Canadian Payments Act Expansion Drives National Payment System Innovation

Recent legislative amendments to the Canadian Payments Act have expanded membership eligibility in Payments Canada, the organization that operates the nation's core payment clearing and settlement systems. This change allows new types of financial entities, including payment service providers supervised by the Bank of Canada, credit union locals, and designated clearing operators, to directly participate in national payment systems such as ACSS, Lynx, and the upcoming Real-Time Rail. The expansion aims to foster innovation, competition, and greater financial inclusion within Canada's payment ecosystem, ultimately offering consumers and businesses more payment choices and strengthening Canada's global financial competitiveness. These reforms mark a significant milestone in modernizing Canada's payment infrastructure, with government officials emphasizing their role in supporting economic growth and a more connected economy. The changes also reflect years of industry collaboration and are expected to enhance the resilience and security of Canada's financial system. Additionally, the Canada Revenue Agency has introduced extended tax filing deadlines and expanded tax credits to support Canadians amid economic challenges, while intensifying efforts to ensure tax compliance among high-income earners.