The country is still absorbing the chaos that surrounded the release of Monday’s fall economic statement. Chrystia Freeland, the now former finance minister and deputy prime minister, tossed a Molotov cocktail of a resignation letter just hours before she was due to present the document in the House of Commons.

Behind the scenes, those of us waiting to enter the media lock-up found ourselves in a holding pattern as government officials frantically exchanged texts and calls.

Minutes turned into hours – almost four, as it turned out. The embargoed reading finally began at 1:45 p.m., when a black tablecloth was lifted to unveil neatly stacked copies of the statement.

In addition to the measures we reported on Monday, the document included plans without financial specifics attached. The list features expanded eligibility for low-cost and no-cost bank accounts, a cap on non-sufficient funds fees and the addition of financial services rules into the Canadian Free Trade Agreement.

These deserve attention, even as the government’s deficit for the 2023-24 fiscal year is about 50% higher than Budget 2024 promised and Prime Minister Justin Trudeau’s grip on his leadership position grows tenuous.

Low-cost and no-cost bank accounts by December 2025

The federal government and the Financial Consumer Agency of Canada (FCAC) negotiated new low-cost and no-cost account agreements with at least 13 banks, including Canada’s six largest banks. These accounts will be available by Dec. 1, 2025.

The new agreements maintain the existing account fees of $4 per month for accounts available to all Canadians and $0 per month for certain groups. Banks that have signed on to the new agreements will extend $0 eligibility to at least one of the following groups: Indigenous people, those eligible for the Disability Tax Credit certificate and social assistance recipients from select provincial or territorial programs.

The new agreements increased the number of included free monthly debit transactions from 12 to 18 and will include Interac e-transfers.

Capping NSF fees

As part of the government’s intention to crack down on hidden fees, it is working to cap non-sufficient funds fees charged by banks. Proposed regulations were published on Nov. 16 for a consultation period that ended on Dec. 16. The government will publish final regulation in the coming months.

CPP changes taking effect Jan. 1

The changes to the Canada Pension Plan announced in Budget 2024 will take effect on Jan 1, 2025. The updates included a larger death benefit for some contributors, a partial children’s benefit for part-time students, extended eligibility for the disabled contributors children’s benefit beyond a parent’s 65th birthday and ending eligibility for a survivor pension to those who are legally separated.

Free flow of financial services within Canada

As part of proposed measures to boost inter-provincial and inter-territorial trade, the federal government intends to incorporate financial services rules into the Canadian Free Trade Agreement to facilitate the free flow of financial services across the country.

This will be done in dialogue with provinces and territories to encourage coordinated financial sector policy development and promote regulatory cooperation.