Good morning! This is Queen Street Analytics' weekly roundup of regulatory developments, legislative discussions, political announcements and other government-related news for professionals in the financial industry, banking, credit unions, insurance, payment processing, fintech, credit card issuing, asset management, venture capital, private equity, and crypto-currencies. Every Monday, we break down the most important updates in this space in under five minutes.

Want to track other GR news in adjacent industries? Don’t miss this week’s updates in ICT & Cybersecurity.

Dates: 2025-11-02 to 2025-11-08

📋 In This Week's Newsletter

• 🇨🇦 Canadian Federal Government News
• 🗺️ Canadian Provincial Government News
• 🇺🇸 US Federal Government News
• 📚 What We're Reading This Week

Canadian Federal Government News

Federal Budget 2025 Sets Course for Financial Sector Reform and Payments Modernization

On November 6, Minister François-Philippe Champagne reviewed core measures from Budget 2025, detailing a modernization agenda for Canada's financial sector. The budget advances payments modernization, pledges legislation to finalize the Consumer-Driven Banking Act, and outlines plans to prohibit registered and investment account transfer fees. Legislation will introduce a regulatory framework for fiat-backed stablecoins, targeting secure adoption for payment and innovation use cases. The budget also seeks to foster smaller financial institution competition by lowering regulatory burdens, opening new banking alternatives, and reducing the cost and complexity of account switching and cross-border transfers.

Sources: www.canada.ca

Public Accounts of Canada 2025 Reports Growth in Revenues and Expenses

The Treasury Board Secretariat released the Public Accounts of Canada for 2025, confirming revenues of $511.0 billion (up 11.2% from 2024) and total federal spending of $547.3 billion. Personal income taxes made up 45.9% of federal revenue, while corporate income taxes accounted for 19%. Transfers to individuals totaled $131.6 billion, and major transfers to other levels of government reached $105.1 billion. Operating expenses represented 23.8% of the spending, and public debt charges were $57.4 billion. Professional and special services expenditures rose to $23.1 billion, while spending on management consulting and informatics declined by 10%. For the 27th consecutive year, the Auditor General issued a clean opinion on the government's consolidated financial statements.

Sources: www.canada.ca

Ottawa Launches Trade Diversification Corridors Fund to Bolster Supply Chains and Market Reach

On November 8, Secretary Wayne Long announced the establishment of the $5 billion Trade Diversification Corridors Fund at Port Saint John. Budget 2025 assigns this fund to strengthen transportation infrastructure—including ports, airports, and railways—to enhance the flow of imports and exports across the country and to international markets. The fund is part of a trade strategy aiming to double Canada's overseas exports within a decade, unlocking up to $300 billion in new trade. Project assessment will involve the Canada Infrastructure Bank. The program intends to lessen the economy's dependence on a single trading partner.

Sources: www.canada.ca

Federal Budget 2025: Investment, Competition, and Fiscal Restraint Amid Trade Tensions

Tabled on November 4 by Minister François-Philippe Champagne, Budget 2025 presents major investments in housing, infrastructure, defence, and productivity, leveraging Canada's strong fiscal metrics. In response to U.S. tariffs and global trade disturbances, the Strategic Response Fund allocates $5 billion to support sectors facing these headwinds, while a $1 billion liquidity relief package targets SMEs. The plan includes a new Capital Budgeting Framework and shifts the budget timing to the fall to align with the construction season. Over five years, $280 billion in capital investments is earmarked to drive long-term competitiveness and resilience.

Sources: www.canada.ca

Canada and Saudi Arabia Commence Investment Agreement Negotiations

Minister Maninder Sidhu and Saudi Minister of Investment Khalid Al-Falih launched negotiations for a Foreign Investment and Protection Agreement, reactivating the Joint Economic Commission. A recent MOU was signed between Export Development Canada and the Saudi EXIM Bank. Officials discussed further collaboration in sectors such as AI, healthcare, mining, and infrastructure, with a focus on bilateral trade and investment opportunities.

Sources: www.canada.ca

Statistics Canada Releases Mid-2025 Business Financing Survey Data

Statistics Canada's Biannual Survey of Suppliers of Business Financing, covering the first half of 2025, is now available, with revisions made to second-half 2024 results. This dataset details the supply side of business financing, offering insights relevant to lenders, borrowers, and sector analysts.

Sources: www.statcan.gc.ca

Minister Champagne Conducts National Outreach on Budget 2025 and Sector Innovation

Minister Champagne is participating in a series of armchair discussions with business leaders from chambers of commerce across Québec and other major cities to discuss the government's economic investment strategy and measures to support those impacted by trade disruptions. Scheduled events include a dialogue with the Fédération des chambres de commerce du Québec and a planned media Q&A session.

Sources: www.canada.ca

Budget 2025 Presented to Parliament, Shifting to Investment-Oriented Approach

On November 4, the Department of Finance introduced Budget 2025: Canada Strong. The budget places emphasis on long-term investments in core sectors, operating expenditure reductions, and enhanced capital spending in housing, infrastructure, and competitiveness. The policy approach seeks to transition the Canadian economy toward self-sufficiency and global resilience.

Sources: www.canada.ca

Minister Champagne Discusses Pro-Competition Measures at Toronto Fintech Event

Appearing at a MaRS-hosted event, Minister Champagne engaged with Eva Wong from Borrowell to review new Budget 2025 measures for promoting competition and reducing banking and telecom expenses. Account transfer reforms, open banking developments, and financial services innovation were addressed in advance of upcoming legislation.

Sources: www.canada.ca

Government to Regulate Stablecoins in Upcoming Financial Legislation

Recent federal budget documents signal the introduction of legislation aimed at regulating fiat-backed stablecoins for use within Canada. The forthcoming framework is intended to provide regulatory clarity for digital currencies used for payments, with potential implications for the emergence of a regulated digital dollar in the domestic market.

Sources: www.theglobeandmail.com

Canadian Provincial Government News

Ontario Releases 2025 Fall Economic Statement, Introduces Tax and Trade Measures

Ontario's 2025 Fall Economic Statement calls for new rebates for first-time home buyers, updates to corporate and personal income taxes, and expanded trade and manufacturing incentives, including $100 million in new funding for SMEs and a $5 billion Protecting Ontario Account to assist sectors affected by U.S. tariffs.

Sources: news.ontario.ca

New Brunswick Proposes Pension Benefits Act Amendments

The Government of New Brunswick is advancing legislative amendments to the Pension Benefits Act to simplify pension access, streamline fixed-cost plan use, and ease withdrawal of locked-in funds for select cases.

Sources: www2.gnb.ca

Saskatchewan Promotes Financial Literacy and DIY Investing Education

Saskatchewan's Financial and Consumer Affairs Authority is launching a financial literacy campaign during November, focused on educating do-it-yourself investors about potential investment scams and fraudulent information on social media platforms.

Sources: www.saskatchewan.ca

US Federal Government News

White House Recognizes National Entrepreneurship Month and Regulatory Reduction Initiatives

The White House, marking National Entrepreneurship Month, reiterated commitments to lowering regulatory barriers and supporting small businesses. Formal announcements describe plans to maintain the 199A business deduction, expand expensing for R&D, encourage blockchain and crypto development, and advance the Made in America Manufacturing Initiative.

Sources: www.whitehouse.gov

National Emergency on Chinese Securities Investments Extended

On November 7, the President extended the national emergency regarding U.S. securities investments in certain Chinese companies, as initially declared in Executive Order 13959. The action maintains prohibitions on investments supporting the People's Republic of China's military, intelligence, and surveillance sectors, continuing targeted restrictions through November 2026.

Sources: www.federalregister.gov

NCUA Opens 2026–2027 Budget Process

The National Credit Union Administration will host a Sunshine Act budget hearing on November 5, focusing on its fiscal plans for 2026–2027. The session, open to the public, will cover spending and priorities for federal oversight of credit unions.

Sources: www.federalregister.gov

SBA Updates Disaster Loan Deadlines for Wisconsin and Kentucky

The Small Business Administration released updated deadlines for physical and economic injury disaster loans following major weather-related disasters in Wisconsin and Kentucky. In Wisconsin, applications for physical loans close November 12, 2025, and economic injury loan deadlines run to June 11, 2026.

Sources: www.federalregister.gov, www.federalregister.gov

Farm Credit Administration Schedules Veterans in Agriculture Session

The Farm Credit Administration will hold a Sunshine Act meeting on November 13, featuring a public session covering veterans in agriculture and a closed session on secondary market oversight. Attendance, both in-person and virtual, requires advance registration.

Sources: www.federalregister.gov

What We're Reading This Week

• Budget looks to spur private investment with tax breaks, infrastructure spending: The Globe and Mail assesses the impact of new federal tax incentives on private sector investment.
• Business Brief: We need to change the housing rule book: The Globe and Mail discusses regulatory changes affecting housing affordability and construction.
• Ottawa’s budget promises to spur business investment. Will it?: The Toronto Star examines whether new budget measures will deliver intended business investment.
• Budget plan for stablecoin rules to usher in Canada’s ‘digital dollar era,’ advocates say: The Globe and Mail covers industry reaction to the stablecoin regulatory announcement.
• Corus proposes to reduce debt, interest costs through major recapitalization: The Globe and Mail outlines a broadcaster's strategy for capital structure adjustment.
• Fertilizer Firm Is Said to Tap Banks for Pivotal Oman IPO: Financial Post reports on a fertilizer company's decision to work with banks for its IPO.
• ADNOC Partners With Comera Financial Holdings to Empower Its UAE Suppliers and SMEs With Smart Financing Solutions: Financial Post covers a UAE initiative targeting SME financing.

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