were exported to Japan, it would cover roughly a quarter of the country's projected increase in LNG demand. Mitsubishi was the first major Japanese trading company to enter the LNG business, beginning in the 1960s. Today, it is involved in LNG projects across more than 10 countries. With the addition of Canadian supply, Mitsubishi's annual LNG production capacity has grown to around 15 million tons, the largest among Japanese companies. Katsumi Saito, Senior Executive Officer overseeing the fuel business and related operations, commented, "Our strength lies in the knowledge and development capabilities built on more than 50 years of experience." One of the key advantages of Canadian LNG is proximity. Shipping LNG from Canada's west coast to Japan takes about 10 days — much shorter than the roughly 30 days required from the US Gulf Coast via the Panama Canal. That route can take even longer when canal traffic is restricted by drought. Other shipping routes, such as around the Cape of Good Hope in South Africa, can take up to 60 days. LNG from the Middle East typically takes about 16 days. In contrast, Canadian LNG avoids major chokepoints like the Strait of Hormuz, offering more stable and reliable delivery. Canada also has vast natural gas reserves — enough to meet Japan's current annual LNG demand for about 25 years. Its cold climate makes the liquefaction process more energy-efficient. Canadian LNG has a higher heat content than LNG from the United States. On top of that, there is strong political support in Canada for energy exports, ensuring long-term policy stability. As of fiscal 2024, Australia supplies 38% of Japan's LNG. Although shipping times from Australia are similar to those from Canada, slower gas field development — driven by climate change policies — has raised concerns about future supply. To reduce risks, Japan has also prioritized LNG imports from the United States, Qatar, which has massive reserves, and Russia. The US has significantly increased its LNG exports in recent years. Qatar, however, faces geopolitical risks, especially due to tensions with Iran. Japan continues to import LNG from Russia, but new projects have been put on hold under US sanctions. For instance, Japanese trading firms like Mitsui & Co are currently unable to engage with Russia's Arctic LNG 2 project. Japan's electricity demand is expected to grow as the number of data centers increases, driven by the expansion of artificial intelligence technologies. If decarbonization efforts do not progress, the government estimates LNG imports could rise by 12% by 2040, reaching about 74 million tons. The LNG Canada project marks the first new LNG venture involving Japanese companies in around six years. With global instability highlighting the need for stronger supply chains, Canada's role as a new supplier is a major win for Japan. Further expansion of production capacity is also eagerly anticipated. ( Read the article in Japanese . ) Author: Katsufumi Sato, The Sankei Shimbun このページを 日本語 で読む
Toronto Sun
12 hours ago
- Toronto Sun
GUNTER: Carney taking lessons from Trump bad for Canada's bottom line
This is a problematic approach, given the Liberal government's penchant for spending. President Donald Trump meets Canadian Prime Minister Mark Carney in the Oval Office of the White House, Tuesday, May 6, 2025, in Washington. Photo by Evan Vucci / AP As much as U.S. President Donald Trump loves to exercise power by executive order, rather than leaving lawmaking up to the U.S. Congress, it is becoming increasingly obvious that Canada's very own Prime Minister Mark Carney loves governing by the Canadian equivalent – the order-in-council. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Consider for a minute Carney's refusal to have Finance Minister François-Philippe Champagne bring down a budget until November or December. Rather than a budget and enabling legislation to authorize nearly half a trillion dollars in spending, Carney prefers to rule (and spend) by cabinet decree. Before April's election, parliamentary budget officer Yves Giroux estimated the federal deficit for the current fiscal year would be just about $47 billion. That's bad enough, but a significant decrease from the $62-billion deficit that the Liberals had to admit to before Christmas for last year. But as Giroux pointed out at the time, his sum was only 'a baseline.' His number was only what the deficit would be before any of the political promises the winning party carried through on. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Since the Liberals were re-elected, Giroux has estimated for reporters that the Carney government's campaign goodies would raise the 2025-26 deficit to between $60 billion and $70 billion 'in the absence of spending cuts elsewhere.' That, of course, is as bad or worse than last year's Liberal amount. Mark Carney intends for his government to spend more money than Justin Trudeau's, and without a budget or proper accountability to Parliament. But even Giroux's latest guestimate doesn't include measures the Carney Liberals have taken since the end of May without recourse to the House of Commons or a budget. Enter Toronto's C.D. Howe Institute. The non-partisan think tank calculates that with measures announced by the Liberals since the election (right up to the cancellation of the digital services tax last weekend), the deficit this year will be $92 billion in the current fiscal year, $75 billion next year, $73 billion the year after that and $71 billion in 2028-29. This advertisement has not loaded yet, but your article continues below. That's a total of $311 billion in extra public debt in just four years. It took the Trudeau government 10 years to add $600 billion. That's a rate of extra debt about 20 per cent faster than the rate built up by Justin Trudeau and his cabinets. You may take comfort in the fact that Carney is a former central banker and international financier. I don't. Canada already has a higher-than-average debt-to-GDP ratio for a developed nation. Carney's orgy of spending will only make it worse. You may agree with some of the Liberals' fiscal policies. I do. They've cancelled the planned capital gains tax hike, lowered the basic income tax rate to 14%, cancelled the digital services tax and dramatically increased defence spending. All good things. This advertisement has not loaded yet, but your article continues below. But they do not appear to be ready to make any spending cuts. What about the 100,000 new federal government employees added during the Trudeau years? Payroll and payments to individuals, such as pensions, are Ottawa's two biggest outlays, but Carney plans no cuts to either. Without spending cuts to balance off all the Libs' new spending, the red ink will continue to tsunami through Canada and cause higher interest rates, higher inflation and less affordability for ordinary Canadians. And all of this is being done without a budget or Parliamentary scrutiny. Another example of how Carney, like Trump, is trying to circumvent democracy and rule by decree is Bill C-5, the recently passed law to fast-track 'national interest' megaprojects. This advertisement has not loaded yet, but your article continues below. The bill allows cabinet to decide which projects should be fast-tracked, thereby evading all the regulations that will continue to govern every other company and project in Canada. In short, C-5 repeals no environmental regulations imposed by the Trudeau Liberals. Rather, it allows the Carney Liberals to pick and choose which companies enjoy cabinet's favouritism and which must muck about in the mire. And all by order-in-council rather than parliamentary debate. Canada's economy lost nearly $400 billion in investment during the Trudeau years. That trend will continue under Carney. 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