June 14, 2026 to June 20, 2026

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.

📋 In This Week's Newsletter

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

Federal Government News

Bill C-36 Introduced to Modernize Digital Privacy and Data Protection

The Government of Canada, led by Minister Evan Solomon, has tabled Bill C-36, the Protecting Privacy and Consumer Data Act (PPCDA), aimed at updating Canada’s over 25-year-old private-sector privacy framework. The bill proposes recognizing privacy as a fundamental right, requires organizations to set higher standards regarding children’s data, and introduces plain-language consent provisions for personal information use. Companies handling significant decisions with automated tools will need to provide transparency, and Canadians would gain the ability to request deletion of their data. Mechanisms for enforcement feature penalty provisions of up to $10 million or 3% of global revenue and fines up to $25 million or 5% of global revenue for severe noncompliance. The newly established Digital Safety and Data Protection Commission will oversee the PPCDA and the Digital Safety Act. Requirements for data mobility, international transfers, and algorithmic accountability are included, with the stated goal of increasing trust in digital services and supporting responsible innovation.

Sources: www.canada.ca

OSFI Reduces Domestic Stability Buffer for Banks

The Office of the Superintendent of Financial Institutions (OSFI) has announced a reduction of the domestic stability buffer for systemically important banks to three percent. This decision adjusts the cushion set aside to absorb potential losses, with direct implications for capital held by large Canadian banks. The move comes in the context of ongoing assessments of financial sector stability and risk environments.

Sources: www.thestar.com

FCAC Details Enhanced System-Wide Approach to Combat Financial Fraud

Frank Lofranco, Deputy Commissioner of Supervision and Enforcement at the Financial Consumer Agency of Canada (FCAC), addressed the Canadian Institute’s Annual Forum, outlining a multi-faceted strategy to counter consumer-targeted financial fraud. New regulatory requirements, passed as part of Bill C-15, place obligations on banks to establish procedures for fraud detection, require explicit consumer consent for certain account features, and mandate reporting of standardized fraud data to FCAC. Reported losses to fraud reached $704 million in 2025, with significant underreporting indicated. The federal government is proceeding with a National Anti-Fraud Strategy and the creation of a new Financial Crimes Agency. A forthcoming Code of Conduct for the Prevention of Economic Abuse is also set to be administered by the FCAC.

Sources: www.canada.ca

Bill C-8 Receives Royal Assent, Expanding Cyber Security Requirements

Bill C-8, the Act Respecting Cyber Security (ARCS), has received Royal Assent, granting new authorities to the Government of Canada to counter threats to telecommunications systems and critical infrastructure. The legislation amends the Telecommunications Act by introducing security as an explicit policy objective and creates the Critical Cyber Systems Protection Act, establishing regulatory requirements for finance, telecommunications, energy, and transportation sector operators. Incident reporting and stronger security controls are mandated. Implementation of the new requirements will proceed in phases.

Sources: www.canada.ca

Taxpayers’ Ombudsperson’s Annual Report Cites Increase in CRA Complaints

The Taxpayers’ Ombudsperson, François Boileau, has released the 2025–2026 annual report highlighting a significant rise in complaints lodged against the Canada Revenue Agency (CRA). Among seven key recommendations are calls to modernize digital tools for taxpayers, expand access to live chat services, and publicly report service performance metrics. High volumes of complaints related to contact centre wait times, processing delays, and issues regaining online account access are noted, with the Ombudsperson calling attention to service standards and digital accessibility in tax administration.

Sources: www.canada.ca

CRTC Describes Technical and Regulatory Countermeasures Against Financial Fraud

Steven Harroun, Vice-President of Compliance and Enforcement at the Canadian Radio-television and Telecommunications Commission (CRTC), in remarks to the Standing Committee on Industry and Technology, outlined CRTC’s work administering the National Do Not Call List and Canada’s Anti-Spam Legislation. The agency has required telecommunications service providers to implement STIR/SHAKEN caller ID authentication and AI-based filtering solutions, contributing to the blocking of billions of unwanted calls. The address also referenced the collaborative approach to enforcement and public awareness in the broader effort to address financial fraud and scams.

Sources: www.canada.ca

Government Statement on World Elder Abuse Awareness Day: Voluntary Code for Banks and National Anti-Fraud Strategy

Federal ministers Patty Hajdu, Marjorie Michel, and Stephanie McLean issued a statement reiterating the government’s intent, as outlined in Budget 2025, to collaborate with banks in establishing a voluntary code for the prevention of economic abuse targeting seniors. The government is also moving forward on a National Anti-Fraud Strategy aimed at cooperation between banks, tech companies, and telecom service providers to address increasingly complex fraud targeting older Canadians.

Sources: www.canada.ca

Trusteed Pension Fund Assets Rise in Q4 2025

Statistics Canada reports that assets held by Canadian trusteed pension funds reached $2.6 trillion at the end of Q4 2025. This represents a year-over-year increase of $151.9 billion, or 6.2%, reflecting ongoing growth in retirement assets across the country.

Sources: www.statcan.gc.ca

P&C Insurance Premiums Outpace Inflation, Driven by Extreme Weather and Costs (2019–2025)

A StatsCan analysis shows that from December 2019 to December 2025, home and mortgage insurance premiums climbed 45%, more than double the increase in the all-item Consumer Price Index. Passenger vehicle insurance premiums increased 23.9% in the same period. Insurers faced higher claims and costs due to more frequent extreme weather, higher construction and replacement expenses, and increased vehicle prices and thefts.

Sources: www.statcan.gc.ca

Foreign Investors Make Record Acquisitions of Canadian Securities in April

In April 2026, foreign investors acquired $46.9 billion in Canadian securities, setting a record, with federal government bonds leading the influx. In contrast, Canadian investors divested $11.4 billion in foreign securities after steady purchasing activity earlier in the year.

Sources: www.statcan.gc.ca

Provincial Government News

British Columbia Launches First Nations Equity Financing Program

British Columbia's new First Nations Equity Financing Program opens applications, offering loan guarantees to support First Nations in securing financing for equity stakes in revenue-generating projects within their territories, with guarantees covering up to 20% of project capital costs and a program cap of $1 billion.

Sources: news.gov.bc.ca

CPA Ontario Joins Ontario Corps Emergency Response Network

Ontario has added CPA Ontario to its Ontario Corps emergency preparedness network, enabling members to assist municipalities with financial process support during disasters and emergencies.

Sources: news.ontario.ca

What We're Reading This Week

• Federal banking regulator OSFI lowers domestic stability buffer to three per cent: OSFI reduces the buffer required for major banks, reflecting recent risk assessments.
• News of the day: Submarine race, corporate jet-use taxes, population declines, tyrannical bosses, Bank of Canada communication issues and more: Financial Post covers a variety of business headlines including central bank transparency.

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