This is Queen Street Analytics' weekly digest of regulatory developments, legislative discussions 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. Once a week, 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. Also consider subscribing to our Finance - Washington edition covering critical GR news south of the border.

Dates: 2026-03-29 to 2026-04-04

📋 In This Week's Newsletter

• 🇨🇦 Federal Government News
• 🗺️ Provincial Government News
• 💬 Government Consultations
• 📚 What We're Reading This Week

Federal Government News

Canada Launches Comprehensive Review of the Privacy Act

On April 2, 2026, the Honourable Shafqat Ali, President of the Treasury Board, initiated a comprehensive review of the Privacy Act. This federal law, covering over 250 government institutions, governs the management of Canadians’ personal information. The modernization proposal contemplates more secure sharing and reuse of data across government programs, aiming to reduce duplication and improve data accuracy. Key updates under consideration include recognizing privacy as a fundamental right, aligning definitions with international standards, and harmonizing the process for personal information requests. A policy paper offering a detailed outline of these proposals is available for public review, with feedback submissions accepted until July 10, 2026. Consultation meetings will accompany the process, and a consolidated report is scheduled for release in the winter of 2026–27. The review holds particular relevance for compliance officers, legal departments, and financial service providers handling substantial consumer data.

Sources: www.canada.ca

FCAC Releases Strategic Plan for 2026–2029

The Financial Consumer Agency of Canada (FCAC) released its Strategic Plan for 2026–2029 on April 1, prioritizing consumer protection amidst rapid shifts in the financial marketplace. The plan sets three goals: protecting both financial consumers and merchants, bolstering financial literacy and resilience, and advancing consumer interests in a competitive market environment. Execution is supported by investments in data and technology, expanded partnerships across the financial ecosystem, and an adaptable workforce. The Agency will pursue its objectives in cooperation with industry partners, noting the increasing pace of technological and market change. The plan is designed to equip FCAC to keep pace with new risks in the sector, working to maintain public confidence.

Sources: www.canada.ca

Minister Champagne Advances Economic Cooperation with China

Minister of Finance François-Philippe Champagne concluded an official visit to Beijing on April 3, accompanied by Bank of Canada Governor Tiff Macklem and the Superintendent of Financial Institutions, Peter Routledge. Meetings with Vice Premier He Lifeng and Finance Minister Lan Fo’an covered macroeconomic developments, two-way investment and trade, and expansion into financial services. The mission resulted in the signing of an agreement to establish the Canada-China Financial Working Group, per the January roadmap signed by both countries’ leaders. Minister Champagne also held sessions with Canadian financial institutions and major Chinese enterprises, including CNOOC and the Agricultural Bank of China. Talks addressed sectoral cooperation and business-to-business ties important to Canadian commercial banks and asset managers operating in China. A follow-up visit by Vice Premier He Lifeng to Canada in the fall is planned under the Economic and Financial Strategic Dialogue.

Sources: www.canada.ca

Canada Introduces New 'Follow-the-Money' Strategy to Counter Extortion

On March 30 in Montréal, Minister François-Philippe Champagne announced a suite of federal measures targeting criminal extortion. The initiative mobilizes the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to assign dedicated financial intelligence officers to local police, focusing investigative resources on extortion-related crimes. Establishment of a Countering Extortion Partnership involves close cooperation between banks, credit unions, virtual asset service providers, and law enforcement agencies such as the RCMP. Since the campaign's national launch, FINTRAC has engaged with 28 law enforcement units and nearly 200 police investigators, producing 37 financial intelligence disclosures—more than tripling the output from the past two years. These measures dovetail with the formation of the Canada Financial Crimes Agency and increased federal investment in RCMP investigative capacity.

Sources: www.canada.ca

Government Finance Statistics: Fourth Quarter 2025 Deficit Expands

Statistics Canada reported that the Canadian general government posted a $20.8 billion deficit in the fourth quarter of 2025, an increase of $6.7 billion compared to the same period in 2024. The shift was attributed to slower revenue growth (+2.4%) and a rise in spending (+4.3%). Excluding social security funds, the deficit rose to $27.9 billion, $11.0 billion higher than the $16.9 billion posted in Q4 2024. These numbers are relevant for entities monitoring federal fiscal sustainability, debt markets, and the impact on funding programs related to the Bank Act and the Pension Benefits Act.

Sources: www.statcan.gc.ca

Royal Canadian Mint Names Simon Kamel Interim President and CEO

Effective January 31, 2026, the Board of Directors appointed Simon Kamel as Interim President and CEO of the Royal Canadian Mint. Kamel, who previously served as Vice-President, General Counsel, and Corporate Secretary, has also overseen legal, regulatory, and anti-money laundering operations at the Mint. His experience extends to legal advisory positions with Treasury Board Secretariat and the Department of National Defence, as well as litigation roles for Justice Canada. Kamel’s role encompasses oversight of compliance programs, including anti-terrorist financing and responsible metals compliance—areas pertinent to financial institutions involved in bullion trading and securities.

Sources: www.canada.ca

Statistics Canada Releases Data on Non-Bank Mortgage Lenders, Q4 2025

Expanded quarterly data on non-bank mortgage lenders for the fourth quarter of 2025 are now available. The release includes revised figures from Q3 2025. This data set offers insights into mortgage flows and credit origination outside the chartered banking sector, relevant for lending services and securitization market participants.

Sources: www.statcan.gc.ca

GDP by Industry Shows 0.1% Growth in January 2026

Statistics Canada's monthly report indicates real gross domestic product edged up 0.1% in January 2026, representing a second consecutive monthly increase. Growth was led by goods-producing industries. This trend is closely watched by banks and asset managers evaluating cyclical lending and investment strategies.

Sources: www.statcan.gc.ca

Provincial Government News

Alberta Budget Proposes Updates to Financial Statutes and New Auto Insurance Framework

The Government of Alberta introduced amendments to the Financial Statutes Amendment Act, aiming to focus support, improve investment conditions, and update insurance legislation. The bill includes groundwork for a care-first auto insurance system effective January 1, 2027, and enables Alberta Innovates and Alberta Enterprise Corporation to co-invest as minority partners in local technology firms.

Sources: www.alberta.ca

ATB Financial Board Appointments Confirmed

Jim Davidson, Andrew S. Fraser, and J. Robert Logan have been reappointed to the ATB Financial board of directors for terms ending June 15, 2029, reinforcing governance continuity at the provincially owned financial institution.

Sources: www.alberta.ca

Ontario Cuts Small Business Corporate Income Tax by $1.1 Billion Over Three Years

Ontario’s 2026 Budget provides a reduction of the small business corporate income tax rate from 3.2% to 2.2%, targeting more than 375,000 eligible businesses and introducing over $3.5 billion in additional tax relief through measures paralleling federal accelerated capital cost allowances.

Sources: news.ontario.ca

British Columbia Expands Civil Forfeiture Office Capacity

British Columbia is increasing the staff at the Civil Forfeiture Office from 26 to as many as 48, adding financial investigators and analysts to enhance the agency’s financial crime investigation and asset recovery capabilities.

Sources: news.gov.bc.ca

Nova Scotia Writes Off $10.3 Million in Uncollectable Debts

Nova Scotia wrote off $10.3 million in uncollectable loans, fees, and fines from past fiscal years, continuing an annual accounting practice under its Finance Act.

Sources: news.novascotia.ca

Government Consultations

Consultation Launch: Privacy Act Modernization

The Treasury Board of Canada Secretariat is accepting feedback until July 10, 2026, on proposed Privacy Act updates that would impact service delivery, privacy protections, and oversight of federal information handling.

Sources: canada.ca

What We're Reading This Week

• Will I have to pay back some or all of my OAS pension?: Explores recent questions around Old Age Security pensions and repayment obligations.
• The war in Iran has shaken up financial markets. See the impact of the conflict, in five charts: Reviews market movements attributed to geopolitical conflict in Iran.

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