The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments, although this information is tracked by BLG and can be provided on request. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.
March 2023
Published |
Title and Brief Summary |
Status |
Office of the Superintendent of Financial Institutions (OSFI) |
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March 20, 2023 |
OSFI reinforces guidance on Additional Tier 1 and Tier 2 Capital Instruments OSFI has issued a statement to reinforce guidance around the design of the regulatory treatment of Additional Tier 1 and Tier 2 capital instruments: Canada's capital regime preserves creditor hierarchy which helps to maintain financial stability. If a deposit-taking bank reaches the point of non-viability, OSFI's capital guidelines require Additional Tier 1 and Tier 2 capital instruments to be converted into common shares in a manner that respects the hierarchy of claims in liquidation. This results in significant dilution to existing common shareholders. Such a conversion ensures that Additional Tier 1 and Tier 2 holders are entitled to a more favorable economic outcome than existing common shareholders who would be the first to suffer losses. These capital requirements are administered by OSFI as well as the conversion of the Additional Tier 1 and Tier 2 capital instruments. Additional Tier 1 and Tier 2 instruments are and will remain an important component of the capital structure of Canadian deposit-taking banks. Canadians can be confident that we have a sound and effective regulatory and supervisory foundation that works to protect depositors and creditors. |
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March 7, 2023 |
Guideline B-15: Climate Risk Management OSFI has issued Guideline B-15: Climate Risk Management, under the category of Sound business practices and prudential limits. It establishes OSFI's expectations related to the federally regulated financial institutions (FRFIs) and their management of climate-related risks. It aims to support FRFIs in developing greater resilience to, and management of, these risks. OSFI categorizes these risks broadly as follows:
OSFI notes that there is no one-size-fits-all approach for managing climate-related risks given the unique risks and vulnerabilities that will vary with a FRFI's size, nature, scope and complexity of its operations and risk profile. It states that the Guideline should therefore be read and implemented from a risk-based perspective that allows the FRFI to compete effectively while managing its climate-related risks prudently. |
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Feb.28, 2023 |
OSFI releases draft guideline, launches consultation on culture and behaviour risks OSFI has released a Draft Culture and Behaviour Risk Guideline (Draft Guideline) for consultation. OSFI had previously issued a Culture Risk Management Letter, in March 2022, and has created this Draft Guideline based on feedback received with respect to that letter. OSFI recognizes that culture can impact decision-making, risk-taking and risk management, either materially supporting or weakening the resilience of Federally Regulated Financial Institutions (FRFIs). The Draft Guideline sets expectations for FRFIs to oversee their culture and assess the impact of behavioural patterns to effectively manage associated risks. Key among these expectations are that FRFIs:
For more information, please see BLG's article on the topic. |
Comments due May 31, 2023 |
Jan. 18, 2023 |
OSFI has published final Guideline E-16, which sets out OSFI's expectations for how requirements in the Insurance Companies Act (the Act) and the Policyholders Disclosure Regulations (the Regulations) should be applied to participating and adjustable policies. The changes to the Guideline are aimed at providing:
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Effective Jan. 18, 2023 |
Jan. 16, 2023 |
2023 Life Insurance Capital Adequacy Test – Adjustments and Clarifications OSFI has set out adjustments and clarifications to the Life Insurance Capital Adequacy Test (LICAT) 2023 guideline and associated instructions and forms since their publication in July 2022. These adjustments and clarifications are made to:
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Jan. 13, 2023 |
Guidance – Maximum Going Concern Discount Rate for Plans Using an Overlay Strategy In May 2022, OSFI issued InfoPensions 26, which dealt in part with adjustment of OSFI's maximum going concern discount rate. Following this, OSFI received feedback regarding the maximum going concern discount rate adjustment for plans using an overlay strategy. Understanding that an overlay strategy can be used to manage the interest rate risk (i.e., manage duration exposure) without making changes to investment holdings, OSFI, after additional analysis, will allow that pension plans may first use the target asset mix of the plan fund without regard to the overlay strategy for the purpose of determining the maximum going concern discount rate, if appropriate. An additional adjustment to the maximum going concern discount rate may also be made if the overlay strategy is expected to impact the long-term expected return. However, the actuarial report must include all relevant justifications regarding how the maximum discount rate is determined and adjusted. |
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Jan. 12, 2023 |
Public Consultation on Guideline B-20: Residential Mortgage Underwriting Practices and Procedure OSFI has launched a public consultation of Guideline B-20 on Residential Mortgage Underwriting Practices and Procedures. Conditions in the Canadian mortgage residential mortgage market have evolved considerably since the Guideline was first issued in 2012; since the pandemic, mortgage lending risks, especially with respect to debt serviceability, have increased considerably. The public consultation will gather stakeholder feedback on a set of proposed complementary debt serviceability measures designed to better control prudential risks arising from high consumer indebtedness, including:
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Comments were due April 14, 2023 |
Dec. 21, 2022 |
OSFI is temporarily adjusting regulatory prudential limits related to investments, commercial lending and borrowing for Property and Casualty (P&C) Federally Regulated Insurers (FRI). This adjustment is made in advance of the transition to International Financial Reporting Standard (IFRS) 17 Insurance Contracts from IFRS 4 Insurance Contracts, on Jan. 1, 2023. The Superintendent considers that certain amounts under regulations made under the Act are not appropriate given relevant prudential considerations. Therefore, from Jan. 1, 2023, to Dec. 31, 2024, statutory investment, lending and borrowing limits will increase by 25 per cent for Canadian P&C FRIs. This two-year period will give the companies time to transition and comply with these prudential limits under IFRS 17. The notification appears in the Jan. 7, 2023 issue of the Canada Gazette, Part I. |
Adjustment in effect Jan.1, 2023. |
Dec. 15, 2022 |
OSFI Confirms Minimum Qualifying Rate for Uninsured Mortgages OSFI has announced that the minimum qualifying rate (MQR) for uninsured mortgages will remain the greater of the mortgage contract rate plus 2 per cent or 5.25 per cent. In January 2023, OSFI has launched a review of Guideline B-20. This review will include the MQR, which forms part of B-20, but will also progressively include other mortgage underwriting standards. OSFI expects to leave the MQR at its current rate pending the outcome of the review, although the economic environment could result in a change sooner. |
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Dec. 14, 2022 |
Revised OSFI Capital Ruling for Limited Recourse Capital Notes OSFI has published an update to its July 18, 2020, capital ruling on the Limited Recourse Capital Notes (LRCNs). The revised ruling clarifies LRCN issuance limitations for property & casualty (P&C) insurers and mortgage insurers; it continues to conclude that federally regulated financial institutions may recognize the LRCNs as regulatory capital subject to the capital treatment, conditions and limitations set out in the revised ruling. |
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Dec. 8, 2022 |
OSFI Sets Domestic Stability Buffer at 3% and Adjusts Range OSFI has announced that the DSB level will be set at 3 per cent as of Feb.1, 2023. In addition, OSFI has increased the DSB's range from 0 to 4 per cent, instead of the previous 0 to 2.5 per cent. This change stems from OSFI's Domestic Stability Buffer Review carried out in the Fall of 2022. OSFI conducted the review to ensure that DSB continues to work as intended and remains an effective tool to promote systemic stability. The change also reflects OSFI's assessment that systemic vulnerabilities remain elevated – with some, namely Canadian household indebtedness and asset imbalances, edging upwards – as well as the results of recent stress tests. OSFI also points to global factors such as persistent inflation, rising interest rates and geopolitical tensions, which have exacerbated vulnerabilities and led to increased economic uncertainty. The Domestic Stability Buffer Review also determined that the design of the DSB remains appropriate and that it has proven its effectiveness as a flexible supervisory tool used to respond to changes in the risk environment. |
Adjusted DSB in effect Feb. 1, 2023 |
Dec. 6, 2022 |
Operational Resilience Key Definitions OSFI is moving toward revising Guideline E-21: Operational Risk Management to shift its focus toward operational resilience while reinforcing the expectations of the Guideline with respect to operational risk management. In an Industry Letter, OSFI considers achieving operational resilience to involve:
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Financial Consumer Agency of Canada (FCAC) |
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March 21, 2023 |
FCAC has embarked on a consultation on a Proposed Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances (Guideline). The Guideline is intended to clarify FCAC's expectations and standardize a common approach across FRFIs. It includes the expectation that FRFIs establish effective policies and procedures for providing support to consumers by:
This Guideline follows FCAC's communication to industry published on Oct. 11, 2022, regarding variable rate mortgage holders. |
Comments due May 5, 2023 |
International Association of Insurance Supervisors (IAIS) |
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March 16, 2023 |
Public Consultation on Climate Risk Supervisory Guidance – Part One IAIS has published a consultation on climate risk, first of a package of three consultations, aimed at promoting a globally consistent supervisory approach to address climate-related risks in the insurance sector. This first consultation outlines proposed changes to the Insurance Core Principles (ICP) Introduction, which positions climate risk within the global framework for insurance supervision. Additionally, the IAIS discusses whether it is necessary to make changes to the existing supporting material related to governance, risk management and internal controls (ICP 7 and 8). The consultation includes questions seeking stakeholder feedback on the overall climate-related work as it relates to supervisory guidance. |
Comments due May 16, 2023 |
March 9, 2023 |
IAIS has agreed on the final criteria that will be used to assess whether the Aggregation Method (AM) provides comparable outcomes to the Insurance Capital Standard (ICS), following a public consultation. This marks the finalization of an important step for the comparability assessment project and equips the IAIS to begin the comparability assessment in Q3 2023. |
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Feb. 13, 2023 |
The IAIS' Resolution Working Group (ReWG) has published for consultation its Issues Paper on roles and functioning of Policyholder Protection Schemes (PPSs). It provides an updated overview of global practices regarding PPSs and their roles in insurance resolution and a variety of related activities; and describes current practices for PPSs. It is intended to serve as a guide for jurisdictions considering establishing a PPS or modifying an existing PPS. ReWG is soliciting comments from interested parties, and has issued a set of questions for the consultation. |
Comments were due April 14, 2023 |
Jan. 11, 2023 |
IAIS has published its 2023-2024 Roadmap. Guided by its 2020-2024 Strategic Plan, the Roadmap outlines the IAIS' work programme for the next two years. Its areas of focus include:
In addition, the IAIS will:
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Dec. 9, 2022 |
The FSB decided, at its December plenary meeting, to discontinue the annual identification of Global Systemically Important Insurers (G-SIIs) in favour of using the IAIS Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector (Holistic Framework) to inform its consideration of systemic risk in insurance. This decision followed a review after three years of implementation. The Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector recognises that systemic risk may arise, not only from the distress or disorderly failure of an individual insurer, but also from the collective exposures and activities of insurers at a sector-wide level. Details of the Framework are available on the IAIS web site. IAIS adopted the Holistic Framework in November 2019 as part of a comprehensive set of reforms contributing to the maintenance of global financial stability. The FSB decided to suspend the identification of G-SIIs for three years, recognising that the Holistic Framework, appropriately implemented, would provide an enhanced basis for assessing and mitigating systemic risk in the insurance sector. The IAIS will continue to report on the outcomes of its Global Monitoring Exercise (GME) and its assessment of the implementation of the Holistic Framework supervisory measures to the FSB, which retains an active role relating to the insurance sector, in particular monitoring the application of the FSB's Key Attributes of Effective Resolution Regimes for Financial Institutions. The IAIS, in order to refine further its risk assessment, has launched a public consultation seeking input on the GME individual insurer monitoring assessment methodology. |
Public Consultation Comments were due Feb. 6, 2023 |
Dec. 6, 2022 |
IAIS Reports on Diversity, Equity and Inclusion in the Insurance Sector and Planned Future Work IAIS has issued a report that provides insight into actions being taken by IAIS member supervisors, other related international organizations and the insurance industry are taking with respect to advancing diversity, equity and inclusion (DEI) in the sector. The report also describes two new projects being undertaken in 2023 by IAIS to maintain its focus on DEI. |
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Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) |
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Feb. 22, 2022 |
Methods to verify the identity of persons and entities: Update This guidance has been updated through the addition of a new section 6, entitled "How to verify the identity of a person who does not have any identity verification documentation or information for a retail deposit account". The new section lays out steps to be taken by a bank in the event a person does not have the proper identification documentation or information, recognizing that, for reasons beyond a person's control, they may face barriers in meeting requirements where they must provide proper identification documentation or information. This may be the case for vulnerable populations with barriers to obtaining proper identification such as survivors of human trafficking or victims of domestic abuse. |
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Feb. 18, 2022 |
See below for a summary of Proposed Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and related regulatory developments, under "Legislation" |
Feb. 18, 2022 |
Dec. 16, 2022 |
FINTRAC is expecting to implement important changes to the Suspicious Transaction Report (STR) form in 2023; it will reflect the legislative amendments that came into force on June 1, 2021, and which include added functionality when reporting suspicious transactions to FINTRAC. It has therefore published documents to the Draft Documents page of the FINTRAC web site to help reporting entities prepare for the new form:
These documents are still in draft form and may be subject to minor changes; FINTRAC expects to publish additional and updated draft documents in early 2023. |
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Bank for International Settlements (BIS) |
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March 30, 2023 |
Basel Committee on Banking Supervision: Various Technical Amendments and FAQs The Basel Committee on Banking Supervision has published proposals for technical amendments and answers to frequently asked questions. They relate to:
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Comments due May 15, 2023 |
Feb. 28, 2023 |
Basel Committee on Banking Supervision has released its monitoring report based on data from June 30, 2022. It sets out the impact of the Basel III framework, including the December 2017 finalization of the Basel III reforms and the January 2019 finalization of the market risk framework. Highlights include:
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Feb. 17, 2023 |
This technical report presents a systematic three-step approach building on the Committee on Payments and Market Infrastructures report "Extending and aligning payment system operating hours for cross-border payments". It proposes an analytical framework for central banks and real-time gross settlement system operators to help determine the most appropriate approach to extending operating hours, evaluating related technical and operational issues, and designing an implementation plan. It focuses on approaches to increasing operating hours on current operating days as the most achievable option in the short term, while considering the other end states as part of a medium to long-term strategy. |
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Jan. 18, 2023 |
Exploring Multilateral Platforms for Cross-Border Payments This joint report by the BIS Committee on Payments and Market Infrastructures (CPMI), the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank identifies challenges to address and approaches to establishing multilateral platforms – cross-border payment systems that are multi-jurisdictional by design. The report analyzes the potential costs and benefits of multilateral platforms and how they might alleviate cross-border payments frictions and explores two paths for establishing multilateral platforms:
The report points out that, as policymakers analyze the potential development and implementation of multilateral platforms, any evaluation should carefully consider the trade-offs of multilateral platforms and account for the evolving nature of the cross-border payments market. |
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Jan. 1, 2023 |
Changes to the Basel Framework published by the Basel Committee on Banking Supervision are effective Jan. 1, 2023. |
Updates effective Jan. 1, 2023 |
Dec.16, 2022 |
Prudential Treatment of Cryptoasset Exposures This publication provides the Basel Committee on Banking Supervision's final prudential standard on the prudential treatment of banks' exposures to cryptoassets, following its second consultation on the issue issued in June 2022. The publication summarizes the structure of the finalized standard, describes changes made to key elements relative to the proposal in the second consultation, and provides the text of the standard itself. The text of the standard will be incorporated as a chapter of the consolidated Basel Framework (SC060: Cryptoasset exposures), which to the Committee has agreed to implement by January 1, 2025. |
Standard to be implemented by Jan. 1, 2025 |
Dec. 14, 2022 |
Evaluation of the Impact and Efficacy of the Basel III Reforms The Basel Committee on Banking Supervision has published its third evaluation report, and a technical Annex, providing its first holistic evaluation of the impact and efficacy of the implemented Basel III reforms. It has previously published evaluative reports on Early lessons from the Covid-19 pandemic on the Basel reforms (July 2021), and Buffer usability and cyclicality in the Basel framework (October 2022). This third report's analysis provide empirical evidence on:
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Financial Stability Board (FSB) |
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Feb. 23, 2023 |
FSB details actions for the next phase of the G20 Roadmap for Enhancing Cross-border Payments The FSB has published a report that sets out priority actions for achieving the G20 targets for enhancing cross-border payments. It provides as a focus for the next phase of work three priority themes:
The FSB will be convening two industry taskforces to help enable the wider collaboration that implementing these changes will require. |
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Feb. 16, 2023 |
FSB assesses financial stability risks of decentralized finance The FSB has issued a report that provides an overview of the features and vulnerabilities of Decentralized Finance (DeFi); it assesses potential financial stability risks and draws policy implications. DeFi is commonly used to describe services in crypto-asset markets that aim to replicate some functions of the traditional financial system in a supposedly decentralized manner – though the actual level of decentralization varies widely. The report concludes that while the processes to provide services are in many cases novel, DeFi does not differ substantially from traditional finance in the functions it performs or the vulnerabilities to which it is exposed. DeFi's specific features may result in some of these vulnerabilities – such as operational fragilities, liquidity and maturity mismatches, leverage and interconnectedness – playing out at times differently than in traditional finance. The fact that cryptoassets underpinning much of DeFi lack inherent value and are highly volatile magnifies the impact of these vulnerabilities when they materialize. |
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Jan. 18, 2023 |
Implementation of G20 Non-Bank Financial Intermediation Reforms: Progress report In 2013, the FSB, working with standard-setting bodies, developed a framework and policy toolkit – endorsed by the G20 – for strengthening the oversight and regulation of non-bank entities. The policy framework and accompanying policies aimed to mitigate the potential systemic risks associated with non-bank financial intermediation (NBFI). This Progress Report describes progress in implementing reforms in the above areas. It finds that:
Progress in the implementation of new agreed NBFI policies will be reported in future versions of this report. |
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Payments Canada |
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March 21, 2023 |
Payments Canada introduces data-rich messages to high-value payments in Canada with Lynx Release Two Payments Canada has announced the launch of the second release of Lynx, Canada's high-value payment system. This new release introduces the ISO 20022 financial messaging standard which allows richer data to travel with each payment. This should enable Lynx participants to leverage richer payments data to offer new products and services to their customers. |
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Dec. 15, 2022 |
Guideline: Deduction of Charges for the Receipt of Lynx Payments This Payments Canada Guideline provides guidance with respect to treatment of the deduction of charges for the receipt of Lynx payments. The Association encourages adoption of this guidance on a voluntary basis; it does not intend to create legal rights or obligations for the Association or its member financial institutions beyond what is included in the CPA Rules. |
Implemented Dec.15, 2022 |
Dec.15, 2022 |
Guideline: Misdirected Lynx Payments Payments Canada has implemented this guideline to assist parties when a Lynx payment has been misdirected. It is based on the commitment of the receiving participant and the sending participant to work together, with the overall goal being the resolution of the issue quickly and fairly. The rights and responsibilities of Lynx participants and their customers in respect of misdirected payments are for the most part covered by the contractual agreements in place between the participant and its customer. |
Implemented Dec.15, 2022 |
Financial Action Task Force (FATF) |
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March 10, 2023 |
The FATF Recommendations (Recommendations), as amended to February 2023, have been posted. The Recommendations set out a comprehensive and consistent framework of measures which countries should implement to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative and operational frameworks and different financial systems, and so cannot all take identical measures to counter these threats. The FATF Recommendations, therefore, set an international standard, which countries should implement through measures adapted to their circumstances. The FATF Standards comprise the Recommendations themselves and their Interpretive Notes, together with the applicable definitions in the glossary. |
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Canada Deposit Insurance Corporation (CDIC) |
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Feb. 10, 2023 |
Notice of upcoming change to the Canada Deposit Insurance Framework This notice describes coming changes as a result of legislation that was passed recently, and which further expands the deposit insurance framework. Effective April 1, 2023, eligible deposits held in the First Home Savings Account (FHSA) will be separately protected for up to $100,000, bringing to nine the total number of CDIC deposit insurance categories at each member institution. These changes are being implemented through Fall Economic Statement Implementation Act, 2022, SC 2022, c. 19 (Bill C-32), which is described below under the Legislation heading. |
Changes effective April 1, 2023 |
Legislation |
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March 22, 2023 |
Bill C-42, Bill C-42, Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other Acts, received first reading on March 22, 2023. It amends section 73 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, which specifies the regulations that the Governor in Council may make to carry out the purposes and provisions of the Act. The provision allowing for regulations respecting the verification of the identity of persons and entities referred to in section 6.1 of the Act by persons and entities listed in section 5 is amended so that such regulations could require the reporting to government institutions or agencies of any discrepancies in information on the beneficial ownership or control of an entity arising out of that verification. |
Provisions would come into force on a day or days to be fixed by proclamation. |
March 15, 2023 |
This amendment to the By-law adds non-compliance with any of the provisions of the Canada Deposit Insurance Corporation Eligible Financial Contracts By-law as a practice that warrants a premium surcharge. |
Amendment in force March 3, 2023 |
March 29, 2023 |
This amendment adds the Tax-Free First Home Savings Account to the defined term "special income arrangement" in subsection 1(1) of the By-law. The amendment is required for the By-law to align with the Schedule to the Canada Deposit Insurance Corporation Act. |
Amendment in force April 1, 2023 |
These proposed amendments to the regulations, published in the Canada Gazette, Part I, on February 18, would:
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Obligations for the armoured car sector and mortgage lending entities would come into force six months and eight months, respectively, after the publication of the final regulations. |
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Feb. 11, 2023 |
Proposed Regulations for Permitted Infrastructure Investments Budget Implementation Act, 2018, No. 1, SC 2018, c. 12, amended the Insurance Companies Act (the Act) to create a new permission for federally regulated life insurance companies, fraternal benefit societies, and insurance holding companies (life and health insurance entities) to make equity investments in a "permitted infrastructure entity" (PIE). The proposed regulations under the Insurance Companies Act establish the rules applicable to such investments, including to define requirements for an entity to qualify as a PIE (e.g. the nature of its business activities, the type of public infrastructure assets that are the subject of its activities), general conditions on the structure of investments (e.g. a requirement for the participation of a public body), and a limit on the aggregate exposure to PIEs that each life and health insurance entity is allowed to have. |
Final regulations would take effect on the day on which section 343 of the Budget Implementation Act, 2018, No. 1 comes into force (but if the regulations are registered after that day, they will come into force on their date of registration) |
Feb. 11, 2023 |
Proposed Retail Payment Activities Regulations Together with the Retail Payment Activities Act (the Act), assented to on June 29, 2021, these proposed regulations would implement a retail payment supervisory regime for payment service providers' (PSPs') retail payment activities. The proposed regulations include, for PSPs:
In addition, the proposed regulations provide timelines and information requirements in support of national security review process as part of the Minister of Finance's national security authorities under the Act. The proposed regulations are discussed in detail in our previous BLG article. |
Final regulations would take effect in tandem with the coming into force of specific sections of the Act |
Dec.15, 2022 |
Regulations Amending Certain Regulations made under the Insurance Companies Act, SOR/2022-276 The regulations make amendments to the following regulations, with the objective of expanding the range of corporate structures available to demutualized property and casualty (P&C) insurance companies after demutualization, and to promote competition within the P&C industry:
The amendments create a new requirement that applies to an Insurance Companies Act (ICA) holding company (holdco) that is making an application to the Minister of Finance for discontinuance from the ICA and towards continuance under the Canada Business Corporations Act (CBCA). Such an ICA holdco will be required to include in its incorporating instrument, once continued under the CBCA and for the duration of the protection period, a provision that restricts the issue, transfer or ownership of its shares (the share restrictions) to prevent it from having a major shareholder (which would cause it to no longer be widely held). This would ensure that the holdco would remain widely held for the duration of the takeover protection period even after being continued under the CBCA.In addition, the protection period is increased from two to four years. Under the amendments an ICA holdco would be allowed to amend its incorporating instrument to remove the share restrictions but only in cases where the Minister of Finance is of the opinion that the converted company is, or is about to be, in financial difficulty and that a proposed acquisition would facilitate an improvement in its financial condition. |
In force Dec. 15, 2022 |
Dec. 15, 2022 |
Fall Economic Statement Implementation Act, 2022, SC 2022, c. 19 (Bill C-32) Bill C-32 received Royal Assent on Dec. 15, 2022. It introduces a Tax-Free First Home Savings Account (FHSA), which will allow prospective first-time homebuyers to save up to $40,000 tax-free toward their first home. Section 59 of Bill C-32 adds a new subsection 5(3.1) to the schedule to the Canada Deposit Insurance Corporation Act with respect to this account. |
Section 59 of Bill C-32 is in force April 1, 2023 |
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