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: 2026-05-03 to 2026-05-09

📋 In This Week's Newsletter

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

Federal Government News

Government of Canada Proposes Creation of Financial Crimes Agency and New Measures in Spring Economic Update

On May 6, 2026, Minister François-Philippe Champagne detailed new federal measures to counter financial crimes, fraud, and extortion at the Payments Canada Summit in Toronto. Legislation to establish a Financial Crimes Agency was tabled on April 27, 2026, making it the country’s first federal law enforcement agency focusing specifically on financial crimes such as money laundering and fraud. The Spring Economic Update proposes $17.9 million in new funding for FINTRAC to enhance detection and deterrence capabilities, especially targeting illicit financing facilitating extortion. A national ban on crypto ATMs is part of the proposals, targeting fraud and other financial crimes linked to digital currencies, while the government maintains its commitment to responsible stablecoin adoption through the Stablecoin Act. A National Anti-Fraud Strategy is under development, with new consumer protections under the Bank Act introduced recently to improve account control. Updates on the strategy are anticipated in the coming months.

Sources: www.canada.ca

Budget 2025 Implementation Act, No. 2 Introduced: Crypto Asset Reporting and Housing Measures, Global Minimum Tax Amendments

On May 7, 2026, Minister François-Philippe Champagne introduced Bill C-31, the Budget 2025 Implementation Act, No. 2, in Ottawa. The legislation aims to deliver automatic tax return filings for low-income Canadians, expanding access to federal benefits. It facilitates automatic enrolment in the Canada Learning Bond and amends the Global Minimum Tax Act, intended to ensure corporations contribute their fair share. The Act launches a new Crypto-Asset Reporting Framework requiring crypto platform user information sharing with tax authorities. Changes affecting mortgage financing include amendments to the National Housing and Protection of Residential Mortgage or Hypothecary Insurance Acts, developed to strengthen Canada’s housing finance system. Immediate expensing for manufacturing or processing buildings is part of the Productivity Super-Deduction provisions, encouraging capital investment. Additional measures address air passenger complaint handling, a ban on most non-compete clauses in federally regulated industries, and the establishment of the Defence Investment Agency.

Sources: www.canada.ca

Minister Champagne’s Speaking Engagements in Toronto Address Economic and Payment Modernization Priorities

Minister François-Philippe Champagne was scheduled to participate in several engagements in Toronto on May 6 and 7, 2026. On May 6, the Minister appeared at the Empire Club of Canada for a fireside chat with David Herle, discussing fiscal and economic priorities amid international and domestic complexity. Later that day, Champagne met with Susan E. Hawkins, President and CEO of Payments Canada, for an armchair discussion focused on the government’s action plan for combatting financial crime, including fraud and payment modernization. On May 7, Champagne joined André Beaulieu, Chair of the Public Policy Forum, for a session at the Canada Growth Summit, addressing geopolitical impacts on Canada's economic ambitions.

Sources: www.canada.ca

Secretary of State Wayne Long to Promote Economic Update Investments in Small Craft Harbours Program

Secretary of State Wayne Long, responsible for the Canada Revenue Agency and Financial Institutions, visited Grand Manan on May 5, 2026, to discuss investments in Fisheries and Oceans Canada’s Small Craft Harbours Program. The event included a media availability and highlighted support for operational and infrastructure improvements in the sector, as announced in the Spring Economic Update.

Sources: www.canada.ca

Biographical Notes: Randolph W. Heggart, Member of Canadian International Trade Tribunal

On May 8, 2026, government backgrounders shared Randolph W. Heggart’s professional history as a full-time member of the Canadian International Trade Tribunal since June 2018. Heggart’s previous posts included roles at General Motors, the Department of Transport, and the Procurement Review Board of Canada. He is experienced in investment trade policy, research and analysis, and served as the last Secretary of the Tribunal prior to its transition to the Administrative Tribunals Support Service. Heggart holds degrees in engineering and business, with certification in forensic accounting and fraud investigation.

Sources: www.canada.ca

Biographical Notes: Elio Luongo, Director for TD Bank and Tolko Industries

Elio Luongo, profiled on May 6, 2026, concluded his tenure as chief executive officer and senior partner at KPMG in 2024. Currently serving as a director for TD Bank and Tolko Industries, Luongo also chaired the Canadian Centre for Audit Quality. He previously participated on boards for CPA Canada and the Canadian Tax Foundation. His academic credentials include degrees from Simon Fraser University, and he is recognized for contributions in financial oversight and governance.

Sources: www.canada.ca

Biographical Notes: Greg Gallo, Chief Economist for Administrative Tribunals Support Service

Greg Gallo, highlighted in a May 8, 2026 government backgrounder, currently holds the post of Senior Director of Trade Remedies Analysis and Chief Economist for the Administrative Tribunals Support Service of Canada supporting the Canadian International Trade Tribunal. His prior roles include Acting Secretary General of the Copyright Board, advisor to the Assistant Deputy Minister at the Department of Finance, and Finance Counsellor to the Canadian High Commission in the UK. Mr. Gallo’s educational background includes economics degrees from the University of Victoria and Queen’s University, with additional training at the Academy of WTO Law and Policy.

Sources: www.canada.ca

Statistics Canada: April 2026 Canadian Economic News Released

Statistics Canada published Canadian Economic News for April 2026, offering updated insights into national economic conditions, sector performance, and trends relevant for financial industry monitoring.

Sources: www.statcan.gc.ca

Statistics Canada: Canadian International Trade in Services, March 2026

Data released by Statistics Canada on May 5, 2026 shows Canada’s international trade in services balance moved from a $0.1 billion surplus in February to a $0.1 billion deficit in March. Imports of services increased 1.7%, totaling $20.4 billion, while exports grew 0.5% to match $20.4 billion, indicating a narrowing margin driven by rising import activity.

Sources: www.statcan.gc.ca

Statistics Canada Study: Millennials in the Housing Market

A Statistics Canada study released May 6, 2026 examines housing and homeownership trends among millennials, Gen-Xers, and baby boomers aged 25 to 39. The study compares generational differences in living arrangements and ownership status, providing background for public and private sector housing policy.

Sources: www.statcan.gc.ca

OSFI Announces Pilot Project for Institutions Entering Banking System

The Office of the Superintendent of Financial Institutions (OSFI) announced a pilot project to facilitate the entry of new institutions into the Canadian banking system. The initiative is designed to simplify regulatory and operational processes for applicants, potentially impacting market dynamics and sector competition.

Sources: www.theglobeandmail.com

Canadian Operator of Ekati Diamond Mine Files for Insolvency Protection

The Canadian operator of the Ekati diamond mine is seeking insolvency protection, as reported on May 4, 2026. The move affects bankruptcy proceedings, creditor negotiations, and may have implications for mining sector financing arrangements.

Sources: www.theglobeandmail.com

Provincial Government News

Quebec Reduces SME Tax Rate

On April 29, 2026, the Quebec government lowered the tax rate for small and medium-sized enterprises (SMEs), responding to requests from entrepreneurs.

Sources: www.quebec.ca

Manitoba Government Projects Lowest Deficit-to-GDP Ratio in Canada

The Manitoba government is projected to have the lowest deficit-to-GDP ratio among provinces, per Finance Minister Adrien Sala's statement on May 4, 2026.

Sources: news.gov.mb.ca

British Columbia Introduces Targeted Amendments to Bill 9

Minister Diana Gibson announced amendments clarifying the Freedom of Information and Protection of Privacy Act, maintaining strong public access provisions.

Sources: news.gov.bc.ca

Alberta Advances Funding to Alberta Investment Management Corporation

Orders in Council on May 7, 2026 authorized up to $70 million in advances to Alberta Investment Management Corporation, supporting provincial investment activities.

Sources: www.alberta.ca

Quebec Joins Privacy Protection Awareness Week with Focus on Artificial Intelligence

Quebec's Secretariat for Democratic Institutions launched an awareness campaign on artificial intelligence and privacy protection from May 4–8, 2026.

Sources: www.quebec.ca

What We're Reading This Week

• OSFI pilot project streamlines banking system entry: Coverage of regulatory changes affecting new entrants.
• Canadian operator of Ekati diamond mine insolvency: Overview of insolvency protection filings in the mining sector.
• Securities regulation developments: Update on securities oversight changes.
• April 2026 Canadian Economic News from StatsCan: National economic indicators and themes.
• International trade in services data for March 2026: Analysis of the balance shift to deficit.
• Manitoba deficit-to-GDP projected lowest: Provincial fiscal outlook comparison.
• Quebec SME tax relief: Summary of tax rate reductions.
• Alberta advances to AIMCo: Funding details within provincial investment.
• British Columbia FOI amendments: Legislative modifications on information access.
• Quebec's AI privacy campaign: Promotion of best practices in AI and personal data protection.

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