[News](https://www.payments.ca/insights/news-research?field_article_type=24) # Federal budget 2024 — payment industry highlights April 17, 2024 Proposed measures aim to reduce the cost of living and grow the economy. **Ottawa, April 16, 2024** — The federal government of Canada has announced its 2024 budget. Entitled *Fairness for Every Generation*, the budget focuses on three key priorities: building more affordable homes, reducing the cost of living and growing the economy. The budget details several measures relevant to the financial sector. These include new financial vehicles and options for Canadians, proposed requirements for financial institutions and new cost-saving measures and programs. Payments Canada congratulates the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the government of Canada on the 2024 budget. To read the full budget, visit [budget.canada.ca](http://budget.canada.ca). **Payment industry highlights from the 2024 budget,** ***Fairness for Every Generation*****:** - **Consumer-driven banking** — The Financial Consumer Agency of Canada (FCAC) will be mandated to oversee, administer and enforce Canada’s consumer-driven banking framework. This spring, the government plans to introduce legislation to lay the groundwork of this framework. - **Free and affordable bank accounts** — FCAC is in negotiations with banks to secure enhanced agreements to offer modernized $0 per month and up to $4 per month bank accounts that reflect the realities of banking today, including more transactions, as well as expanded eligibility for $0 accounts. - **Anti-money laundering and anti-terrorist financing** — This proposal would introduce amendments to strengthen the supervision, enforcement and information-sharing tools of Canada’s Anti-Money Laundering and Anti-Terrorist Financing framework. - **Free financial advice** — This proposal would provide $60 million over five years, starting in 2024-25, to Prosper Canada to expand the community-delivered financial help services available to Canadians. These services are expected to reach one million low-to-moderate-income Canadians and help them receive nearly $2 billion in unclaimed tax and benefit income. - **Non-Sufficient Funds (NSF)** — The government announced its intention to cap NSF fees charged by banks to $10 per instance and other measures. - **Deposit insurance review** — The government announced its intention to undertake a review of the federal deposit insurance framework, starting in 2024. [Return to newsroom](https://www.payments.ca/insights/news-research) ## Keep reading [ ![placeholder.png](/sites/default/files/styles/article/public/placeholder.png?h=5dafd208&itok=qKDbzxAp) News July 27, 2026 ### ACSS rule changes enhance payment system processes Updates provide expanded definitions and process efficiency Payments Canada has implemented a series of administrative and operational amendments to the Automated Clearing Settlement System (ACSS)... ](https://www.payments.ca/acss-rule-changes-enhance-payment-system-processes)[Learn more](https://www.payments.ca/acss-rule-changes-enhance-payment-system-processes) [ ![placeholder.png](/sites/default/files/styles/article/public/placeholder.png?h=5dafd208&itok=qKDbzxAp) News July 14, 2026 ### Payments Canada welcomes Adyen Canada Ltd. as its newest member Payments Canada membership continues to grow with the addition of payment service provider Adyen Canada Ltd . Adyen’s inclusion in our membership highlights the shifting momentum within the Canadian... ](https://www.payments.ca/payments-canada-welcomes-adyen-canada-ltd-its-newest-member)[Learn more](https://www.payments.ca/payments-canada-welcomes-adyen-canada-ltd-its-newest-member) [ ![fast moving blur of a roadway with sun coming from the left](/sites/default/files/styles/article/public/2024-03/RTR_Billboard_2024.png?h=10d202d3&itok=nlBaqyr6) News July 9, 2026 ### Canada’s Real-Time Rail Quarterly Update with Jude Pinto: 2026 Q3 In our latest quarterly update, Jude Pinto , Chief Delivery Officer at Payments Canada, discusses the payment ecosystem support for the RTR and the successful transition of the program into the... ](https://www.payments.ca/canadas-real-time-rail-quarterly-update-jude-pinto-2026-q3)[Learn more](https://www.payments.ca/canadas-real-time-rail-quarterly-update-jude-pinto-2026-q3)