Advancing the digital transformation of the financial system

$1M net impact on the budgetary balance over five years, 2026-27 to 2030-31.

The cost line

… no change to existing funding or no fiscal implication · – a further extension will be considered later · 0* less than $0.5 million. Positive numbers cost the budget (spending or forgone revenue); negative numbers improve it.

What the budget says

“Building on these foundational reforms, Budget 2026 announces the government's intention to: Launch the next phase of Canada's payments modernisation, guided by a public consultation expected in early 2027 on future priorities and the statutory review of the Canadian Payments Act.”

Budget 2026, p. 149 (PDF p. 159)

“To that end, Budget 2026 announces the government's intention to: Require federally regulated financial institutions to issue stablecoins through non-financial institution subsidiaries regulated under the Stablecoin Act and extend the Stablecoin Act to foreign financial institutions that are not prudentially regulated in Canada, to promote consistent regulatory treatment across stablecoin issuers.”

Budget 2026, p. 150 (PDF p. 160)

Also in this section

• Advancing the Whole-of-Government Competition Planno cost lineNo cost lineBusinesses
• Increasing competition in the telecommunications sectorno cost lineNo cost lineBusinesses
• Increasing competition in the financial sectorno cost lineNo cost lineLoans, equity or financingBusinesses
• Unlocking infrastructure investment and economic growthno cost lineNo cost lineInvestmentInfrastructure & transport