How Budget 2025 could change how you bank, from fees to cryptocurrency

The federal budget unveiled Tuesday proposes several reviews and reforms targeting the ways Canadians bank, in an effort to modernize the banking system.

The federal budget unveiled Tuesday proposes several reviews and reforms targeting the ways Canadians bank — and how many fees they face — in an effort to modernize the banking system.

Among the proposals are a review of ATM and Interac fees, prohibiting account transfer fees, cutting the amount of time banks hold cheques for, and regulating the use of “stablecoins” — a type of cryptocurrency backed by an established currency.

Here are some of the changes the Liberals are promising.

The budget says the government will launch a review next year of the fees charged by banks and other federally regulated financial institutions, including Interac e-transfer fees and ATM fees.

“We will use every tool and agency at our disposal to address any unjustified fees and pain points for Canadians,” the document says.

The federal government will publish draft regulations by spring 2026 to prohibit investment and registered account transfer fees, which the budget says cost Canadians an average of $150 per account.

“The government will also require the timely transfer of these accounts and clear presentation of information on the process and lack of fees,” the budget says.

The Liberals also intend to “explore” improved transparency of cross-border bank transfer fees, including foreign exchange costs for banks, to crack down on unexpected added costs for Canadians sending money abroad.