{"id":"increasing-competition-financial-sector","slug":"increasing-competition-financial-sector","title":"Increasing competition in the financial sector","chapter":1,"section":"1.5","section_title":"Strengthening competition","heading":"Increasing competition in the financial sector","in_cost_table":false,"capital":false,"fiscal":null,"description":null,"commitments":[{"text":"Budget 2026 announces the government's intention to: Introduce a secondary competition objective for OSFI through amendments to the Office of the Superintendent of Financial Institutions Act.","pdf_page":156,"printed_page":146,"quote":"Budget 2026 announces the government's intention to: Introduce a secondary competition objective for OSFI through amendments to the Office of the Superintendent of Financial Institutions Act."},{"text":"To that end, Budget 2026 announces the government's intention to: Make the process for becoming a federally regulated financial institution more predictable, transparent, and timely by amending the Bank Act, Trust and Loan Companies Act, and Insurance Companies Act to establish a one-year timeline for making decisions on applications by new entrants.","pdf_page":156,"printed_page":146,"quote":"To that end, Budget 2026 announces the government's intention to: Make the process for becoming a federally regulated financial institution more predictable, transparent, and timely by amending the Bank Act, Trust and Loan Companies Act, and Insurance Companies Act to establish a one-year timeline for making decisions on applications by new entrants."},{"text":"To support these objectives, Budget 2026 announces the government's intention to: Modernise the deposit insurance framework by amending the Canada Deposit Insurance Corporation Act, including to increase the deposit insurance limit to $250,000, provide temporary high-balance coverage for certain life events, such as the sale of a home, and remove the limit for eligible deposits in registered and tax-free accounts.","pdf_page":157,"printed_page":147,"quote":"To support these objectives, Budget 2026 announces the government's intention to: Modernise the deposit insurance framework by amending the Canada Deposit Insurance Corporation Act, including to increase the deposit insurance limit to $250,000, provide temporary high-balance coverage for certain life events, such as the sale of a home, and remove the limit for eligible deposits …"}],"amounts_in_text":["$8 billion","$12 billion","$25 billion"],"source":{"pdf_page":156,"printed_page":146,"chapter_url":"https://budget.canada.ca/2026/report-rapport/chap1-en.html"},"money_type":"no_line_item","involves_loans":true,"lenses":["businesses"],"url":"https://budget2026.warreandvavasour.com/measures/increasing-competition-financial-sector/","chapter_title":"Canada's Investment Supercycle"}