OTTAWA, Nov. 4, 2026 — Fintechs Canada welcomes the federal government’s proposal to ban investment account transfer-out fees and set timelines for key stages of account transfers, two changes the association has called for. The changes would stop Canadians being charged to move their own money, make switching easier and support competition.
Fintechs Canada raised transfer-out fees in its Budget 2025 advocacy and has since urged Ottawa to eliminate charges that can run from $50 to $150 for a full transfer of a registered account, according to the Financial Consumer Agency of Canada. The association has also pressed for more timely account transfers, so Canadians can switch providers without unnecessary delay. The draft regulations deliver on both fronts, with clearer information and set timelines for account transfers.
“We congratulate the federal government for acting on its Budget 2025 commitment,” said Adriana Vega, executive director of Fintechs Canada. “Canadians should not be charged to move their own money. Moreover, exit fees can be a strong disincentive to switching, curtailing competition.”
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About Fintechs Canada
Fintechs Canada is the collective voice for Canada’s financial technology sector. Its more than 50 members serve millions of Canadians across the country. Learn more at fintechscanada.ca.
For media inquiries, please contact:
Hana Sabah
Director of Communications
Fintechs Canada
hana@fintechscanada.ca
514-834-8841
