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Ottawa releases draft rules banning bank fees for moving investment accounts
Ottawa releases draft rules to ban bank fees for moving investment accounts between financial institutions.
Key points
- Draft regulations would stop banks from charging fees when clients move investment accounts to another institution.
- Such transfer fees are typically $150 per account, according to a Department of Finance impact analysis.
- A 30-day consultation period on the issue will begin after Saturday.
Why it matters. If approved, the rules would fulfil Ottawa's 2025 budget promise and could make it easier for Canadians to shop around for banks, benefiting smaller institutions and lower-income clients.
The federal government in Ottawa has released draft regulations that would stop banks from charging fees when a client moves an investment account to another financial institution. A regulatory impact analysis published Wednesday by the Department of Finance says such fees are typically $150 per account. The ban would not waive product-level costs such as trading commissions, early-redemption penalties on GICs or mutual fund sales fees.
Latest updates
Ottawa releases draft rules banning bank fees for moving investment accounts
The federal government has released draft regulations that would bar banks from charging fees when a client moves an investment account to a different financial institution. CBC News reported the draft on November 5, 2026. An expert quoted by CBC says the rules would benefit lower-income Canadians and smaller financial institutions. The Globe and Mail reports that the changes aim to make it easier for new financial institutions to enter the market and gain a foothold. The draft regulations are open for public comment before they can take effect. The final rules have not yet been set.