This article was last updated on April 16, 2022
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The federal government has announced to have made progress in its plans to introduce guidelines to require financial institutions to provide “no-cost” accounts for low-income Canadian seniors, students and youths. According to a statement issued by Finance Minister, Joe Oliver, country’s eight biggest financial institutions, along with smaller banking-services outlets like President’s Choice, have agreed to new rules, beginning in January, limiting costs for consumers.
In the statement issued on Tuesday, Mr. Oliver said that “Canadians work hard for their money. Our government believes Canadians deserve to keep more of their hard-earned money. That is why we have cut taxes 180 times since taking office.” Furthermore, he added that “that is why we are taking action to improve low-cost accounts and expand access to no-cost banking services for more than seven million people — to protect consumers and save even more money for Canadians.”
The list of top banks that have agreed to the new guidelines include Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, CIBC, National Bank, Laurentian Bank and HSBC. An official statement issued by the Finance Department on Tuesday mentioned that “voluntary commitments have been secured from Canada’s eight largest banks to enhance low-cost bank accounts and offer no-cost accounts with the same features as low-cost accounts to a wider range of eligible consumers.” It was added that the “banks have committed to bringing the voluntary guidelines into force by Jan. 15, 2015.”
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