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: 2026-01-26 to 2026-02-01

📋 In This Week's Newsletter

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

This Week's Parliamentary Calendar

• Finance Committee Review of Bill C-15, Budget Implementation: On February 5, the House Finance Committee will meet to review Bill C-15 provisions from the November 4, 2025 budget. Minister François-Philippe Champagne and Deputy Minister Nick Leswick will appear as witnesses at Room 415, Wellington Building from 10:30 a.m. to 12:30 p.m.
• Government Operations Committee Examination of Clauses in Bill C-15: On February 3, the Government Operations and Estimates Committee will study specific divisions within Bill C-15, with panel participation from Treasury Board Secretariat (Brennen Young, Jenelle Power) and Public Service Alliance of Canada (Sharon DeSousa, Liam McCarthy) from 3:30 p.m. to 5:30 p.m.
• Industry and Technology Committee Discussion on Productivity Gaps: Scheduled for February 2, the House Industry and Technology Committee will hold an in camera session to consider the draft report on Canada's underlying productivity gaps and capital outflow from 3:30 p.m. to 5:30 p.m.; webcast is available.
• Senate Banking Committee to Review Budget Bill C-15 Elements: The Standing Senate Committee on Banking, Commerce and the Economy will discuss specific elements of Bill C-15 on February 4, featuring Ombudsman for Banking Services and Investments Sarah Bradley and Financial Consumer Agency of Canada officials via videoconference at 4:15 p.m. (Room W110).
• Senate National Finance Committee Evaluation of Bill C-15: On February 3, the Standing Senate Committee on National Finance will study matters related to federal estimates and the entirety of Bill C-15, with input from the Office of the Parliamentary Budget Officer including Jason Jacques and colleagues; session occurs at Room W110 at 9:00 a.m.

Federal Government News

Department of Finance Canada Opens Consultation on Draft Tax Legislation

On January 29, the Department of Finance Canada announced a public consultation period for draft legislative proposals to implement various previously announced tax measures. Key amendments target the Income Tax Act, including expanded rules against indirect trust-to-trust transfers, clarification of qualified investment regimes for registered plans, and termination provisions for Canada Carbon Rebate payments after October 30, 2026. The proposals contain immediate expensing allowances under the Productivity Super-Deduction for eligible manufacturing buildings acquired post-budget day and used before 2030, with a phased expiration. Further, anti-deferral provisions will address corporate income tax on investment income via staggered year-end structures. Modifications impact the Canadian Exploration Expense and update the taxation of income received by foreign affiliates of Canadian insurance companies. Technical changes under the Clean Hydrogen investment tax credit broaden eligible pathways to encompass methane pyrolysis, with adjustments for administrative efficiency. The package also introduces de-consolidation rules via the Global Minimum Tax Act for private corporations controlling public groups. Stakeholder comments are invited until February 27, 2026.

Sources: www.canada.ca

Canadian Cyber Centre Issues Ransomware Threat Outlook 2025–2027

The Canadian Centre for Cyber Security, a division of the Communications Security Establishment Canada, published its Ransomware Threat Outlook for 2025 to 2027 on January 28. The report characterizes ransomware as a fast-evolving, financially driven threat with increasing usage of artificial intelligence and cryptocurrency by threat actors. Canadian organizations across sectors remain exposed to attacks growing in sophistication and scale. The analysis notes that basic cyber hygiene methods, such as software updates and multi-factor authentication, present defensive value against disruption. With advancements in AI making ransomware attacks less costly and more difficult to detect, the Centre indicates that coordinated efforts from law enforcement, government agencies, and private entities will remain critical for resilience during the coming years.

Sources: www.canada.ca

OSFI Consults on Credit Risk Management Guideline

On January 29, the Office of the Superintendent of Financial Institutions (OSFI) released a consultative document concerning a proposed Credit Risk Management Guideline. This document seeks feedback on efforts to consolidate existing requirements into one comprehensive standard, combining international practices with OSFI’s supervisory framework. Topics addressed include non-bank financial intermediation and counterparty credit risk. By clarifying regulatory expectations, OSFI intends to bolster the industry’s agility in responding to emerging areas of credit risk. Comments are accepted until July 29, 2026.

Sources: www.osfi-bsif.gc.ca

OSFI Opens Consultation on Senior Leader Accountability

Also on January 29, OSFI launched a nine-month consultation period regarding its proposed regime for senior leader accountability within federally regulated financial institutions. The proposal centers on a principles-based framework designed to update expectations for suitability and accountability, forming part of OSFI’s ongoing corporate governance initiatives. The effort targets modernization of standards impacting key decision-makers. The consultation will inform final guidance after submissions close on October 31, 2026.

Sources: www.osfi-bsif.gc.ca

StatsCan Reports Increased Income and Wealth Disparities for Q3 2025

Statistics Canada’s household economic accounts release for the third quarter of 2025 details widening gaps in both income and wealth. Lower income households experienced adverse effects from falling interest rates and weaker self-employment earnings, while top-tier households benefited from robust financial market performance. The latest figures offer breakdowns of income, consumption, saving, and wealth distributions across Canadian households.

Sources: www.statcan.gc.ca

Business Opening Rate Drops in October 2025, According to StatsCan

New data from October 2025 indicate that the business opening rate fell by 0.3 percentage points to 4.5%. This decrease followed a slight previous gain and leaves the rate 0.2 percentage points below the historical average from 2015 to 2019. The re-opening rate contributed most notably to the overall decline, whereas entry rates remained relatively stable.

Sources: www.statcan.gc.ca

Real GDP Flat in November 2025

Statistics Canada’s monthly report shows that real gross domestic product remained essentially unchanged for November 2025. The release does not record significant variation in output by industry for the period.

Sources: www.statcan.gc.ca

Provincial Government News

Quebec Announces Adjustments to Tax System for 2026

The Government of Quebec disclosed changes to the tax system covering Health Services Fund contribution exemptions and updates to Quebec sales tax mechanics. The bulletin includes 2026 ceilings and rates for automobile expense deductibility and valuation of auto-related taxable benefits.

Sources: www.quebec.ca

Government Consultations

What We're Reading This Week

• Opinion: Something is rotten in the state of the U.S. financial system: Review of systemic challenges facing the U.S. financial sector.

.