🌍
Jurisdiction
Canada
📅
Effective Date
2026
Jan 1, 2026
✅
Full Compliance
2027
Jan 1, 2027
🏛️
Regulator
Department of Finance Canada
Overview
Canada's consumer-driven banking framework will require federally regulated financial institutions to implement secure data sharing APIs. After years of consultation, legislation is expected to pass enabling Open Banking.
Scope & Coverage
Deposit AccountsCredit CardsMortgagesLines of Credit
Key Requirements
1
Accreditation framework2
Common technical standards3
Consumer consent rules4
Liability frameworkImplementation Timeline
Aug 1, 2021
Phase 1 began: System Design and Implementation
Aug 4, 2021
Advisory Committee on Open Banking published Final Report
Jan 1, 2023
Original target go-live date (delayed)
Oct 1, 2024
Alignment with Digital Governance Standards Institute (Canada) and US implementation
Official Documents & Resources
Key Notes
Budget 2024 committed to Open Banking legislation. Implementation expected 2026-2027.
Official Resources
Related Regulations
Other open banking frameworks in North America:
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