Consultation on Reducing Credit Card Transaction Fees

Join in: Open until September 10, 2021

The pandemic has brought a rapid and significant increase in electronic payments and online transactions. Small and medium-sized businesses, which have been hard hit by COVID-19, incur fees for these transactions also known as interchange fees, which in Canada are amongst the highest in the world.

As first announced in Budget 2021, the government is moving forward with consultations to further reduce credit card transaction fees to lower the cost of doing business, particularly for small businesses. These savings will allow small and medium-sized businesses recovering from COVID-19 to save money and direct financial resources toward growth and job creation.

Who is the focus of this consultation?

All interested members of the public are invited to provide input relevant to the scope of this consultation. The government will also engage with key stakeholders to advance the goals outlined below.

Our objectives

This consultation seeks feedback in support of three objectives:

Participate through email

Due to COVID-19 public health considerations, email submissions are preferred. Send us your comments at fin.payments-paiements.fin@fin.gc.ca with "Reducing Credit Card Transaction Fees" as the subject line. Should you wish to provide comments by mail, please direct your submission to the attention of the Financial Sector Policy Branch.

Submissions should be made in plain text or PDF formats. Please include:

What's next?

Following the consultations, next steps will be detailed in the next Fall Economic Statement, including legislative amendments to the Payment Card Networks Act that would provide authority to regulate interchange fees, if necessary.

Treatment of confidential information

Information received through this comment process is subject to the Access to Information Act and the Privacy Act. Those providing comments are asked to indicate clearly the name of the individual or the organization that should be identified as having made the submission. In order to respect privacy and confidentiality, please advise when providing your comments whether you:

Should you indicate that your comments, or any portions thereof, be considered confidential, the Department of Finance will make all reasonable efforts to protect this information.

Related links

Get in touch

fin.payments-paiements.fin@fin.gc.ca
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